Auto-Injectors Market Industry Analysis, Size, Trends and Future Scope
(prsubmissionsite) February 27, 2020 The growing prevalence of anaphylaxis and surging aging population are two of the key factors responsible for the growth of the auto-injectors market. The market is predicted to advance at a CAGR of 18.6% during the forecast period (2017–2023).
An auto-injector is a medical device used for injecting a particular dose of drugs in patients. Most of the auto-injectors are spring-loaded syringes, designed for the safe dispensation of drugs with ease. Based on product, the auto-injectors market is bifurcated into prefilled and fillable injectors.
Of these, during the historical period (2013–2016), the prefilled bifurcation led the auto-injectors market, and it is expected to maintain its dominance during the forecast period. The reason behind its rapid growth is that prefilled auto-injectors are user-friendly and available in a disposable form. These allow self-administration of several newly introduced drugs that need to be injected at a pre-determined depth. Furthermore, some biological drugs do not contain preservatives and are packed in a significant volume for a single dose, which further gives rise to the use of the liquid-stable formulation.
On the basis of therapeutic application, the auto-injectors market is categorized into anaphylaxis, rheumatoid arthritis (RA), multiple sclerosis (MS), and others. Out of these, during the 2013–2016 period, the anaphylaxis category dominated the market in terms of revenue, and it is predicted to continue dominating it during the 2017–2023 period. This is attributed to the surging incidence of anaphylaxis and growing awareness on auto-injectors for treating several allergies effectively. Anaphylaxis is a fatal and severe allergic condition that can present in any age or gender.
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As per the Asthma and Allergy Foundation of America (AAFA), a sudden allergic reaction that affects two or more organs, such as the lungs, skin, heart, and stomach, is termed as anaphylaxis. It has been observed that anaphylaxis is more common in the U.S. and found in one out of every 20 Americans. Two of the key causes of anaphylaxis include insects and consumption of foods and medicines the body is allergic to. In developing and developed nations, the incidence of food-related anaphylaxis is increasing, which, in turn, is resulting in the growth of the auto-injectors market.
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The surging prevalence of anaphylaxis, RA, and MS is compelling healthcare providers and government organizations to offer improved products and facilities for effective disease treatment. This, in turn, would result in the increasing number of technologically improved products’ launches across the globe. Most of the biologics, including anticoagulants, monoclonal antibodies, and vaccines, are large molecules which need parenteral administration to achieve the required therapeutic effects, which is why various biologic drugs and vaccines are injected directly into the blood stream.
Thus, it can be concluded that the increasing number of biologic drug therapies and surging prevalence of anaphylaxis are contributing to the growth of the market.