Self-injection Device Market: Rising Geriatric Population to Drive Market Growth
According to the latest report by Transparency Market Research, the global self-injection device market is on course to achieve a huge growth for the given period of forecast of 2018 to 2026. The market was initially valued at US$3,770 mn back in 2017. The research report expects the self-injection device market to exhibit a massive CAGR of 13.4% for the mentioned period of forecast. With such an impressive rate of growth, the global market is projected to reach the mark of US$11,380.9 mn by the fall of 2026.
Rising Geriatric Population to Drive Market Growth
A plethora of factors are working in favor of the development of the global self-injection device market. One of the biggest driving factors for the market growth has been substantial increase in the geriatric population across the globe, particularly in countries such as China, Japan, and the US. According to the numbers presented by International Diabetes Federation, in coming 30 years, nearly one in every six people will be aged over 65. Because of the growing age and other lifestyle changes, there have been some negative effects on the health. This is expected to give rise to the trend of healthcare at home, which in turn drive the growth of the global self-injection device market.
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Another important factor that is helping to drive the growth of the global self-injection device market is the recent prevalence of chronic diseases. There has been a considerable rise in the number of cases of rheumatoid arthritis and diabetes across the globe. The number from International Diabetes Federation suggest that around 642 million people are suffering from diabetes, whereas nearly 200 million are suffering from rheumatoid arthritis. Such staggering numbers ultimately presents a highly lucrative market space of the companies operating in the global self-injection device market. Moreover, it helps in the development of the market.
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Asia Pacific to Show Promising Growth
In terms of geographical segmentation, the global self-injection device market is divided into five main regional segments. These segments are Latin America, Middle East and Africa, Europe, North America, and Asia Pacific. Currently, the global market is dominated by the regional segment of North America. The region also projected to continue its domination in the coming years of the forecast period. The growth of the regional market is driven by the increasing cases of people suffering from chronic diseases such as diabetes. Moreover, the market is expected to witness a strong competition in coming years due to patent expiration of several biologics and therapeutics. On the other hand, regional segment of Asia Pacific is projected to show a promising rate of growth in the near future. Highly developing domestic healthcare infrastructure in the regions is one of the prime reasons behind the growth of Asia Pacific market for self-injection device.
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Some of the leading companies operating in the global self-injection device market include names such as Wilhelm Haselmeier GmbH & Co. KG, SHL Group, Owen Mumford Ltd., and Becton Dickenson and Company among others.
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