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(Health-NewsWire.Net, November 19, 2019 ) According to the new market research report “Autoinjectors Market by Therapy (Rheumatoid Arthritis, Multiple Sclerosis, Anaphylaxis, Cardiovascular diseases, Psoriasis, Migraine), Type (Disposable, and Reusable), End Users (Homecare, and Hospitals) - Global Forecast to 2023", published by MarketsandMarkets™, The global Autoinjectors Market is projected to reach USD 85.31 billion by 2023 from an estimated USD 28.91 billion in 2018, at a CAGR of 24.2% during the forecast period (2018-2023).
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The key factors driving the growth of this market include the growing prevalence of targeted therapies such as rheumatoid arthritis and multiple sclerosis, rising incidence of anaphylaxis, and increasing number of regulatory approvals.
Use of autoinjectors in the treatment of rheumatoid arthritis drives the global autoinjectors market
Rheumatoid arthritis (RA) is a chronic, systemic, inflammatory autoimmune disease that affects connective tissues. It causes joints to swell and can result in pain, stiffness, and progressive loss of function. According to the CDC, an estimated 43.7 million adults (22.7% of the total population) in the US annually are affected by some form of arthritis, RA, gout, lupus, or fibromyalgia.
Global Autoinjectors Market Segmentation:
+ On the basis of type, the market is segmented into disposable and reusable autoinjectors. The disposable autoinjectors segment is expected to account for the largest market share in 2017. This can primarily be attributed to their ease of use and the presence of a built-in glass syringe which makes it more convenient for patients with reduced dexterity or visual impairments.
+ On the basis of therapy, the market is segmented into rheumatoid arthritis, multiple sclerosis, anaphylaxis, diabetes, migraine, and other therapies (includes cardiovascular diseases, migraine treatment, anemia, and progesterone therapy). The rheumatoid arthritis segment accounted for the largest share of the market in 2017. The large share of this segment is mainly attributed to the high prevalence of rheumatoid arthritis across the globe.
+ On the basis of end users, the market is segmented into home care settings and hospitals & clinics. The home care settings segment commanded the largest share of the market in 2017. The large share of this end-user segment can primarily be attributed to the rapid growth in the geriatric population across the globe and the growing need for cost-effective drug administration.
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What Drives the Market?
1. Growing prevalence of targeted therapies
2. Rising incidence of anaphylaxis
3. Increasing number of regulatory approvals
4. Availability of generic versions of autoinjectors
Geographical Growth Analysis:
In 2018, North America is expected to account for the largest share of the autoinjectors market, followed by Europe. Factors such as increasing geriatric population in Canada, increasing FDA approvals, rising prevalence of anaphylaxis in the US, and rising prevalence of autoimmune and chronic diseases in the US and Canada are contributing to the large share of North America.
Key Players and Strategies Adopted by Them:
The key players in the global autoinjectors market are Abbvie (US), Amgen (US), Teva (Israel), Biogen (US), Eli Lilly (US), and Mylan (US). The other prominent players in the market are J&J (US), Novartis (Switzerland), Bayer (Germany), Merck (Germany), Biogen (US), Ypsomed (Switzerland), SHL Group (Taiwan) Becton, Dickinson and Company (US), Owen Mumford (UK), Novartis (Switzerland), and Haselmeier (Switzerland).
MarketsandMarkets™
Mr. Shelly Singh
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raviraj.tak@marketsandmarkets.com
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