Auto-Injectors Market: Global Industry Analysis, Demand, Growth and Opportunity Assessment
The auto-injectors market is expected to cross $4.0 billion by 2023, growing at a CAGR of 18.6% between 2017-2023.
Rising prevalence of anaphylaxis and increasing healthcare spending are some of the key drivers for the global market growth. Additionally, emerging biologic drug therapies, minimized needle-stick injuries and growing aging population also support the growth of the global market.
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Healthcare spending by patients is concurrently increasing globally, due to the rising prevalence of chronic diseases, continuous rise of aging population and increasing healthcare expenditure by the government. Increasing prevalence of some of the chronic diseases such as diabetes, heart diseases and mental illness has led to an increase in the overall healthcare spending in developed and emerging economies. In developed countries, the disposable income is high leading to added affordability on the patient’s end who can spend on advanced healthcare facilities.
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The auto-injectors market in Europe is expected to reach $537.2 million by 2023, growing at a CAGR of 17.4% between 2017-2023. The auto-injectors industry in Europe is witnessing growth mainly due to increasing prevalence of diseases such as anaphylaxis, multiple sclerosis, diabetes and rising geriatric population. According to European Academy of Allergy and Clinical Immunology, more than 150 million Europeans suffered from chronic allergy diseases in 2016. Among the various countries in the European region, the U.K. held the largest share of the European market for auto-injectors with 29.1% share in 2016.
The major players in the auto-injectors market are launching new products to improve their position in the market. For instance, in December 2016, Mylan N V launched generic Cerebyx injection for the treatment of several different type of seizures. The product is part of Mylan's growing global portfolio of more than 450 injectable products, which includes liquid, lyophilized and dry-powder formulations delivered in a range of mechanisms including ampoules, vials, ready-to-use bags and pre-filled syringes.
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