increasing prevalence of allergies is driving the Epinephrine Autoinjector Market
Technavio analyzes that the Epinephrine Autoinjector Market is expected to grow at a CAGR of 10.59% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2.44 billion.There are various factors that contribute to the growth of the market. The Epinephrine Autoinjector market is experiencing significant growth due to the rising prevalence of allergies worldwide. Allergic conditions, such as anaphylaxis, are increasingly common, leading to a greater demand for these life-saving devices. Epinephrine autoinjectors are essential medical tools that enable individuals with allergies to self-administer a dose of epinephrine during an allergic reaction, thereby preventing potential fatalities. The market is expected to continue its upward trend as the number of allergy sufferers increases, and awareness about the importance of carrying an epinephrine autoinjector grows.
The global epinephrine autoinjector market, specifically the 0.30gm dosage segment, is experiencing significant growth due to increasing sales of generic alternatives, such as Amneal Pharmaceuticals' Adrenaclick. This growth is attributed to the price hikes of leading brands like Viatris' EpiPen in the US market, which has created an opportunity for generic manufacturers. In Europe, where multiple brands are available, Viatris' market share may decline, potentially hindering growth. Furthermore, researchers and emerging companies are focusing on developing alternatives to EpiPen due to periodic competitor exits and gradual price increases from Viatris.
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Epinephrine Autoinjector Market Segmentation
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The Epinephrine Autoinjector market encompasses handheld devices like epinephrine pens and epipens, which deliver essential doses of epinephrine, also known as adrenaline, to individuals experiencing acute anaphylactic reactions due to allergic diseases, insect bites, or stings. These autoinjectors are crucial for severe allergic responses and are increasingly accepted by healthcare professionals and consumers. Companies like Amphastar Pharmaceuticals produce both branded and generic epinephrine autoinjectors, offering innovative needle-free injector technologies to cater to various age groups.
The Epinephrine Autoinjector market is a significant segment within the larger Global Healthcare Equipment Market, according to Technavio's market research. This market category encompasses businesses involved in the research and development (R&D), manufacturing, and distribution of epinephrine autoinjectors, which are essential medical devices used to treat acute anaphylactic reactions in various age groups suffering from allergic diseases. These injections are classified as consumables within the healthcare equipment industry, contributing to the overall market size, which includes the combined revenue generated by manufacturers of diagnostic equipment and devices across diverse therapy areas.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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