It is believed that between 2018 and 2026, self-injection device market will grow at a stellar CAGR (Compound Annual Growth Rate), generating a plethora of growth opportunities for players operating the market playfield. Besides, technological advancements that enable low treatment cost and better health outcomes are propelling growth further, causing the market to chart an even higher growth trajectory. This is particularly beneficial for people who need medicinal or hormonal injections often such as diabetes patients.
Rapidly Ageing Population Driving Growth into Global Self Injection Device Market
The global self-injection device market will ride the wave of growth in ageing populace across the globe. It is noteworthy here that the world will witness one in every six people aged 65 and above in about the next 30 years. And, due to old age and lifestyle change impacting health negatively, health care at home will catch-on and lead to growth in self-injection device market. It might interest some to note that in regions like Europe and North America, the number will be acute. The ratio will be around one is to four.
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In the year 2018, demographic shift was historic. For the first time in the history of mankind, people in the age group of 65 were more in number than people aged five and below.
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Rise in Incidence of Chronic Diseases Contributing to Increase in Demand for Self Injection Device Market
Six in ten people in the United States are suffering from a chronic disease and four in ten suffer from at least two. To add to this, the incidence of diabetes and rheumatoid arthritis is increasing at a significant pace. By 2040, it is believed number of diabetics will be 642 million and some 200 million are currently suffering from osteoporosis. And, here again, increase in ageing population is set to demonstrate potential for the market.
North America to Hold a Dominant Position in the Global Self Injection Device Market
North America is set to dominate the market landscape owing to a high incidence of diabetes and rheumatoid arthritis. Besides, as mentioned above the geriatric population is rising at a rapid pace. Additionally, patent expiration of a number of drugs and biologics will also contribute positively.
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Another region that will demonstrate high CAGR over the forecast period is the Asia Pacific (APAC) which is witnessing increasing awareness regarding chronic disorders and home care healthcare options. Besides, the region is witnessing improvement in healthcare infrastructure. Additionally, a robust pharmaceutical market supports growth of the global self-injection device market.