Self-Administered Medication Market to See Huge Growth by 2026 | Companies Abbott Laboratories, Purdue Pharma LP, Sanofi S.A., Pfizer, Inc.
Growing prevalence of chronic disorders is projected to contribute towards the global market growth of self-administered medication. In addition, increasing collaboration among the manufacturers is projected to impact the global market growth of self-administered medication. Fact.MR states that the global market of self-administered medication is projected to reflect a CAGR of 8.5% over the forecast period, 2017-2026.
Factors Fuelling Global Market Growth
Growth of the global self-administered medication market is mainly bound by various macro-economic and micro-economic factors. Increasing prevalence of various chronic disorders has led to an upsurge in demand for treatments and medications. Frequent visits for medications and treatment purposes can be an expensive option for the patients. Manufacturers are increasingly focusing on offering drug delivery devices and medications that can enable convenient administration. With the help of drug delivery devices, patients can access treatment and medication at their home.
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Self-administered medication is also a comparatively cheaper option for quick treatment. As various chronic diseases need immediate treatments and medication, self-administered medication is projected to witness significant adoption. With the increasing prevalence of various chronic disorder such as diabetes, asthma, gastrointestinal diseases, arthritis and inflammation, the global market of self-administered medications is projected to increase. Medications of these chronic diseases are required to be taken daily for effective treatment. In addition, growing prevalence of diabetes has led to surge in demand for vaccination. As vaccinations need to be taken daily, visiting the hospitals could be an expensive option. Manufacturers are increasingly offering insulin devices for convenient and timely intake of medications for diabetes. Such factors have led to surge in demand for self-administered drugs and devices. Bound to these factors, demand for self-administered medications is projected to increase globally.
Increasing collaborations among the manufacturers in the pharmaceutical industry with the drug delivery equipment company is further projected to impact growth of the global market. For instance, Portal Instruments and Takeda has entered into collaboration recently, to offer improved solutions for drug delivery. The companies are concentrating on developing drug delivery device that is needle-free and delivers biologic medications through the pressurized liquid. Such factors are projected to create lucrative opportunities for growth of the global market.
However, several factors are projected to inhibit the global market growth of self-administered medication. Increasing risks of making mistakes while administration practices of drugs. Limited awareness regarding the prevalence of various chronic diseases and self-administration procedures is also projected to impact the global market growth of self-administered medication negatively. Moreover, misguiding directions and improper designing of the drug delivery equipment can create significant challenges for growth of the global market. Such factors are likely to restraint growth of the global market of self-administered medication.
Sales to Remain High in the Hospitals
With the increasing prevalence of diseases such as asthma and bronchitis, demand for the inhalers are likely to increase. Based on product type, the inhalers segment is projected to witness significant revenue growth, recording more than US$ 20,000 Mn by 2026-end. In contrary to this, the insulin product type segment is projected to reflect a healthy CAGR during the forecast period. In terms of revenue, the nasal route of administration segment is projected to witness significant revenues growth, accounting for more than US$ 10,000 Mn by 2017-end. However, the the transdermal route of administration segment is projected to reflect a robust CAGR throughout the forecast period.
On the basis of distribution channel, the hospitals segment is projected to represent the highest revenue growth, recording more than US$ 20,000 Mn. On the contrary, the online pharmacies distribution channel segment is projected to witness the fastest growth in the global market.
Major players in the global administered medication market are Purdue Pharma LP, Abbott Laboratories, Pfizer, Inc., Sanofi S.A., Novartis AG, Mylan N.V. and Amgen Inc.
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