Wilmington, Delaware, United States, Dec. 08, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per TMR study, the global self-injection device market is anticipated to grow at CAGR of 13.4% during the forecast period, 2018 to 2026.
The past few years have witnessed steady rise in prevalence of different diseases among different population sections. As a result, demand for low-cost products such as self-injection devices has risen, which has fueled market growth. In terms of revenue, the global market size was valued at US$ 3.7 Bn in 2017.
Growth strategies such as new product launches are assisting prominent self-injecting device market players in generating significant revenue and in gaining an edge over other players.
Medmix Drug Delivery, in May 2022, announced the launch of new disposable two-step autoinjector to use for subcutaneous self injection techniques.
Furthermore, in a bid to expand their presence in global market and improve their revenue shares, well-established self-injection market players are collaborating with other players.
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Key Findings of Self-Injection Device Market Study
- Rising Prevalence of Chronic Diseases Fueling Growth in Self-injection Device Market: The past few years have witnessed increase in population sections suffering from chronic diseases such as diabetes, as well as other diseases such as rheumatoid arthritis. Rising prevalence of these diseases among different population groups is increasing the demand for self-injection devices and augmenting the growth in self-injection device market
- Increasing Demand for Pen Injectors Could Boost Growth in Self-injection Device Market: Pen injector product segment held the largest share in overall self-injection device market in 2017 and is expected to emerge as the leading segment during the forecast period. Increasing product use for diabetes, ease of product availability at reduced costs are expected to play key roles in fueling the demand for pen injectors and stimulate growth in the segment
Self-injection Device Market-Key Drivers
- Increasing demand for home healthcare because of factors such as low treatment cost and improved patient experience is one of the key driving factors of global self-injection device market
- Rising demand for wearable injectors could boost growth in overall self-injection device market during the forecast timeline
Self-injection Device Market-Regional Market Insights
- Globally, North America is expected to emerge as the dominant region in global self-injection device market during the forecast period. Rising demand for disposable self-injection devices, increasing population groups suffering from chronic disorders such as diabetes and rising demand for biosimilars in countries such as U.S. and Canada are key factors, contributing to demand for self-injection devices.
- Asia Pacific is expected to witness significant growth in global market between 2018 and 2026. Rising awareness about different chronic diseases and continuously developing healthcare infrastructure facilities in countries such as India and China are anticipated to boost demand in self-injection device market in the region during the forecast timeline
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Self-injection Device Market-Key Players
The global self-injection device market is competitive, with the presence of numerous leading players. It is expected that the entry of new players will intensify the competition in overall market, during the forecast period.
Leading market players are making huge investments in research and development undertakings to manufacture improved products that would serve consumer requirements.
Some of the prominent players include West Pharmaceutical Services Inc., Consort Medical PLC, Insulet Corporation, Becton, Dickinson and Co., and SHL Group.
The global self-injection device market is segmented as follows:
- Product Type
- Pen Injectors
- Autoinjectors
- Wearable Injectors
- Usage
- Disposable
- Reusable
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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