Autoinjectors Market worth $1.7 billion | MarketsandMarkets

CHICAGO, June 2, 2023 /PRNewswire/ -- The autoinjectors industry is set to experience significant growth in the near future as a result of several factors. With the rise in chronic diseases and the increasing need for self-administration of medication, autoinjectors have emerged as a convenient and efficient solution. These innovative devices enable patients to easily and safely administer their medications in the comfort of their own homes, reducing the dependence on healthcare professionals and improving treatment adherence. In the near future, we can anticipate further advancements in autoinjector technology, such as the integration of connectivity features that allow for remote monitoring and data collection. This connectivity will enable healthcare providers to track patient usage and adherence, ensuring effective disease management. Additionally, we can expect to see improvements in needle technology, with the development of smaller, painless, and more precise needles that enhance patient comfort during injection. The growing focus on personalized medicine and the increasing use of biologic therapies will also drive the demand for autoinjectors, as these devices are well-suited for the administration of complex biologics. Overall, the autoinjectors industry holds immense potential for growth in the near future, driven by advancements in technology, rising chronic disease prevalence, and the need for patient-centric care.

Autoinjectors Market in terms of revenue was estimated to be worth $0.9 billion in 2023 and is poised to reach $1.7 billion by 2028, growing at a CAGR of 14.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Whereas, the autoinjector finished formulations market is projected to reach USD 136.5 billion in 2028 from USD 59.6 billion in 2023, growing a CAGR of 18.0%. Some of the prominent factors driving the growth of this market are favorable government support and reimbursements and growing number of regulatory approvals for autoinjectors.

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Browse in-depth TOC on "Autoinjectors Market"

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Autoinjectors Market Scope:

Rheumatoid Arthritis subsegment accounted for the largest share of the autoinjectors market by therapy area

Among the therapy area, the autoinjectors market is segmented into rheumatoid arthritis, multiple sclerosis, anaphylaxis, diabetes, and other therapy areas. In 2023, the rheumatoid arthritis segment accounted for the largest share of the autoinjectors market by therapy area. Growth in this market segment can be attributed to growing prevalence of rheumatoid arthritis and the wide adoption of autoinjectors for the treatment of this condition.

Disposable usage is the fastest-growing segment of the autoinjectors market by usage

In 2023, the disposable segment accounted for the fastest-growing share of the usage segment of autoinjectors market. Market growth can largely be attributed to the high convinience and ease of use for patients as the need for manual loading of drug in the injector is eliminated due to presence of prefilled syringe, and low chances of infections through used needle.

Europe: The second-largest region in the autoinjectors market.

The European autoinjectors market is the second-largest autoinjectors market globally, mainly due to factors such as presence of a large geriatric population in the region and the improving reimbursement and regulatory scenario. The presence of large geriatric population in the region is expected to increase the prevalence of chronic diseases leading consequently leading to growing adoption of autoinjectors for treatment of these disease. The favorable reimbursement and regulatory scenario is expected to further support market growth.

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Autoinjectors Market Dynamics:

Drivers:

1. Benefits of autoinjectors in emergency medical care
2. Increasing regulatory approvals for autoinjectors
3. Availability of generics and biosimilars in autoinjectors
4. Government support and favorable reimbursements
5. Growing awareness and adoption of self-administration

Restraints:

1. Alternative drug delivery modes and needle phobia

Opportunities:

1. Patent expiry of biologics
2. Increasing shift of therapy to home settings

Challenges:

1. Development of autoinjectors for multiple drug viscosities

Key Market Players:

The market for autoinjectors is consolidated, with key players strategizing to capture the market. Prominent players in the autoinjector devices market are Becton, Dickinson and Company (BD) (US), Ypsomed Holding AG (Switzerland), SHL Medical (Switzerland), West Pharmaceutical Services, Inc. (US), Recipharm AB (Sweden), Haselmeier GmbH (Germany), Owen Mumford Ltd. (UK), Philip-Medisize, LLC (US), Oval Medical Technologies Ltd. (UK), Kaleo, Inc. (US), Solteam Incorporation Co., Ltd. (China), Antares Pharma, Inc. (US), and the some of the major market players for finished formulations include AbbVie Inc. (US), Amgen Inc. (US), Eli Lilly and Company (US), Novartis AG (Switzerland), Merck KGaA (Germany), Viatris Inc. (US), and Biogen (US).

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Recent Developments:

• In May 2023, SHL Medical and MoonLake Immunotherapeutics collaborated to develop the sonelokimab autoinjector. SHL Medical's Molly autoinjector technology will be utilized for the clinical and potential commercial supply of MoonLake's Nanobody sonelokimab.
• In October 2022, BD partnered with Biocorp for Biocorp's Injay technology, which adds connectivity to prefilled syringes. It is expected to aid BD in tracking adherence to self-administered injectable drugs.

Autoinjectors Market Advantages:

• Improved Patient Convenience: Autoinjectors provide a convenient and user-friendly method for self-administration of medication. They are designed to be compact, portable, and easy to use, allowing patients to administer their medications at home or on the go. This eliminates the need for frequent visits to healthcare facilities for injections and enhances patient autonomy and independence.
• Enhanced Treatment Adherence: Autoinjectors play a crucial role in improving treatment adherence, particularly for patients with chronic conditions requiring regular injections. The simplicity and ease of use of autoinjectors make it more likely for patients to follow their prescribed medication regimen consistently. By ensuring timely and accurate administration, autoinjectors help optimize the effectiveness of treatment and improve patient outcomes.
• Increased Safety and Reduced Risk of Needlestick Injuries: Autoinjectors are designed with safety features to minimize the risk of accidental needlestick injuries. They often incorporate mechanisms such as needle shields, automatic needle retraction, and one-time-use functionality, which help protect both patients and healthcare providers. This not only enhances patient safety but also reduces the potential for infection transmission and occupational hazards.
• Precise and Controlled Drug Delivery: Autoinjectors are designed to deliver medications in a controlled and precise manner, ensuring accurate dosing. This is particularly important for biologic therapies and other medications with specific dosage requirements. The automated mechanism of autoinjectors ensures consistent and reliable delivery of the prescribed dosage, minimizing the risk of under or overdosing.
• Improved Quality of Life: By providing patients with the ability to self-administer medication, autoinjectors offer a significant improvement in their overall quality of life. Patients can manage their conditions more effectively, reducing the need for frequent visits to healthcare facilities and allowing them to maintain their daily routines and activities. This increased sense of control and independence can have a positive impact on patients' psychological well-being and overall satisfaction with their treatment.
• Cost Savings: Autoinjectors can lead to cost savings in the long run by reducing healthcare utilization, such as hospital visits and healthcare professional assistance for injections. By enabling self-administration at home, autoinjectors minimize the need for expensive healthcare resources and services, making healthcare delivery more efficient and cost-effective.

Overall, the autoinjectors market offers significant advantages in terms of patient convenience, treatment adherence, safety, precise drug delivery, improved quality of life, and cost savings. These advantages make autoinjectors a preferred choice for various therapeutic areas, including chronic diseases, autoimmune disorders, and emergency treatments.

Autoinjectors market - Report Highlights:

• Market sizes are updated for the base year 2022 and forecasted from 2023 to 2028.
• The market overview chapter in the current edition of this report provides the ecosystem analysis, patent analysis, key conferences and events during 2023-24, technology analysis, regulatory analysis, Porter's Five Forces analysis, and the key stakeholders and buying criteria in the autoinjectors market.
• The current edition of the report provides updated financial information for each listed company in a graphical representation. This will help in the easy analysis of the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating region/country, and business segment focus in terms of the highest revenue-generating segment.
• Recent developments are helpful in understanding market trends and growth strategies adopted by players in the market in the last three years (January 2020 to April 2023).
• Tracking the product portfolios of prominent market players helps analyze the major products in the autoinjectors market. The new edition of the report provides an updated product portfolio of the companies profiled in the report.
• The market evaluation framework, market share analysis, and competitive leadership mapping have been updated in the competitive landscape chapter of the report. The current version of the report includes the revenue share analysis of key market players from 2020 to 2022.
• The company evaluation matrix is an output of a comprehensive study of the key vendors of autoinjector devices and finished formulations. The top 25 vendors were shortlisted from a list of 50+ vendors, post which they were evaluated based on their market share/ranking and product footprint, rated and positioned on a 2x2 matrix, categorizing them as 'Stars,' 'Emerging Leaders,' 'Pervasive Players,' and 'Emerging Companies.'
• A comprehensive study of the key startup vendors offering autoinjectors was also performed. The top 15 vendors were shortlisted from a list of 50+ vendors. These players were evaluated, rated, and positioned on a 2x2 matrix, categorizing them as 'Progressive Companies,' 'Starting Blocks,' 'Responsive Companies,' and 'Dynamic Companies.'

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