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Self-administered Drugs Market size is poised to register significant growth by 2032 driven by the increasing incidences of chronic diseases worldwide.
According to the Centers for Disease Control & Prevention (CDC), nearly six out of 10 adults in the U.S. have a chronic disease, whereas four out of 10 suffer from more than one chronic illness. It is recognized as the leading cause of disability and death. This rising disease burden is anticipated to fuel the need for self-administered drugs among patients.
The COVID-19 pandemic also fostered the need for self-medication among patients as it led to the emergence of new trends in the healthcare sector such as teleconsultation and telehealth. Leading pharmaceutical companies worldwide launched novel oral medications to protect patients against an array of infectious diseases in light of the pandemic.
The solid formulation segment will depict significant revenue gains between 2023 and2032 on account of their rising usability. Solid drugs such as pills, tablets, and capsules are easy to administer in patients across all age groups. Drugs manufactured in the solid form are extensively used to treat a wide range of diseases and have a high preference among consumers inclined towards preventative care.
With regards to application, the osteoporosis segment is expected to hold a notable share in the self-administered drugs market by 2032. The rising prevalence of osteoporosis owing to lifestyle changes, and obesity will proliferate the demand for self-administered medications. According to the Global Osteoporosis Foundation, 6.3% of men and 21% of women acquire osteoporosis by the age of 50. It also been estimated that an osteoporotic fracture occurs every 3 seconds across the globe causing 9 million fractures each year.
Based on distribution channel, the e-commerce segment will contribute to a massive surge in the distribution of self-administered drugs through 2032. Rapid penetration of smartphones worldwide and the strong availability of high-speed internet services are fostering consumer interest in digital shopping. E-pharmacy trends are gaining momentum as they cater to the unmet need of patients who lack access to modern medicines.
Geographically, the U.S. self-administered drugs market size is projected to expand at a substantial rate from 2023 to 2032. The industry growth can be attributed to the rising incidences of cancer, diabetes, bone disorders, and other chronic ailments. Moreover, the availability of favorable insurance packages and polices pertaining to certain self-administered medications will complement the regional industry outlook.
Asia Pacific is anticipated to emerge as a hub for self-administered drug makers with increasing demand from the growing geriatric population. APAC is home to countries, such as India and China which have a robust population growth rate, indicating the tremendous need for healthcare services and therapeutics. Furthermore, the growing medical tourism and hefty healthcare infrastructure investments are encouraging retail pharmacies to strengthen the online distribution of drugs.
The competitive landscape of the self-administered drugs market constitutes well-known players including Bristol-Myers Squibb, Abbott Laboratories, Novartis, and Eli Lilly and Company. These companies are focusing on designing novel drugs to address the changing patient needs and amass significant revenue sales. For instance, in March 2021, Novartis announced the EU approval for its Kesimpta® (ofatumumab), a one-of-a-kind self-administered targeted B-cell therapy designed for adult patients with relapsing multiple sclerosis.
One of the emerging trends for the self-administered drugs industry includes the development of drug delivery systems. The rapid penetration of e-pharmacy, and growing patient inclination towards preventative care will also pave the way for increased product preference. However, the Russian invasion of Ukraine could exacerbate supply chain challenges, that had only started to recover post-pandemic. Drug developers worldwide are expected to address these new roadblocks with delays in production, loss of business continuity, and risk of non-compliance pertaining to on-market products.