Autoinjectors Market – Analysis and Forecast To 2024 | Abbvie, Ypsomed, Consort Medical.

The global autoinjectors market is anticipated to grow at a CAGR of 16.9% during the forecast period with its market size reaching USD 4.5 billion by 2024. The market is growing at a significant rate due to mounting occurrence chronic and lifestyle associated diseases, escalating occurrence of anaphylaxis, and advancement in technology. The autoinjector is a small device designed to deliver a specific dose of a particular drug. These are usually spring-loaded syringes that are mainly invented for comfortable and safe dispensation of the drugs.

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Patent expiry of biologics, novel formulations and innovative drug delivery systems, conjoined with invention and improvements in the biological drugs, mounting healthcare expenditure, escalating occurrence of anaphylaxis and accessibility of generic varieties of autoinjectors are also facilitating the growth for the autoinjectors market. For instance, according to the World Allergy Organization, food allergy affects approximately 2.5 percent of the general population.

Inclination for alternative drug delivery modes such as epinephrine nasal sprays and oral diabetic agents and oral insulin, dearth of appropriate training for consuming autoinjectors, high price of injectors and improvement of autoinjectors for multiple drug viscosities are the major challenges for the growth of autoinjectors market.

Globally, the manufacturing companies trying to enter the autoinjectors market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier for the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, due to mounting occurrence of chronic and lifestyle associated diseases. In addition, escalating occurrence of anaphylaxis, growing medical tourism and mounting healthcare expenditure are also creating a positive impact on the autoinjectors market growth in the region.

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Key players in the autoinjectors market are catering the demand of these devices by investing on technologically advanced products in their product portfolio across the globe. In December 2016, Mylan N.V. launched the authorized generic for EpiPen, as an autoinjector. Abbvie, Ypsomed, Consort Medical, Johnson & Johnson, Mylan, Becton, Dickinson and Company, Amgen, Haselmeier, ELI Lilly, Owen Mumford, Scandinavian Health Limited and Antares Pharma are the key players offering autoinjectors.

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