The worldwide injection pen market is predicted to grow at a CAGR of
6.9% with value of USD 73.3 billion during the forecast.
The global
injection pen market is mainly driven by the growing prevalence of chronic
diseases requiring frequent injections and the growing awareness about the
availability and benefits of injection pens over the conventional vial and
syringe system. The report profiles the major factors affecting the global
injection pen market to pinpoint the major drivers and restraints affecting the
market and presents a detailed analysis of how the market is likely to grow
over the forecast period.
The growing
prevalence of chronic diseases such as diabetes and osteoporosis is likely to
drive the global injection pen market over the forecast period. Insulin
injections are a major application channel for the global injection pen market
and are likely to retain their position as such over the forecast period due to
the growing prevalence of diabetes and the immense advantages provided by
injection pens in terms of managing the progression of diabetes. Diabetics
require a regular administration of insulin injections, which can be cumbersome
to handle with the conventional vial and syringe method. The conventional
method also requires the patient to visit the hospital for each injection,
which may be impractical for some patients. Using an injection pen makes it
easier for diabetics to self-manage their disease, making this a key driver for
the global injection pen market over the forecast period.
The growing product
innovation in injection pens is also likely to be a major driver for the global
injection pen market over the forecast period, as the technology to make
injection pens safer and more effective is high in demand due to the growing
popularity of injection pens. The growing efforts by manufacturers to make the
most of the opportunity in the global injection pen market are likely to remain
a key driver for the global injection pen market over the forecast period.
Major Key
Players:
Some
of the Injection Pen Market Players include Novo Nordisk, Sanofi,
Ypsomed, F. Hoffman-La Roche, Owen Mumford, Pfizer, Jiangsu Delfu Medical
Device Co. Ltd., Biocon Ltd., Haselmeier, Novartis, Becton Dickinson and
Company, AstraZeneca, Merck, and Eli Lilly.
Segment Analysis
The global injection pen market is segmented on the
basis of type, product, therapy, distribution channel, end user, and region.
On the basis of type, the injection pen market is
classified into disposable injection pens and reusable injection pens.
The global injection pen market is segmented into
insulin pens and pen needles on the basis of product.
On the basis of therapy, the injection pen market is
segmented into diabetes, growth hormone therapy, fertility, osteoporosis,
multiple sclerosis, cardiovascular diseases, rheumatoid arthritis, obesity,
Crohn’s disease, cancer, diabetes injection pen and others. The diabetes
segment is further segmented into insulin and GLP-1.
On the basis of distribution channel, the injection
pen market is segmented into hospital pharmacies, retail pharmacies, online
medical stores, and diabetes clinics.
On the basis of end user, the global injection pen
market is segmented into home care and hospitals and clinics.
Regional Analysis
The global injection pen market
is segmented by region into the Americas, Europe, Asia Pacific, and the Middle
East and Africa.
The Americas is likely to remain
the leading geographical segment of the global injection pen market over the
forecast period due to the widespread adoption of injection pens and the
growing popularity of injection pens in the healthcare sector. The growing presence
of major market players in the U.S. and Canada is also conducive to steady
growth of the injection market in the Americas.
Europe is also a major regional
market for injection pen technology and is likely to remain a major revenue
generator over the forecast period due to the growing economic burden of
diabetes, which has driven the demand for more convenient and effective ways to
manage diabetes. The advanced healthcare and medical devices sector in Europe
is likely to be a major driver for the injection pen market in the region over
the forecast period.
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