As per the Injection Pen Market Survey by Future Market Insights (FMI), the market is expected to witness steady growth at a CAGR of 7% during the forecast period 2022-2032.
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| Attributes | Details |
| Injection Pen Market CAGR (2022 – 2032) | 7% |
| Injection Pen Market (2026) | US$ 53 Bn Injection Pen Market Attraction |
| Injection Pen Market Attraction | Reimbursements and technological development in injection pen to boost adoption. |
An increased preference for injectable pens over the traditional vial and needle approach, driven by an increase in needlestick injuries, is a significant factor driving injection pen market growth.
According to the injection pen market study, sales of injection pens have increased due to the increasing popularity of injection pens, which has been facilitated by advancements in delivery device technology.
According to the study, the injection pen market is growing significantly as healthcare businesses expand in response to rising medical needs.
The least amount of difficulty and inconvenience associated with injecting drugs into the body is expected to drive up demand for injection pens.
Because many chronic illness implants are biologics, the expiration of copyrights, increased funding agencies, and growing government and insurance company support present a new horizon of injection pen market opportunities.
The main reasons for not using injection pens are needlestick anxiety and injury from injection pen needles. As a result, a variety of needle-free devices are available, with the added benefit of not causing needle anxiety, which is a barrier to the adoption of injection pens.
Furthermore, insulin injection pen therapy has been linked to hyperglycemia in some patients due to the inability to control the dose, which is causing people all over the world to reconsider, negatively impacting injection pen adoption trends.
On account of the aforementioned factors, the injection pen market is predicted to garner a revue of US$ 53 Bn by 2026.
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Key Takeaways:
- The disposable injection pens segment by type is expected to grow at the fastest CAGR during the forecast period, owing to reimbursement for disposable pens, which have benefits such as the availability of portable pen injectors combined with low infection risk.
- Diabetes is expected to dominate the market by therapy due to the world’s large diabetic population and favourable reimbursement policies for diabetes treatments in developed economies.
- The home care segment is expected to lead the market in terms of end-use due to rising demand for self-administration drug delivery devices such as self-injecting insulin pens and the rising 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.
Comparative View of Adjacent Injection Pen Market
| Attributes | Injection Pen Market | Lateral Flow Assays Market | Patient Monitoring Devices Market | |||
| CAGR (2022 – 2032) | 7% | 2% | 9% | |||
| Market Value (2026) | US$ 53 Bn | US$ 12.5 Bn | US$ 60 Bn | |||
| Growth Factor | Favorable reimbursement to boost market growth. | Proclivity towards point-of-care testing to improve sales potential. | Rising number of clinical trials to increase adoption. | |||
| Opportunity | Europe to hold abundant opportunities. | Improving the accuracy of lateral flow assays to offer opportunities. | Asia Pacific to witness a surge in opportunities, owing to less-stringent laws. | |||
| Key Trends | Product launches and expansion to rule the market trends. | Improvements in R&D capabilities to improve brand recognition. | Use of wireless devices will be a key trend for patient care. | |||
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.
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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