The self-administered biologics market is anticipated to experience steady growth over the next decade, driven by the increasing demand for biologic therapies aimed at managing chronic diseases such as diabetes, rheumatoid arthritis, and cancer.
NEWARK, DE / ACCESSWIRE / September 3, 2024 / As per Future Market Insights' latest industry analysis, the self-administered biologics market was valued at around USD 90,007.3 Million in 2023 and is anticipated to exhibit a CAGR of 4.5% over the forecast period (2024-2034).
Self-administered insulin injections are an important part of the diabetes dosage regime. Self-administered insulin offers convenience and flexibility to patients in managing their diabetes.
The market is characterized by a diverse range of biologic products designed for the treatment of chronic diseases such as rheumatoid arthritis, diabetes, multiple sclerosis, and various forms of cancer. The shift towards self-administration is supported by advancements in drug delivery technologies, including auto-injectors, wearable devices, and needle-free systems. These innovations are making it easier for patients to manage their conditions without frequent hospital visits, thus improving their quality of life.
Self-administered Biologics Market Value and Growth Projections
The Self-administered Biologics Market is poised for significant growth over the next decade, reflecting the broader trends in personalized medicine and patient empowerment. In 2024, the market is expected to reach a valuation of USD 94,057 million. This impressive figure underscores the growing importance of self-administered biologics in the global healthcare landscape.
Looking ahead, the market is projected to continue its upward trajectory, reaching an estimated value of USD 146,068 million by 2034. This represents a compound annual growth rate (CAGR) of 4.5% from 2024 to 2034. The sustained growth is likely to be driven by the increasing prevalence of chronic diseases, technological advancements in drug delivery systems, and a rising emphasis on patient-centered care models.
Market Value of Self-administered Biologics by Country
Countries |
Value CAGR (2024 to 2034) |
Canada |
3.5% |
Germany |
4.0% |
France |
3.8% |
Italy |
3.5% |
China |
7.4% |
India |
6.5% |
Japan |
4.5% |
"Rise in Research and Development Activities for Self-Administered Biologics Leading to Increase in the Approval of Subcutaneously Delivered Biologics is Ultimately Driving Significant Advances in the Self-Administered Biologics Market." SaysSabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)
Prominent Drivers of the Self-administered Biologics Market
Several key factors are propelling the growth of the Self-administered Biologics Market:
Rising Prevalence of Chronic Diseases: The global burden of chronic diseases, such as diabetes, autoimmune disorders, and cancer, is increasing. This has led to a growing demand for biologic therapies that can be easily administered by patients at home, reducing the need for frequent hospital visits and enabling more consistent treatment adherence.
Advancements in Drug Delivery Technologies: Innovations in drug delivery systems, including prefilled syringes, autoinjectors, and wearable devices, are making self-administration safer, easier, and more efficient. These technologies are designed to minimize discomfort, reduce the risk of dosing errors, and improve patient compliance.
Patient Preference for Home-based Treatments: There is a notable shift towards home-based care, driven by the desire for greater convenience and reduced healthcare costs. Self-administered biologics align with this trend, offering patients the flexibility to manage their treatments in the comfort of their own homes.
Supportive Regulatory Environment: Regulatory agencies are increasingly recognizing the benefits of self-administered biologics, leading to faster approvals and expanded indications for these products. This is creating a favorable environment for market growth.
Challenges Faced by the Self-administered Biologics Market
Despite the promising growth prospects, the Self-administered Biologics Market faces several challenges:
High Cost of Biologics: One of the primary barriers to market growth is the high cost of biologic therapies. These treatments are often more expensive than traditional drugs, making them less accessible to patients in low- and middle-income regions. Additionally, the cost of advanced drug delivery devices can further elevate the overall treatment expense.
Complexity of Administration: While advancements in drug delivery technologies have made self-administration easier, there is still a learning curve associated with these devices. Patients, especially those who are elderly or have limited dexterity, may struggle with the proper use of autoinjectors or wearable devices, leading to potential issues with treatment adherence.
Regulatory Hurdles: The regulatory landscape for self-administered biologics is complex and varies by region. Ensuring compliance with diverse regulatory requirements can be challenging for manufacturers, potentially slowing down the introduction of new products to the market.
Need for Comprehensive Patient Education: Effective self-administration of biologics requires thorough patient education and support. Healthcare providers must invest time and resources in training patients on proper administration techniques, potential side effects, and the importance of adherence to treatment protocols.
Key Players of the Self-administered Biologics Industry
Novo Nordisk
Eli Lilly
Johnson & Johnson
Pfizer
Roche
AbbVie
Bristol-Myers Squibb
GlaxoSmithKline
Novartis
Sanofi
Takeda Pharmaceutical
AstraZeneca
Bayer
To Gain In-Depth Insights on Market, Browse Complete Report: https://www.futuremarketinsights.com/reports/self-administered-biologics-market
Self-administered Biologics Market Segmentation
By Indications:
In terms of indication, the industry is segregated into diabetes, rheumatoid arthritis, anaphylaxis, and others.
By Product:
In terms of product, the industry is segmented into prefilled syringes, autoinjectors, wearable injectors, drug reconstitution delivery systems, and pen injectors.
By Mode of Delivery:
In terms of mode of delivery, the industry is bifurcated into subcutaneous, intramuscular, and transdermal.
By End User:
In terms of end users, the industry is segregated into homecare settings and hospitals/clinics.
By Brand:
In terms of brand, the industry is segmented into branded biologics and biosimilars.
By Technology:
In terms of technology, the industry is bifurcated into conventional devices and smart devices.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, the Middle East, and Africa have been covered in the report.
Have a Look at the Related Report from the Self-administered Biologics Market:
Exhibiting a y-o-y growth of 7.2%, the global insulin biosimilar market is estimated to be valued at USD 3,008.0 million in 2024. It will likely record strong growth, with overall sales of insulin biosimilars rising at 6.2% CAGR during the assessment period. By 2034, the global market size is set to reach USD 5,379.5 million.
The global insulin pens market size is expected to grow at a CAGR of 6.5% during the period 2023 to 2033. The market is holding a valuation of USD 35 billion as of 2023. The market is projected to be valued at USD 66 billion by 2033.
The global autoimmune disease therapeutics market share is likely to be valued at USD 71,466.47 million in 2023 and is predicted to secure a moderate-paced CAGR of 5.6% during the forecast period. The market is expected to grow at a value of USD 123,507.30 million by 2033
The high flow nasal cannula market is expected to witness a decline, with the market projected to decrease from USD 1,369.3 million in 2024 to USD 1,063.0 million by 2034.
The global retractable needle safety syringes marketis likely to reach a valuation of USD 5,846.6 million in 2023 and is projected to expand at a steady CAGR of 4.1% between 2023 and 2033, totaling around USD 8,770 million by 2033.
Latin America hypodermic syringes and needles market size is likely to reach USD 207.25 million in 2023 and is projected to be worth USD 360.78 million by 2033. The market is likely to expand at a CAGR of 5.9% from 2023 to 2033.
The clinical trial biorepository & archiving solution market is expected to generate USD 4,877.7 million in 2024 and is projected to reach a value of USD 13.7 billion by 2034. Forecasts predict that revenue will increase at a CAGR of 10.9% between 2024 and 2034. Industry analysts estimate that the clinical trial biorepository and archiving solution industry generated USD 4,398.2 billion in revenue in 2023.
The actinic keratosis treatment market is poised for significant expansion, with projected sales increasing from USD 6,128.2 million in 2024 to USD 12,282.4 million by 2034. A CAGR of 7.2% between 2024 and 2034 is forecasted to impact this.
The antiepileptic drug market is anticipated to be valued at USD 18.85 billion in 2024. As regulatory agencies license more treatments, there is bound to be a greater need for epilepsy medications. The epilepsy drugs industry is foreseen to reach USD 28.72 billion by 2034, registering a whooping CAGR of 4.3%.
The breath analyzer market is projected to record a CAGR of 4.9% from 2024 to 2034. The marked-up valuation of USD 1,154.3 million by 2034, up from USD 715.5 million in 2024, guarantees mass expansion.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website:https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
SOURCE: Future Market Insights, Inc.
View the original press release on accesswire.com
