Wilmington, Delaware, United States, Transparency Market Research Inc.: The global self-injection devices market is expanding at a rapid pace due to high prevalence and incidence rate of chronic diseases, technological advancements, new product development and commercialization, and product differentiation strategies adopted by leading pharmaceutical companies across the globe.
Wilmington, Delaware, United States, Transparency Market Research Inc.: The global self-injection devices market is expanding at a rapid pace due to high prevalence and incidence rate of chronic diseases, technological advancements, new product development and commercialization, and product differentiation strategies adopted by leading pharmaceutical companies across the globe.
In terms of revenue, the global market was valued at US$ 3,770.0 Mn in 2017. It is projected to reach US$ 11,380.9 Mn by 2026, expanding at a CAGR of 13.4% from 2018 to 2026. The global self-injection devices market is also driven by a significant rise in demand for home health care, owing to low cost of treatment and improvements in overall patient experience.
Self-injection devices are designed for multiple injections of medicines and hormones for patients requiring frequent dosage for long-term management of medical conditions such as diabetes. Self-injection devices are available in both disposable and reusable forms. The ability of self-administration of drugs or medicines is a key factor fueling demand for pen injectors. The devices offer advantages such as fewer visits to hospitals or clinics, low cost, and ease of use.
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Self-injection devices are widely used for the administration of insulin to diabetic patients, administration of growth hormones, and administration of biologic drugs for the management of long lasting chronic disorders. Extensive research and development activities by key players to develop self-injection products and rise in approvals of novel self-injection devices are anticipated to drive the global self-injection devices market.
The global self-injection devices market is estimated to be driven by the high prevalence and incidence rates of chronic disorders, especially diabetes and rheumatoid arthritis, across the globe. For instance, according to the International Diabetes Federation, globally, the number of adults with diabetes (diagnosed or undiagnosed) is projected to increase from 415 million in 2016 to 642 million by 2040. Also, over 200 million people worldwide are estimated to be suffering from osteoporosis. The number of people aged 60 years and above worldwide is projected to increase from 901 million in 2015 to 2.1 billion by 2050. Therefore, the incidence of osteoporosis is expected to increase rapidly. Globally, over 14 million new cases of osteoporosis-related fractures are recorded every year.
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Technological advancements in self-injection devices, especially in auto injectors and wearable injectors, for the administration of high viscosity and large volume drugs represents a potential business development opportunity for leading players operating in the market. Moreover, the patent expiry of leading biologic drugs and increase in demand for biosimilar drugs are expected to propel the self-injection devices market during the forecast period.
In terms of product type, the global self-injection devices market has been segmented into pen injectors, auto injectors, and wearable injectors. The pen injectors segment held a significant share of 67.6% of the market in 2017. Research indicates that it is likely to be the leading product segment, owing to the applications of pen injectors in diabetes, easy availability, and low cost.
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The abundant availability of these products is expected to boost the pen injectors segment during the forecast period. Reports also suggest that the wearable injectors segment is projected to expand at a CAGR of 20.0% between 2018 and 2026.
In terms of region, the global self-injection devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the global market during the forecast period. The high volume of consumption of disposable self-injection devices, rapid increase in the population with diabetes and rheumatoid arthritis, and rise in home health care are expected to propel the market in North America in the coming years.
Furthermore, patent expiry of leading biologic drugs in the U.S., rise in demand for biosimilars, and anticipated new product launches are likely to augment the growth of the self-injection devices market in the region. The market in Asia Pacific is projected to expand at a prominent CAGR during the forecast period. Increase in awareness about various chronic disorders, rapidly changing health care infrastructure in developing countries such as China and India, and well-established pharmaceutical market in Japan are anticipated to fuel the self-injection devices market in Asia Pacific during the forecast period.
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A majority of pharmaceutical companies have established strategic partnerships with medical device companies to differentiate their products and are coming up with self-injection devices to tap the home health care market. Key players operating in the global self-injection devices market include Becton, Dickinson and Company, Gerresheimer AG, Insulet Corporation, Ypsomed AG, Antares Pharma, Inc., West Pharmaceutical Services, Inc., Consort Medical plc, Sensile Medical AG, Owen Mumford Ltd., SHL Group, and Wilhelm Haselmeier GmbH & Co. KG.
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