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Self Administered Drugs Market:Global Industry Size, Growth, Trends and Outlook Report By 2024
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The demand for self-administered drugs is increasing rapidly owing to the changing lifestyle of the people. Self-administration of the drugs saves time and money of the patients required for visiting the physicians or nurses. Increasing outpatient medical services is expected to boost demand for self-administered drugs over the forecast period. Government insurance organizations are providing medical coverage on some self-administered drugs which in turn is expected to increase adoption among end users. For instance, Centers for Medicare cover usually do not cover self-administered drugs however it provides medical coverage to some outpatient prescription drugs like injectable drugs, some antigens, drugs used with durable medical equipment and others.
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Increasing healthcare costs for patients seeking medical treatment in hospitals and increasing trend towards use of self-administered drugs among working population is expected to provide high growth opportunities among manufacturers over the forecast period. Moreover introduction of new patient administered drugs in the disposable prefilled form aimed to address the inconvenience created through unregulated dosages and regulatory compliance is expected to increase adoption rate of self-administered drugs globally over the forecast period. However, low or no reimbursement for some self-administered drugs and increasing number of cases of side effects caused by the unregulated dose of self-administered drugs may hamper the revenue growth of the self-administered drugs market over the forecast period.
The global self-administered drugs market is segmented into following three segments: by product type, by route of administration and by geography.
Segmentation by product type- Tablets,Syrups,Creams,Injectables.
Segmentation by route of administration - Oral,Transdermal,Intravenous,Nasal,Segmentation by geography,,North America,Latin America,Europe,Asia Pacific (APAC),Middle East and Africa (MEA)
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Geographically, North America and Europe regions are expected to contribute to the largest share of the self-administered drugs market. The shifting patient population from low to high income countries in North America and Europe is expected to propel demand for self-administered drugs over the forecast period. Asia Pacific region is expected to witness fast growth in the self-administered drugs market owing to high population in the region and growing geriatric population. Latin America and MEA regions are also expected to witness significant growth in self-administered drugs market owing to availability of the products due to increased market penetration of the market participants in these regions.
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Some players in the self-administered drugs market are Abbott Laboratories, Bristol-Mayers Squibb, Gilead Sciences, Novartis AG, Eli Lilly & Company, Pfizer, Inc., and Antares Pharma, Inc. The market participants are focusing on competitive pricing and product innovation strategies in order to increase their market share in the global self-administered drugs market.
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