Injection Pen Market Study Including Growth Factors CAGR of 6.5%: Demands, Insights, Research and Application
Research Reports
Apr 12, 2022
The injection pen market is expected to gain prominence over the forecast period. It is estimated that the global injection pen market is expected to register at a CAGR 6.5 % during the forecast period.
The global injection pen market is likely to be driven by the rising prevalence of chronic disorders such as diabetes and osteoporosis over the forecast period. Furthermore, due to the rising number of needlestick injuries, injection pens are becoming more popular than the old vial and syringe approach. This is expected to boost market growth. The market is being driven by an increase in the incidence of chronic diseases, an increase in the number of regulatory approvals, favourable reimbursement and government assistance, and technological developments in injectable pens. Though the industry is expanding, obstacles like as alternate medication delivery modes, inadequate reimbursement scenarios in emerging nations, and needle phobia are stifling expansion.
Needlestick injuries and injection pen misuse, on the other hand, are a market challenge. However, the market’s possibilities lay in biologics patent expiration and new markets. Despite the drivers, the worldwide injection pen industry is being held back by challenges such as reimbursement in emerging countries and a desire for other drug delivery systems.
The COVID-19 pandemic had no substantial impact on the market for injectable pens. During the pandemic, patients who were already utilising injectable pens for various medicines continued to do so. However, due to mobility limitations, blocked borders, and a drop in overall trade, the supply chain for injection pens was interrupted. Patients who were infected with COVID-19 and got therapy had a greater risk of developing diabetes. If a result, as the incidence of diabetes rises, so will the demand for injectable pens.
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Segmental Analysis
Type, product, therapy, distribution channel, and end-user are all segments of the global injection pen market.
The market is divided into two types: disposable injection pens and reusable injection pens.
Insulin pens and pen needles are the two product categories that make up the worldwide injection pen market.
Diabetes, growth hormone therapy, fertility, osteoporosis, multiple sclerosis, cardiovascular disorders, rheumatoid arthritis, obesity, Crohn’s disease, cancer, and others are among the therapies used in the market. Insulin and GLP-1 diabetes are two types of diabetes.
The market is divided into hospital pharmacies, retail pharmacies, online medical shops, and diabetes clinics based on distribution channel.
The global injection pen market is divided into two categories based on end-user: home care and hospitals and clinics.
Regional Overview
Because of the rising prevalence of diabetes and cancer, as well as the increasing number of approvals and subsequent launches of new medicines, the Americas are expected to dominate the worldwide injection pen market over the forecast period. Furthermore, regional manufacturers’ continued development of innovative injection pens helps to market expansion.
In the worldwide injection pen market, Europe is anticipated to come in second. The market is predicted to be driven by the region’s well-developed healthcare system and rising prevalence of chronic disorders. Furthermore, many of the major market participants have been drawn by advantageous government research initiatives.
Due to the large patient population with chronic conditions, Asia Pacific is the fastest expanding region in the market. This is the primary reason for the injection pen market’s rapid expansion in this region. Furthermore, the market’s expansion has been supported by quick economic advances and rising healthcare expenditures.
In the global injection pen market, the Middle East and Africa has the smallest market share. However, certain major companies are investing in the Middle Eastern area, which is expected to boost market growth throughout the forecast period.
Competitive Dynamics
Some of the key players in the global injection pen market are Novo Nordisk (Denmark), Eli Lilly (U.S.), Sanofi (France), Merck (U.S.), Ypsomed (Switzerland), AstraZeneca (U.K.), F.Hoffman-La Roche (Switzerland), Becton Dickinson and Company (U.S.), Owen Mumford (U.K.), Novartis (Switzerland), Pfizer (U.S.), Haselmeier (Switzerland), Jiangsu Delfu medical device Co. Ltd (China), and Biocon Ltd (India).
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