Global Autoinjectors Market Gaining Momentum—Projected to Reach Worth USD 120.2 Billion in 2027
Published | May 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global autoinjectors market was worth USD 44.3 billion in 2020 and is further projected to reach USD 120.2 billion by 2027, at a CAGR of 15.4% during the forecast period (2021-2027). Autoinjectors have a number of advantages, including reducing the risk of needle-related phobia disorder, decreasing the risk of needle-stick injuries, maintaining dose quality accuracy, and increasing efficacy. The global demand for autoinjectors is growing as a result of these advantages. Furthermore, the growing number of targeted treatments, technical advances, and regulatory approvals all contribute to the market's development.
Rising Incidence of Anaphylaxis
Anaphylaxis is an allergic reaction to venom, food, or medicine that can be fatal. The majority of cases are caused by bee stings or consuming foods that cause allergies, such as peanuts or tree nuts. The symptoms of anaphylaxis, also known as anaphylactic shock, include rash, low pulse, and shock. According to a NICE analysis, anaphylaxis-like reactions occur in 1 in 1,000 individuals. Unless a safe combination of drugs can be found, anaphylaxis occurs in 1 in 10,000–20,000 anesthetics during general anesthesia. The administration of epinephrine is the first step in the treatment of anaphylaxis. Pre-filled autoinjectors are used to treat life-threatening allergic emergencies, such as anaphylaxis, in people who are at risk or who have had serious allergic reactions in the past. The rising incidence of anaphylaxis drives the market growth for the global autoinjectors market.
Increasing Number of Regulatory Approvals
Any registrations, licenses, authorizations, permits, or approvals granted by any governing body, as well as applications or submissions relevant to any of the above, are referred to as regulatory approvals. Before a pharmaceutical or biotechnology company may launch a new product, it must first obtain approval from regulatory bodies such as the World Health Organization (WHO), the Food and Drug Administration (FDA), and various country-based medical regulatory bodies.
Over the last few years, the successful integration of emerging technology with medical device expertise has resulted in the introduction of new medical devices that have been approved by regulatory bodies. For instance, on 12 April, 2021, The Therapeutic Goods Administration (TGA) has approved new autoinjectors for the emergency treatment of anaphylaxis caused by insect stings, food or other allergens, with Allergy Concepts’ Anapen 500, Anapen 300 and Anapen 150 Junior adrenaline added to the Australian Register of Therapeutic Goods. With the approval, anaphylaxis sufferers in Australia who weigh 110 pounds or more will now have access to a 500 mcg adrenaline autoinjector dose.
Rheumatoid Arthritis Segment Held the largest Share in Autoinjectors Market in 2020
The global autoinjectors market, by therapy, is segmented into rheumatoid arthritis, multiple sclerosis, anaphylaxis, diabetes, multiple sclerosis, and other therapies. Rheumatoid accounted for the largest share in the market in 2020. The growth can be attributed to the rising prevalence of rheumatoid arthritis among people in the last few years. According to the Centers for Disease Control and Prevention, by 2040, an estimated 78 million (26%) of US adults aged 18 and up will have doctor-diagnosed arthritis. The impact of arthritis on individuals is significant. Around 23.7 million of the 54.4 million adults with doctor-diagnosed arthritis have limitations in their daily activities as a result of their arthritis. The rising prevalence of rheumatoid arthritis and patient use of autoinjectors has boosted the market's growth.
Impact of COVID-19
The rapid spread of COVID-19 has prompted governments around the world to declare a national lockdown. As soon as the government instituted a lockdown, development in a variety of sectors came to a halt. COVID-19 is now in its second wave, with countries like India and Brazil among the worst-hit countries. Though COVID-19 has negatively impacted many industries, it caused the global autoinjectors market to expand faster. The business is growing as a result of the protocols put in place by various governments and the nationwide lockdown. Since patients are unable to attend hospitals due to the increasing spread of the coronavirus infection, autoinjectors have found a lucrative business opportunity. Patients with chronic illnesses and allergies prefer autoinjectors that can be used at home in this case. This often protects high-risk groups from being exposed to viruses during hospital visits.
Global Autoinjectors Market: Regional Insights
Geographically, the global autoinjectors market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific leads the global autoinjectors market and is projected to lead the overall market during the forecast period as well. The demand in this region is increasing due to the growing presence of geriatric population in the region, which has resulted in an increase in the prevalence of diseases such as diabetes and cancer. However, the market is driven by improving healthcare infrastructure, which is accompanied by growing technological developments in this area.
The high growth potential of the autoinjectors market has attracted a slew of new entrants, generating a profitable opportunity. The arrival of new entrants has boosted competition among long-standing service providers. Moreover, companies are currently working with various R&D organizations and research institutes to create advanced and biodegradable autoinjectors.
Some of the key players in the market are AbbVie Inc., Mylan, Eli Lilly and Company, Ypsomed, Amgen, Becton, Dickinson and Company, GlaxoSmithKline plc, Johnson & Johnson, Teva Pharmaceutical, Antares Pharma, Merck KGaA, and other prominent players. In order to improve their production capability, product portfolio, and provide competitive differentiation, companies are increasingly participating in acquisitions, alliances, and mergers, besides launching innovative products. For instance, on 21 July 2020, Antares Pharma, Inc. announced the introduction of its multidose pen platform in Europe for the first time. These pens are cost-effective and also easy to use. Market players are also aiming to achieve competitive market share by selling new goods.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global autoinjectors market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the autoinjectors market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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