LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global epinephrine autoinjector market to grow at a CAGR of close to 15% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global epinephrine autoinjector market for 2017-2021. The report also lists hospitals and clinics, and individuals as the two major end-user segments, of which the hospitals and clinics segment accounted for 65% of the market share in 2016.
According to Barath Palada, a lead analyst at Technavio for medical devices research, “The global epinephrine autoinjector market is expected to grow steadily, owing to the higher incidence of allergic reactions among individuals, which necessitates investment in epinephrine autoinjector as an emergency medicine.”
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Technavio healthcare and life sciences analysts highlight the following three market drivers that are contributing to the growth of the global epinephrine autoinjector market:
- Increasing prevalence of allergies
- Technological advances
- Marketing strategies
Increasing prevalence of allergies
There has been a worldwide increase in the prevalence of allergies to food items, food additives, latex, and dust, which lead to anaphylaxis. On an average, 30-35% of the global population is diagnosed with an allergy annually. This was initially seen in countries such as the UK, other countries in Europe, and the US, but it is now common in all industrially developed countries.
“Epinephrine works immediately in emergencies and helps reduce the symptoms of a life-threatening allergy. Hence with the increasing incidence of allergies, the popularity of epinephrine autoinjector is set to rise, as it can be self-administered during an emergency,” says Barath.
Leading vendors in the market are focusing on manufacturing advanced and easy-to-use epinephrine pen to increase their market share. Since Mylan's EpiPen controls the lion's share of the global epinephrine autoinjector market, companies strategize to come up with a better patient compliant product to gain popularity. For instance, in a study conducted by Emerade with 90 subjects to assess the patient compliance, more than 74% preferred Emerade autoinjector over Mylan's EpiPen.
Also, at the university level, efforts are being made to invent an ultra-compact, user-friendly epinephrine autoinjector as EpiPen is relatively bulky to carry. AdrenaCard, developed by researchers at the University of Minnesota, is small enough to fit in a wallet, and it aims to decrease the emergency cases which arise the lack of convenience offered by Epipen. These innovations are likely to drive the future growth of the market.
Vendors adopt various strategies to encourage end-users to use epinephrine autoinjectors, which will nullify the adverse impact of high cost of these products. Mylan accounts for around 90% share in the global epinephrine autoinjector market. The company applies various marketing strategies to maintain its dominance in the market. Other vendors such as ALK-Abelló, conducted clinical trials to prove Jext's efficacy was equivalent to Mylan's EpiPen. Impax Laboratories issued a press release establishing their product as a low-cost alternative to EpiPen in the leading pharmacies across the US.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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