Global Self-Administered Medication Market 2018 to Witness Excellent Long-Term Growth Outlook till 2026
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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.
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.
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Chronic Diseases to Impact Market Growth
Prevalence of chronic diseases such as arthritis, asthma, inflammation and gastrointestinal diseases is expected to impact growth of the global self-administered drugs market. As treatment of these diseases include vaccinations regularly, frequent visits to the hospital can be an expensive option. Moreover, growing need for treatment in the emergency conditions such as asthma and bronchitis has led to increasing demand for quick treatment options. Immediate treatment of chronic disorders is expected to rev up demand for nasal sprays, eye drops, ear drops and tablets that provide quick relief to the patients. Bound to such factors, the global self-administered medication market is expected to witness significant growth during the forecast period.
Collaborations to Underscore Growth Lucrative Opportunities
Recent trend witnessed show that the manufacturers in the pharmaceutical industry are increasingly collaborating with the delivery device companies in order to underscore lucrative opportunities. For instance, Takeda has recently collaborated with Portal Instruments in order to develop a needle-free drug delivery device for delivering biologic medicines. The Portal devices delivers biologic drugs through pressurized liquid instead of through the needles. As manufacturers are increasingly focusing on developing improved drug delivery devices, the global self-administered medication market is expected to witness significant growth.
On the other hand, various factors are expected to impact growth of the global self-administered drugs negatively. Risks of making errors during the dosage administration practices is expected to impact growth of the global market adversely. Moreover, lack of awareness regarding various drug administration devices is further expected to impact growth of the global self-administered medication market negatively. In addition, improper designing or directions to use the drug delivery devices could pose significant challenges in the global self-administered medication market. Bound to these factors, the global self-administered medication market is expected to witness inhibiting growth during the forecast period.
Inhalers to Represent a Leading Segment
Growing prevalence of asthma has led to an upsurge in demand for inhalers in the global market. On the basis of product type, the inhalers segment is expected to generate significant revenues, accounting for a value of over US$ 20,000 Mn by the end of 2026. On the other hand, the insulin product type segment is expected to register a robust CAGR throughout the forecast period.
Based on the route of administration, the nasal segment is expected to generate significant revenues, recording a value of over US$ 10,000 Mn by the end of 2017. In contrary to this, the transdermal route of administration segment is expected to register the highest CAGR through 2026.
By distribution channel, the hospital pharmacies segment is expected to represent significant revenue growth, accounting for a value of over US$ 20,000 Mn by the end of 2026. However, the online pharmacies distribution channel segment is expected to register a healthy CAGR during the forecast period.
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