Self-Administered Medication Market: Hospital Pharmacies to Generate Significant Revenues

Rockville, US, 2018-Apr-16 — /EPR Network/ —   Fact.MR has been actively involved in offering comprehensive research data concerning various topics which are associated to industrial reference and investor utility. “Self-Administered Medication Market Forecast, Trend Analysis & Competition Tracking – Global Review 2017 to 2026” Readers can access knowledge related to market volume, regional expanse as well as competitive landscape prevailing in the global self-administered medication market. In order to study development patterns, this smart assessment also focuses on market dynamics, which talks about drivers, restraints and opportunities estimated to influence the concerned market during the forecast period.

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Prevalence of diabetes and chronic diseases has led to growing need for making frequent visits to the hospitals and clinics for regular checkups and treatment. Frequent visits to the hospitals continues to remain an expensive option, due to which demand for self-administered medications is likely to increase. Self-administration of drugs also educates patients and encourages them to participate in their treatment process. As patients are taking up initiatives to treat themselves through self-administered medications, healthcare expenses are likely to be curtailed. In addition, practice of self-administration also improves treatment concordance, due to which demand for self-administered medications is expected to increase globally.

In order to offer better customer experience, leading pharmaceutical companies are offering medical equipment incorporated with innovative solutions for convenient administration of drugs. Also, leading companies are focusing on integrating advanced features in the medical devices such as detachable and needle-free insulin pens for convenience in applications. In addition, manufacturers are incorporating Bluetooth technology, which allows the end users to connect insulin pens to other devices and sync data to monitor the sugar levels.

Over US$ 100,000 Mn Opportunity in Global Self-Administered Medication Market

According to Fact.MR, the global self-administered medication market is expected to reach a value of more than US$ 100,000 Mn by the end of 2026. Growing prevalence of chronic diseases such as gastrointestinal and inflammation diseases, asthma, and arthritis has led the patients to make frequent visits to the hospitals and clinics for regular checkups. As the regular visits to the hospitals for treatment of diseases can be expensive, leading pharmaceutical companies are focusing on offering self-administered medications to the patients. In addition, growing need for quick administration of medications in cases of emergency has also revved up demand for the self-administered medications in the pharmaceutical industry. As patients are becoming more aware and educated about the medications, demand for over-the-counter medications has continued to increase. This in turn will continue to contribute towards growth of the global market.

Prevalence of chronic diseases such as asthma continues to persist is expected to fuel demand for inhalers among the patients. In terms of revenue, inhalers are expected to record the highest growth in the global market by the end of 2026. On the other hand, sales of insulin products is expected to represent the fastest growth in the global market throughout 2026.

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As demand for self-administered medications for chronic diseases continues to persist, self-administered products for nasal route of administration is likely to generate significant revenues by the end of 2017. In contrary, transdermal route of administration is expected to represent the fastest growth through 2026. By the end of 2026, sales of the self-administered medication is expected to remain high through the hospital pharmacies in the global market. However, the sales of self-administered medication through online pharmacies is expected to register the fastest growth through 2026.

Leading market players operating in the global market include Amgen Inc., Mylan N.V., Novartis AG, Sanofi S.A., Pfizer, Inc., Abbott Laboratories, and Purdue Pharma LP. Major market players are focusing on entering into collaborations in order to gain a competitive edge in the global market.

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