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Self-administered Drugs Market Size
Self-administered Drugs Market size is poised to grow at a notable CAGR from 2024 to 2032 driven by the increasing incidences of chronic diseases worldwide. According to the CDC, nearly 6 out of 10 adults in the U.S. suffer from a chronic disease. This rising disease burden is anticipated to fuel the need for self-administered drugs among patients. Additionally, the COVID-19 pandemic has 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. To that end, several leading pharmaceutical companies worldwide launched novel oral medications to protect patients against an array of infectious diseases.
However, the market may face several growth restrictions due to regulatory challenges in device approvals, concerns about patient safety and misuse, and limited accessibility to advanced drug delivery technologies. Cost barriers, reimbursement uncertainties, and patient reluctance to adopt new self-administration methods may also slow down the industry expansion to some extent.
Self-administered Drugs Market Trends
One of the emerging trends in the self-administered drugs industry includes the development of drug delivery systems. The FDA approvals for novel drug formulations and innovative delivery devices are encouraging R&D investments in more efficient and patient-friendly drug delivery solutions. For instance, in December 2023, Ionis Pharmaceuticals, Inc. announced that WainuaTM (eplontersen), a joint product of Ionis and AstraZeneca, received the FDA approval for the treatment of adult polyneuropathy of hereditary transthyretin-mediated amyloidosis. Moreover, the rapid penetration of e-pharmacy and the growing patient inclination towards preventative care.
Self-administered Drugs Market Analysis
The solid formulation segment is anticipated to witness high demand through 2032, driven by their convenience, stability, and ease of use. Tablets, capsules, and powders offer precise dosing, long shelf life, and portability, appealing to patients seeking reliable and straightforward medication options. Additionally, the growing patient preference for self-management and healthcare on-the-go is driving the demand for oral medications across various therapeutic areas, including chronic diseases and preventive care.
The osteoporosis segment is anticipated to record substantial revenue by 2032. This is owing to the rising demand for self-administered medications due to the high prevalence of osteoporosis caused by lifestyle changes, and obesity. Patients are seeking convenient and effective treatment options to manage bone health, leading to increased demand for self-administered medications, such as bisphosphonates and calcitonin. Additionally, advancements in bone-targeted therapies, such as monoclonal antibodies to cater to specific patient needs will further fuel the segment expansion.
The Asia Pacific self-administered drugs market is anticipated to exhibit robust growth through 2032. The rising healthcare expenditure, increasing prevalence of chronic diseases, and expanding access to healthcare services is surging the demand for convenient and cost-effective treatment options in the region. With the growing aging population, there is heightened focus on managing chronic conditions, further spurring the adoption of self-administered medications. Furthermore, the growing medical tourism sector and hefty healthcare infrastructure investments are encouraging retail pharmacies to strengthen the online distribution of drugs. Technological advancements in drug delivery systems and the rapid expansion of e-pharmacy platforms in India and China.
Self-administered Drugs Market Share
Some of the major self-administered drugs industry players include:
- Bristol-Myers Squibb
- Abbott Laboratories
- Novartis
- Eli Lilly and Company
Leading self-administered drug providers are placing efforts on developing user-friendly devices, innovative drug delivery systems, and patient education initiatives for driving industry expansion and improving healthcare outcomes.
Self-administered Drugs Industry News
- In February 2024, Novartis received approval from the U.S. FDA to launch Xolair® (omalizumab), a self-injectable medication that can be used to reduce allergic reactions, including anaphylaxis, in children and adults with IgE-mediated food allergies.