The global Injection Pen Market Demand is predicted to increase at a 7.0% CAGR to US$ 85.8 billion by the end of 2033, up from US$ 40.7 billion in 2022.
Injection Pen market growth is being fueled by an increase in needlestick injuries, which is leading to a preference for injectable pens over the traditional vial and needle procedure.
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According to a review of the Injection Pen market, sales of Injection Pens have increased due to their growing popularity, which has been supported by advancements in delivery device technology.
The injectable pen sector is quickly developing, according to the survey, as healthcare institutions expand to satisfy increased medical demands.
Injection Pens are expected to be popular because they make administering pharmaceuticals into the body easier and less painful.
Because many chronic illness implants are biologics, the expiration of patents, greater funding agencies, and growing government and insurance company support all point to new Injection Pen market potential.
Needlestick phobia and needlestick injuries are the most common reasons for not using injectable pens. As a result, there is now a large variety of needle-free devices available, with the added benefit of reducing needle anxiety, which is a barrier to the use of Injection Pens.
Furthermore, insulin Injection Pen therapy has been linked to hyperglycemia in some patients due to an inability to manage the dose, which is causing individuals all over the world to reconsider, negatively hurting Injection Pen adoption trends.
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Injection Pen Market Key Takeaways:
- The USA is expected to dominate the global market at around 28.9% by the end of 2023.
- Germany is set to hold a share of 5.5% of the global market in 2023.
- China is expected to hold a market share at 8.1% of the global market at the end of 2023.
- Disposable injection pens are expected to hold a market share of 58.6% by the end of 2023.
- Based on indication, diabetes is expected to hold a majority of the segment share at the end of 2023 at around 56.9%.
- As per distribution channel, the hospital pharmacies segment is set to hold 35.5% revenue share in 2023.
“North America is forecasted to dominate the market, owing to an increase in the number of diabetic patients and the use of Injection Pens in-home care settings. Furthermore, the region is likely to elicit vital emerging trends in the Injection Pen market, and the presence of key players offering various pen injection devices used for autoimmune growth hormone is expected to fuel the region’s market during the forecast period.” avers an FMI researcher.
Injection Pen Market Competitive Landscape:
Eli Lilly and Company, Mylan N.V., Sanofi, AstraZeneca, Owen Mumford Ltd., Novo Nordisk, Sandoz Inc., and GlaxoSmithKline plc are some of the prominent players in the Injection Pen market.
Companies in the Injection Pen market are focusing on increasing their Injection Pen market share through global collaborations, thereby influencing the Injection Pen market’s future trends.
Legions of companies are using mergers and acquisitions as key strategic moves to expand and strengthen their global presence.
Aside from that, product launches have remained an important approach for players.
Recent Developments in the Injection Pen Market are:
- Medtronic plc announced the availability of the InPen with real-time1 Guardian Connect CGM data in November 2020.
- Dupixent, a revolutionary prefilled pen from Sanofi that treats patients with atopic dermatitis, chronic rhinosinusitis, and asthma at home, was approved by the FDA in the United States in April 2020.
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Key Segments Covered in Injection Pen Industry Research:
By Product:
- Disposable Injection Pens
- Reusable Injection Pens
By Indication:
- Anaphylaxis
- Diabetes
- Cardiovascular Diseases
- Multiple Sclerosis
- Rheumatoid Arthritis
- Cancer
- Others
By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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