The advent of auto-injectors could be considered as one of the most significant innovations that take took place in the medical world. The pen-like devices that are used to administer drug dose to patients and are intended for self-use. Over the past couple of years, the use of such devices has become vehement in treating various disorders including multiple sclerosis, anaphylaxis and rheumatoid arthritis.
These devices are user-friendly, as they are based on a simple spring load functionality. Auto-injectors serve as a better alternative to syringes and do not carry any risk of needle stick injury, helping the patient to complete the procedure without any panic. Imigran — The first reusable auto-injector was launched in the market way back in 1990, primarily intended to treat severe migraines. In recent years, manufacturers have shifted their focus in designing patient-centric devices in order to improve ease-of-use and counter the risk factors associated with self-administration of intramuscular injections.
Auto-Injectors are likely to present tremendous market opportunities to investors owing to their robust application in biologic proceedings. In 2015, Bayer Healthcare introduced a unique auto-injector that can be used for treating relapsing-remitting multiple sclerosis (RRMS). Auto-injectors are becoming a popular choice of therapy for patients diagnosed with multiple sclerosis, anaphylaxis, and rheumatoid arthritis. This is primarily owing to factors such as reduced dependency on doctors and lower hospital visits. The rapid adoption of auto-injectors owing to benefits such as higher accuracy, minimal discomfort and increased safety is likely to translate into expansion of its market in the upcoming years. According to a data released by Future Market Insights (FMI), the US$ 1700 Million global market for auto-injectors is estimated to reach US$ 7,000 Million over 2026, expanding at over 15% CAGR between 2016 and 2026.
The Essence of the Technology
Auto-injectors are cost-efficient and can reduce up to 95% of primary healthcare costs, as they reduce hospital and clinic visits to an extensive level. Such devices offer affordable home medication, cutting down on time spent at out-patient or in-patient care units. Auto-injectors are the best options in situations where the drug administration has to be continued at regular intervals or on daily basis. Lower dependency on healthcare professionals is propelling the usage of auto-injectors, which is anticipated to make a positive impact on the overall market growth for such devices in the forthcoming years. The ongoing innovation in auto-injector technology is expected to further reduce their market price as a corresponding result. Also, approval of generic versions is an additional factor boosting their sales across the globe.
For example, Mylan N.V. has recently introduced low-priced generic version of EpiPen, which performed quite well in the market. The company initially launched the products at US$ 600 last year, however, reduced the price to US$ 300 in January 2017. This, in turn, has resulted in higher affordability of such products by both non-insured as well as insured patients. Some other prominent manufacturers of auto-injector include Becton, Eli Lilly and Company, Pfizer, Inc., Bayer AG, Amgen Inc, Dickinson and Company, Sanofi, Mylan N.V., Novartis AG, Janssen Global Services, LLC, and Antares Pharma, Inc.