As per the injection pen market survey by Future Market Insights (FMI), the market is expected to witness steady growth at a CAGR of 3% during the forecast period 2022-2032.
An increased preference for injectable pens over the traditional vial and needle approach, which is being driven by an increase in the number of needlestick injuries, is a significant factor contributing to injection pen market growth.
As per the injection pen market study, sales of injection pens spike owing to the surging popularity of injection pens facilitated by advances in delivery device technology.
The study finds that the injection pen market size expands to a considerable extent as healthcare businesses are growing in response to rising medical needs.
The least amount of difficulty and inconvenience associated with injection pens to deliver drugs into the body is predicted to surge the demand for injections pens.
Given that many chronic illness implants are biologics, the expiration of copyrights, increasing funding agencies, and growing support from governments and insurance companies present a new horizon of injection pen market opportunities.
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Needlestick anxiety and injury caused by injection pen needles are the main deterrents to using injection pens. As a result, there are a variety of needle-free devices that have the added benefit of not causing needle anxiety, which is an impediment to the adoption of injection pens.
Moreover, insulin injection pen therapy has also been linked to hyperglycemia in some patients due to the inability to control the dose, on account of which people worldwide are having second thoughts, which in turn impacts the injection pen adoption trends negatively.
On account of the aforementioned factors, the injection pen market is predicted to garner a revue of US$ 53 Bn by 2026.
Key Takeaways:
- The disposable injection pens segment by type is expected to grow at the fastest CAGR during the forecast period, owing to the reimbursement of disposable pens, which have advantages such as the availability of portable pen injectors coupled with low infection risk.
- On account of the world’s sizeable diabetic population and favorable reimbursement policies for diabetes treatments in developed economies, the diabetes segment is projected to dominate the market by therapy.
- Based on end-use, the home care segment is likely to lead the market due to the rising demand for self-administration drugs delivery devices such as self-injecting insulin pens and the increasing prevalence of chronic diseases.
- Retail pharmacies are anticipated to be at the forefront of the global injection pen market by distribution channel as they are a prominent chain of pharmacies around the world and enable proper distribution, thereby providing patients with better access.
- The Asia Pacific market is expected to proliferate, and the same can be credited to the development of infrastructure and accurate dosage delivery coupled with low injection pens price.
“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.
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.
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Recent Developments in the Injection Pen Market are:
- Becton, Dickinson and Company, a leading global medical technology company, has received 510(k) clearance from the U.S. Food and Drug Administration for its second-generation B.D. Nano pen needle, which is designed for more consistent subcutaneous injection depth.
- AbbVie GK has announced the release of the HUMIRA auto-injector device. HUMIRA is an anti-TNF-monoclonal antibody formulation that is entirely human.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified 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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