Drug delivery has been a crucial aspect of the healthcare industry, as it determines the efficacy and safety of the drug. Autoinjectors are a popular device used for the self-administration of drugs. They are widely used for the treatment of chronic diseases such as diabetes, multiple sclerosis, and rheumatoid arthritis. Autoinjectors have gained popularity due to their ease of use and convenience, which has led to an increase in their demand worldwide. The global autoinjectors market has been experiencing significant growth in recent years and is expected to continue its growth trajectory in the coming years.
Market Overview:
According to a report by Market Research Future, the global autoinjectors market is expected to grow at a CAGR of 22.3% during the forecast period of 2018-2023. The market size was valued at USD 1,850 million in 2017 and is expected to reach USD 6,000 million by 2023.
The market growth can be attributed to several factors such as the increasing prevalence of chronic diseases, technological advancements in the field of drug delivery, and the growing demand for self-administration devices. The demand for autoinjectors has also increased due to the rising geriatric population, who require frequent medication and find it difficult to administer injections themselves.
Product Types:
Autoinjectors are available in various types such as disposable and reusable autoinjectors. Disposable autoinjectors are designed for single-use, while reusable autoinjectors can be used for multiple injections. Disposable autoinjectors are expected to dominate the market due to their convenience and ease of use.
The market is further segmented based on the drug type into biologics, hormones, anticoagulants, and others. Biologics dominate the market owing to their widespread use in the treatment of chronic diseases such as rheumatoid arthritis, multiple sclerosis, and diabetes.
Regional Analysis:
North America dominates the global autoinjectors market due to the presence of a large number of key players in the region and the high prevalence of chronic diseases. The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period due to the increasing healthcare expenditure and the growing awareness about self-administration devices.
Key Players:
The key players operating in the global autoinjectors market include AbbVie, Inc., Amgen, Inc., Antares Pharma, Inc., Biogen Idec, Inc., Becton, Dickinson and Company, Eli Lilly and Company, Mylan N.V., Pfizer, Inc., Ypsomed Holdings AG, and Teva Pharmaceutical Industries Ltd.
Conclusion:
The global autoinjectors market is poised for significant growth in the coming years, driven by the increasing prevalence of chronic diseases and the growing demand for self-administration devices. The market is expected to witness several technological advancements in the field of drug delivery, which will further boost its growth. The disposable autoinjectors segment is expected to dominate the market owing to its ease of use and convenience. North America currently dominates the market, while the Asia-Pacific region is expected to witness the highest growth rate during the forecast period.
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