In a recent published report, Kenneth Research has updated the market report for Autoinjectors Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Autoinjectors Market products.
According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
The medical devices that are primarily used for the self-injection of drugs, classically life-saving drugs, are known as autoinjectors. These devices are gaining increased importance for the management of anaphylaxis, diabetes, rheumatoid arthritis, multiple sclerosis, and others. Autoinjectors are relaxed to use and proposed for self-administration by individuals either at caretakers premises or at home.
Raising prevalence of serious medical conditions such as anaphylaxis & other food allergies, advancements in the autoinjectors technology, increasing demand for home healthcare, and the rising need for self-injectors are the factors aiding the growth of the autoinjectors market. Novel formulations of drugs and advancements in drug delivery systems along with favorable government regulations are providing an opportunity for the market growth. However, recent product recalls by the companies and the availability of substitutes for autoinjectors are hampering the market growth.
The “global autoinjectors market” is estimated to witness a CAGR of 17.1% during the forecast period 2018–2024. The autoinjectors market is analyzed based on three segments – products, applications, and regions.
Regional Analysis: The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (ROW). North America accounts for the largest share of the autoinjectors market, followed by Europe, Asia Pacific, and Rest of the World. More than 65% of the market is occupied by North America, with the US being the major contributor to the market growth.
Product Analysis: Based on the products, the market is segmented into disposable autoinjectors and reusable autoinjectors. Disposable autoinjectors hold dominant market share and is also the fastest growing segment in the market.
Based on the application areas, the market is segmented into anaphylaxis, multiple sclerosis, rheumatoid arthritis, diabetes, and others. The market is dominated by anaphylaxis owing to a high prevalence rate globally. The fastest growing segment of the market is rheumatoid arthritis due to increased development of novel drugs for the treatment of the condition.
Key Players: The major players in the market are Mylan NV, Novartis AG, Amgen, Inc., Becton Dickinson and Company, Bayer AG, and Eli Lilly & Company Ltd. The other key players in the market include Ypsomed Holding AG, Biogen Pharmaceuticals, Pfizer Inc., Teva Pharmaceutical, Antares Pharma, Inc., Johnson and Johnson, and AbbVie, Inc.
The key manufacturers of autoinjectors are concentrating on innovative marketing tactics to expand the reach of their products globally. Increasing awareness campaigns and price reduction of branded devices are among the strategies used by the leading companies to manage intense competition in the market. Many companies are rebranding their autoinjectors with worthwhile reductions in the price. In December 2016, Mylan launched the generic version of EpiPen to provide autoinjector for customers at lesser prices. This approach ought to help the company in targeting a larger customer pool, thus increasing the company’s customer base in recent years.
Benefits: The report provides complete details about the usage and adoption rate of autoinjectors in various regions. With that, key stakeholders can know about the major trends, drivers, investments, and vertical player’s initiatives. Moreover, the report provides details about the major challenges that are going to impact on the market growth. Additionally, the report gives the complete details about the key business opportunities to key stakeholders to expand their business and capture the revenue in the specific verticals to analyze before investing or expanding the business in this market.
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