The demand for self-administered drugs is driving the growth of the global autoinjectors market. Autoinjectors are medical devices that are used to deliver pre-measured doses of medication to patients, often in a home or outpatient setting. The increasing prevalence of chronic diseases such as diabetes, rheumatoid arthritis, and multiple sclerosis is contributing to the rising demand for self-administered drugs.
According to a report by Market Research Future, the global autoinjectors market is expected to grow at a compound annual growth rate (CAGR) of 22.3% during the forecast period from 2017 to 2023. The market is expected to reach a valuation of USD 2.5 billion by 2023, up from USD 665 million in 2016.
One of the major drivers of the autoinjectors market is the increasing demand for self-administration of drugs. Patients prefer self-administration of drugs as it offers convenience and helps in reducing healthcare costs. Moreover, autoinjectors ensure accuracy in dosage, thereby reducing the risk of medication errors.
Autoinjectors are also used for the treatment of anaphylaxis, a life-threatening allergic reaction. The incidence of anaphylaxis is increasing globally, and autoinjectors are used to administer epinephrine, which is the first-line treatment for anaphylaxis.
The high cost of autoinjectors is expected to restrain the growth of the market to some extent. Additionally, the complex design of autoinjectors makes them difficult to manufacture, which further adds to their cost.
North America is expected to dominate the global autoinjectors market, due to the presence of a large number of pharmaceutical and biotech companies in the region. Europe is also a significant market for autoinjectors, driven by the increasing prevalence of chronic diseases in the region.
Key players in the global autoinjectors market include AbbVie Inc., Amgen Inc., Antares Pharma Inc., Biogen Idec, Eli Lilly and Company, Mylan N.V., Novartis International AG, Pfizer Inc., and Teva Pharmaceutical Industries Ltd. These companies are investing heavily in research and development to develop advanced autoinjectors with improved functionality and ease of use.
In conclusion, the rising demand for self-administered drugs is driving the growth of the global autoinjectors market. Autoinjectors offer convenience and accuracy in dosage, and are used for the treatment of anaphylaxis. However, the high cost of autoinjectors is expected to restrain the growth of the market to some extent.
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