The arrival of an array of cutting-edge biotech products coupled with the increasing preference for convenient injection of various therapeutic drugs is making a positive impact on the global market for prefilled auto-injectors. Demand for such injectors is anticipated to further escalate over the next couple of years.
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Self-inject procedures have become safer and convenient due to availability of advanced prefilled auto-injectors. Patient are increasingly putting their trust on prefilled auto-injector owing to the product’s efficiency and credibility. Moreover, ongoing advancements in technology is leading towards constant improvement in prefilled auto-injector functionalities and capabilities. In order to expand their application in new therapeutic areas, most device manufacturers are now emphasizing on further development of prefilled auto-injectors.
The next prefilled auto-injectors are more accurate and reliable. Such leading-edge instruments are becoming widespread due to their functional superiority on conventional needles and syringes that can cause injuries.
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Patients with needle phobia are also rapidly shifting towards prefilled auto-injectors, as these instruments typically have a centric design that helps the patients to overcome the unwillingness associated with self-inject procedures. The aforementioned factors are projected to propel the sales of prefilled auto-injectors globally. According to the recent study conducted by Fact.MR, the global prefilled auto injectors market is set to ride at a double-digit CAGR during 2017 to 2024, to reach a valuation in excess of US$ 3,616 Mn.
Forecast Highlights on the Global Market for Prefilled Auto-Injectors
North America is projected to retain its predominant position in the global market for prefilled auto-injectors over 2024. In addition, the region’s prefilled auto-injectors market is anticipated to register an impressive CAGR during the projection period. This growth is mainly attributed to the expanding pool of patients who require drug administration on daily basis in the region.
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Factors such as low cost of prefilled auto-injectors and quick expansion of the healthcare industry are influencing Asia-Pacific excluding Japan (APEJ)’s prefilled auto injection market. The market in APEJ is expected to surge at little under 16% CAGR between 2017 and 2024. Currently, Europe accounts for over 10% share of the market in terms of revenue and is expected to exhibit lucrative opportunities for market players in the near future.
On the basis of indication, use of prefilled auto-injection is significantly high for treating anaphylaxis indication. Towards the end of the forecast period, nearly US$ 3,200 Mn worth prefilled auto-injectors is estimated to be used for treating anaphylaxis.
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Online pharmacies are the largest distribution channel for prefilled auto injectors. In terms of revenue, online pharmacies currently account for around 33% share of the market. By the end of 2024, the online pharmacies distribution channel segment is estimated to reach a valuation of nearly US$ 1,500 Mn, reflecting a healthy CAGR.
Competition Tracking
Eli Lilly and Company, Becton, Dickinson and Company, Mylan N.V., Amgen Inc., Pfizer Inc., and Antares Pharma, Inc., are the key companies mentioned in the Fact.MR report.
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