VALLEY COTTAGE, New York, March 10, 2017 /PRNewswire/ --
Improving healthcare infrastructure across several countries and regions, coupled with availability of well-developed manufacturing units, facilitates the growth of medical device businesses. The changing attitude of patients towards treatment of generic diseases has indicated a significant rise in preference for self-administration devices such as auto-injectors. Promoting this notion, auto-injectors continue to gain prominence not just as an alternative route for drug delivery but also as point-of-care devices in homecare settings. Future Market Insights recently published its report on the global market for auto-injectors, which projects that by the end of 2026, more than US$ 6,800 Mn worth of auto-injectors will sold globally. Currently valued at US$ 1,673.7 Mn, the global auto-injectors market is being projected to exhibit an impressive value CAGR of 15.1%.
In the report, titled "Auto-Injectors Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," nearly three-fourth of global auto-injector revenues have been estimated to come from the US and Canada. While North America is being observed as the largest market for auto-injectors in the world, auto-injector sales will be relatively high in Western Europe as well. And, majority of auto-injectors are expected to be distributed through online pharmacies. Online pharmacies as a distribution channel will register the fastest revenue growth at 18% CAGR, while retail pharmacies will be procuring one-fourth of global market value by the end of 2026.
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Impact of Self-Injection Practices & Novel Drug Delivery Systems
The global market for auto-injectors is projected to expand aggressively, and the report draws this forecast from identifying the most direct, impactful factors that drive the demand for auto-injectors. Firstly, the demand for auto-injectors is expected to keep soaring on the account of high adoption of self-injection practices by patients. Doctors, as well, are prompting patients to take up self-administration devices such as auto-injectors in order to fulfil their prescribed medication dosages through invasive yet safe administration routes.
Along with that, the global demand for auto-injectors is also expected to be driven by growing development of novel drug delivery systems. Manufacturers of medical devices are collaborating with clinical scientists in order to pave way for next-gen tools in drug administration. In the years to come, the global auto-injectors market is anticipated to garner surplus demand, particularly for prefilled auto-injectors. In 2017 and beyond, more than 92% of global auto-injectors revenues will be emanating from sales of prefilled auto-injectors. Fillable auto-injectors, on the other hand, will incur a downtick in terms of global revenue share over the latter half of forecast period.
Preview Analysis on Global Auto-Injectors Market Segmentation by Indication - Anaphylaxis, Multiple Sclerosis, Rheumatoid Arthritis and Others; By Product - Prefilled Auto-Injectors and Fillable Auto-Injectors; By Distribution Channel - Hospital Pharmacies, Retail Pharmacies, Online Pharmacies and Drug Stores: http://www.futuremarketinsights.com/reports/auto-injectors-market
Higher Demand for Auto-Injectors in Treatment of Anaphylaxis
Another factor that is inducing growth in demand for auto-injectors is the prevalence of multiple sclerosis and anaphylaxis. Notable disease monitoring associations from across the globe are predicting that these disorders are less likely to cease their occurrence rate among geriatric populations, which is incidentally boosting the demand for auto-injectors. In 2016, anaphylaxis as a disease indication accounted for an estimated US$ 1,500 Mn of global auto-injector revenues. Through 2026, almost nine out of ten auto-injectors sold globally are likely to be used for treating anaphylaxis. Meanwhile, auto-injectors sold for treatment of multiple sclerosis will register a marginal rise through the forecast period. And, revenues amassed from sales of auto-injectors for rheumatoid arthritis are expected to showcase highest CAGR of 18.3%.
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Parallel to their rising demand, the global supply of auto-injectors is also expected to propel by the end of 2026. Increased development of biologics, their use in production of advanced drug delivery devices, reduction of manufacturing prices, and additional cost-savings conferred by technological advancements, are all collectively bolstering the global production of auto-injectors. The report has profiled leading players in the global auto-injectors market, which include Amgen Inc., Novartis AG, Sanofi, Pfizer, Inc., Becton, Dickson and Company, Mylan NV, Bayer AG, Eli Lily and Company, Janssen Global Services, LLC, and Antares Pharma, Inc.
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SOURCE Future Market Insights