Autoinjectors Market Overview: Pioneering Growth in Healthcare Delivery
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON, UK, January 2, 2024 /EINPresswire.com/ — The autoinjectors market has witnessed exponential growth in recent years, showcasing a substantial rise from $3.06 billion in 2023 to a projected $3.79 billion in 2024. This robust expansion is characterized by a remarkable Compound Annual Growth Rate (CAGR) of 23.6%. Looking ahead, the market is poised for continued exponential growth, with an anticipated valuation of $8.37 billion in 2028, maintaining an impressive CAGR of 21.9%.
Chronic Diseases Drive Market Surge:
The escalating prevalence of chronic diseases stands as a pivotal factor propelling the growth of the autoinjectors market. Chronic diseases, which persist for a year or longer, demand continuous medical attention. Conditions like heart disease, cancer, rheumatoid arthritis, and diabetes, ranking among the leading global causes of mortality and disability, are fueling the demand for autoinjectors. These devices are designed for multiple injections of biologics and hormones, catering to patients requiring regular dosages for the long-term management of medical conditions. Notably, chronic diseases are projected to account for almost 41 million global fatalities annually, with seven out of ten deaths attributed to these illnesses, according to research from Imperial College London in 2020.
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Rising Healthcare Expenditure Propels Market Growth:
The upward trajectory of healthcare expenditure is expected to propel the autoinjectors market further. Healthcare expenditure, encompassing the total spending on healthcare services and related goods and activities, plays a crucial role in supporting the development, affordability, and accessibility of autoinjectors. Increased spending contributes to innovation in autoinjector development. Notably, the UK experienced a substantial rise in healthcare spending, with an increase of 9.4% in nominal terms and 9.7% in real terms between 2020 and 2021. In 2021, the total healthcare expenditure reached $367.25 billion (£280.7 billion), with pharmaceutical expenditure standing at $51.84 billion (£39.6 billion).
Key Market Players Shaping the Landscape:
Major companies at the forefront of the autoinjectors market include AbbVie Inc., Mylan N.V., Eli Lilly and Company, Amgen Inc., Becton, Dickinson and Company, Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Merck & Co. Inc., Pfizer Inc., Bayer AG, and Biogen Inc. These industry leaders are instrumental in driving innovation and contributing to the evolution of the autoinjectors market.
Technological Advancements Drive Innovation:
The autoinjectors market is undergoing transformation fueled by technological advancements. Leading players are actively engaged in developing technological solutions to meet the demand for efficient delivery mechanisms, particularly for viscous biologics. Becton Dickinson (BD), for instance, is developing the Intevia 2.25 mL, leveraging thinner wall cannula technology to enhance the patient-centric experience. This innovation underscores the industry’s commitment to advancing delivery mechanisms.
Innovative and Sustainable Solutions:
Companies operating in the autoinjectors market are introducing innovative products that prioritize sustainability and affordability. Jabil Inc., for example, launched the Qfinity autoinjector platform, designed to be sustainable and cost-effective. The platform utilizes durable materials capable of withstanding over 100 injections and employs a pre-filled disposable cassette system to minimize waste. This innovative approach addresses the growing need for sustainable drug delivery devices.
Regional Dynamics and Market Segmentation:
In 2023, North America emerged as the largest region in the autoinjectors market, with Asia-Pacific anticipated to be the fastest-growing region in the forecast period.
The autoinjectors market covered in this report is segmented –
1) By Type: Disposable Autoinjectors, Reusable Autoinjectors
2) By Therapy: Rheumatoid Arthritis, Multiple Sclerosis, Diabetes, Anaphylaxis, Other Therapies
3) By Route Of Administration: Subcutaneous, Intramuscular
4) By Distribution Channel: Online Retailer, Pharmacy
5) By End User: Home Care Settings, Hospitals And Clinics, Other End-Users
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Autoinjectors Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Autoinjectors Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on autoinjectors market size, autoinjectors market drivers and trends, autoinjectors market major players, competitors’ revenues, market positioning, and autoinjectors market growth across geographies. The autoinjectors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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