According to a recent market study published by Transparency Market Research (TMR), Auto-injectors are medical devices used to deliver a one-shot dose of medication. They are often used to ward off the effects of life-threatening or other extremely uncomfortable and painful conditions urgently. Conditions for which auto-injectors are beneficial include anaphylaxis, rheumatoid arthritis, and multiple sclerosis. Due to their urgent, vital nature, they are designed to be ‘auto-injected’, i.e. used by the patient him/herself.
The global auto-injectors market was worth US$665 million in 2013 and, aided by increasingly favorable reimbursement policies, government aid, and efforts by auto-injector manufacturers to make the masses aware of their crucial product, is expected to rise to more than US$2,500 million, or US$2.5 billion, by 2020. This represents a stupendous CAGR of 18.6%.
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Auto-injectors help counter conditions that, until but a few years ago, required the attention of a trained healthcare professional. This is a major leap in healthcare infrastructure development, in line with an overall trend of increasing preference for in-home medication and treatment. Auto-injectors are a vital part of a set of factors such as advanced telecommunication technologies, wider spread of healthcare infrastructure, and the availability of other advanced medical devices, which are enabling healthcare professionals to remotely monitor patients. This makes the process more convenient for both parties, eliminating the erstwhile need of patients to actually visit the practitioner.
Rising Anaphylaxis in Oceania to Drive Asia Pacific Auto-Injectors Market
According to the geographical segmentation of the global auto-injectors market, North America accounted for more than 70% of the global market in 2013. North America’s domination of the global auto-injectors market can be attributed to the widespread incidence of food allergies, leading to anaphylaxis, and rheumatoid arthritis; and highly advanced medical innovation leading to easier availability of auto-injectors.
Even though consumers in many Asia Pacific countries still find regular use of auto-injectors beyond their wallet, increasing development in Southeast Asia and Oceania is expected to make Asia Pacific the dominant geographical segment in the global auto-injectors market. Cases of anaphylaxis are on the rise particularly in Australia and New Zealand, two of the most developed countries in Asia Pacific. This is expected to provide a major boost to the Asia Pacific market for auto-injectors. Increasing spending power in developing economies such as China, India, South Korea, and Japan will also bring auto-injectors closer to the masses.
Standard Prefilled Auto-Injectors Dominate Global Auto-Injectors Market
According to product type and manufacturing process, the global auto-injectors market into prefilled and fillable auto-injectors, and standard and customized auto-injectors, respectively.
The higher ease of use offered by prefilled auto-injectors has resulted in a dominant market share for the segment. Prefilled auto-injectors also offer immediate usage, whereas the valuable moments spent filling up an auto-injector could be extremely costly in matters of life and death.
Standard auto-injectors, being older and more established, are more popular around the world due to their robust simplicity. However, increasing medical innovation has led to the conception of auto-injectors whose dosage is customized minutely according to the severity of the patient’s condition, his/her allergies, age, etc. Due to the higher sophistication, customized auto-injectors cost more and are not expected to threaten the dominance of standard auto-injectors any time soon. However, their increased precision will help increase demand for them, which will lower the prices, bringing it closer to the masses.
Mylan Inc., Sanofi, SHL Group Dominate Concentrated Auto-Injectors Market
The auto-injectors market is driven by innovation, with technological advancement virtually guarantedd to pay off in today’s constantly evolving healthcare scenario. The concentrated market is led by companies such as Mylan Inc., Scandinavian Heath Limited (SHL) Group, Ypsomed Holding AG, Sanofi, Pfizer Inc, Novartis International AG, etc. Promotional efforts by major market players such as Mylan Inc. and Ypsomed Holding AG have helped the expansion of the market massively and continue to boost the market in emerging Asia Pacific economies.
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