New York, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Kenneth Research has published a detailed market report on ‘Global Autoinjectors Market’ for the forecast period, i.e. 2022 – 2031, which includes the following factors:
- Market growth over the forecast period
- Detailed regional synopsis
- Market segmentation
- Growth drivers and challenges
- Profiling of key market players
Global Autoinjectors Market Size:
The global autoinjectors market is estimated to garner revenue by growing at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. Moreover, the market registered a revenue of approximately USD 54.0 billion in the year 2021. The growth of the market can be attributed to the benefits provided by the autoinjectors in the form of reduced risk of needle injuries, decreasing phobia related to needles, proper dosage assurance, and others. As per the World Health Organization, approximately 262 million people were affected by asthma in 2019 and accounted for 461,000 deaths. Furthermore, autoinjectors are used to treat a wide range of chronic disease symptoms including asthma and can even be utilized by the patient in an emergency. Therefore, ease to use and other benefits are expected to drive the growth of the global autoinjectors market.
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Global Autoinjectors Market: Key Takeaways
- The North America region to gain the largest portion of the revenue by 2031
- The hospitals segment to dominate the revenue graph
- Diabetes segment remains prominent in the purpose segment
Increasing Cases of Diabetes around the Globe to Boost Market Growth
COVID-19 had a positive impact on the global autoinjectors market. The effect of COVID-19 was widespread and patients were asked to delay their non-essential treatments by government restrictions. The healthcare infrastructure was not able to meet the demand of the patients owing to the large percentage of the population affected by the pandemic. Additionally, people become self-reliant for chronic diseases such as diabetes considering the deadly diseases present in hospitals and clinics. Diabetes is one of the most prevalent diseases all throughout the world, which requires autoinjectors for treatment. Recent data shows approximately 500 million adults are living with diabetes. The total number of people living with diabetes is projected to rise above 600 million by 2030 and beyond 780 million by 2045. Three in four adults with diabetes live in low- and middle-income countries. Hence, growing number of diabetes patients around the world is expected to be a prime factor to drive the growth of the global autoinjectors market.
In addition to this, increasing cases of chronic diseases across the globe is estimated to be another major factor to add to the market growth. As per the World Health Organization (WHO), chronic diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally. Each year, more than 15 million people die from a chronic disease between the ages of 30 and 69 years; 85% of these premature deaths occur in low- and middle-income countries. Moreover, the rising investments in the R&D activities to continuously bring up more feasible solutions for medical procedures along with launch of new products are predicted to propel the global autoinjectors market over the forecast period.
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Global Autoinjectors Market: Regional Overview
The global autoinjectors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Prevalence of Chronic Diseases to Favor Market Growth in North America Region
On the strength of presence of advanced medical technological devices and developed healthcare infrastructure, the North America region is expected to generate the largest revenue by the end of 2031. Additionally, this growth can be accredited to increasing chronic diseases, growing adoption for home-based monitoring devices, and increased manufacturing of critical medical equipment in the region. According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), Six in ten Americans live with at least one chronic disease, such as, heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of death and disability in America, and they are a leading driver of health care costs as well. Furthermore, high adoption of technologically advanced products in the region, growing number of insurance companies throughout the region, and growing R&D activities to develop products that improve patient comfort by companies in the regional market are also propelling the growth of the autoinjectors market in the North America region.
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Surge in Healthcare Expenditure and Population to Propel the Market Growth in the Asia Pacific Region
On the other hand, the Asia Pacific region in the global autoinjectors market is estimated to witness noteworthy growth over the forecast period on the back of surge in healthcare expenditure and an increase in the population. Current health expenditure in China is projected to grow by roughly 8 percent annually, on average, by 2035. A surge in healthcare expenditure is expected to easily move autoinjectors into the market. Hence, it is anticipated to drive the growth of the Asia Pacific region. Moreover, unbalanced diet patterns among the population causing infectious diseases, growing elderly population, and improved healthcare facilities are also anticipated to be notable factors to drive the growth of regional market.
Global Autoinjectors Market, Segmentation by End-User
- Hospitals
- Homecare
- Retail Pharmacies
- Others
The hospitals segment is anticipated have the largest growth over the forecast period on the back of increasing awareness in healthcare, increasing diagnosis rate, which results in increasing hospital admissions, and increasing health expenditure per capita among the global population. According to the World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
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Global Autoinjectors Market, Segmentation by Purpose
- Anaphylaxis
- Multiple Sclerosis
- Diabetes
- Cardiovascular Diseases
- Rheumatoid Arthritis
- Others
The diabetes segment is anticipated to hold a substantial market share over the forecast period. This segmental growth can majorly be accredited to the highly rising number of diabetic patients across the world, growing tendency to lead a unhealthy and lazy lifestyle, and increasing disposable income per capita among the global population which is resulting into spending more for advanced healthcare facilities. As per the World Health Organisation (WHO), about 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year.
Global Autoinjectors Market, Segmentation by Type
- Reusable
- Disposable
Few of the well-known market leaders in the global autoinjectors market that are profiled by Kenneth Research are ohnson & Johnson Private Limited, Becton, Dickinson and Company, Amgen Inc., AbbVie Inc., Viatris Inc. (Mylan), Teva Pharmaceutical Industries Ltd., Pfizer Inc., BIOGEN INC., Antares Pharma, Inc., Bayer AG, and others.
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Recent Developments in the Global Autoinjectors Market
- In April 2020, the availability of the AJOVY therapy autoinjector device in the United States was announced by Teva Pharmaceuticals USA, Inc., a division of Teva Pharmaceutical Industries Ltd. The medication AJOVY is used to treat migraine sufferers.
- In June 2018, the commercialization of an autoinjector HUMIRA Pen for the monoclonal antibody HUMIRA was announced by the AbbVie GK subsidiary of AbbVie Inc. The HUMIRA Pen was created with the intention of lowering patient risk when self-injecting.
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