Global Autoinjectors Market 2019-2023 | Growing Popularity of Injectable Therapies to Boost Demand | Technavio
Technavio analysts forecast the global autoinjectors market to grow at a CAGR of over 23% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
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Technavio analysts forecast the global autoinjectors market to grow at a CAGR of over 23% by 2023. (Graphic: Business Wire)
Rise in awareness of anaphylaxis is one of the major trends being witnessed in the global autoinjectors market 2019-2023. Global vendors engage in awareness programs to educate people about the autoinjectors. In 2014, Mylan engaged in a multi-year alliance with Walt Disney parks and resorts to increase awareness regarding anaphylaxis. Schools and sports arenas are the major places causing anaphylactic attacks. The objective of awareness camps is to encourage schools to stock epinephrine autoinjectors for use by students and to improve access to an epinephrine autoinjector if a person is affected by anaphylaxis at school.
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According to Technavio analysts, one of the key factors contributing to the growth of the global autoinjectors market is the growing popularity of injectable therapies:
Global autoinjectors market: Growing popularity of injectable therapies
Injectable therapies account for a significant share of the global drug market. Factors boosting the growth of the market are high-value biologics, which require injection due to their size and sensitivity. Globally, healthcare authorities and governments are concentrating on minimizing healthcare expenditure, improving the quality of life, and reducing the number of hospital visits.
According to a senior analyst at Technavio for research on life sciences tools and services, “Several injectable therapies are available for type 2 diabetes mellitus when metformin alone proves inadequate. For instance, AstraZeneca's BYDUREON and BYDUREON BCise are both injectable prescription medicines which may improve blood sugar content in patients with type 2 diabetes mellitus, when supplemented by diet and exercise. Self-injectable drugs enable patients to access instant medical care. Thus, with the rise in biologics and the shifting preference to self-injectable drugs will boost product innovation in injectable therapies, thereby creating growth opportunities for autoinjectors.”
Global autoinjectors market: Segmentation analysis
The global autoinjectors market research report provides market segmentation by application (anaphylaxis, multiple sclerosis, rheumatoid arthritis, and others) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2018, accounting for more than 42% share. It was followed by EMEA and APAC respectively. The Americas is expected to account for the largest share of the global autoinjectors market during the forecast period because of the presence of a well-established healthcare system comprising clinics and hospitals.
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