High Prevalence of Diabetes to Boost Demand for Injection Pens
Injection pens have emerged as one of the most user-friendly and effective treatment alternative to address a broad spectrum of medical conditions, including diabetes, rheumatoid arthritis, obesity, and insulin deficiency. At present, injection pens are extensively used by over half of the patient population suffering from insulin-related problems– a factor that is expected to drive the global injection pen market in the upcoming years. In addition, as manufacturers operating in the current market landscape continue to focus on improving the design parameters of their injection pens, the demand is further expected to grow at a promising rate in the near future.
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Some of the key pointers on which injection pen manufacturers are closely working on include ease of cartilage replacement, injection convenience, insulin-dose setting dial use, and prominence of audio clicks. While these factors are anticipated to improve the performance and quality of insulin injection pens, the demand is expected to move in the upward direction around the world. The rise in the number of individuals suffering from diabetes and the growing adoption of injection pens, particularly in home care settings, are primary factors expected to propel the demand for injection pens during the forecast period.
At the back of these factors, along with the launch of user-friendly, cost-efficient, and sleek injection pens, the global injection pen market is expected to reach US$ 6 Bn mark by the end of 2030.
Significant Rise in Demand for Insulin Pens to Aid Market Growth
Over the past few years, insulin pens have garnered immense popularity around the world and as per current observable trends, insulin pens are rapidly replacing conventional manual vial and syringes that are used for insulin injections. Key factors that are currently driving the demand for insulin pens include ease of use, user-friendliness, and high accuracy in insulin delivery. In addition, the availability of insulin pens in durable or pre-filled designs wherein an interchangeable insulin cartridge is used, and the availability of a range of insulin formulations are some of the other factors that are expected to fuel the growth of the global injection pen market. Moreover, as increasing number of manufacturers continue to introduce insulin pens with color codes to enable patients to distinguish between various insulin formulations, patient pen-selection errors have reduced considerably. While these factors are projected to play a key role in driving the sales of insulin pens in the forthcoming years, the rise in the prescription of injection pens around the world will provide an impetus for growth of the global injection pen market.
Insulin pens are extensively used as an insulin delivery device in several regions of the world, including Europe. The adoption of insulin pens in the U.S. is relatively lower than the aforementioned region largely due to the lack of awareness and the significantly high prescription costs of insulin cartridges in comparison with insulin vials.
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Need of Injection Pens for Range of Medical Conditions to Bolster Market Growth
Insulin pens have garnered immense popularity around the world, mainly in Japan, Europe, the U.K., and some countries of the Asia Pacific. Insulin pens are increasingly being used to treat diabetes in these regions and the trend is expected to continue over the course of the forecast period. While injection pens are expected to play a key role in the treatment of diabetes and insulin-related problems, injection pens are increasingly being used to deliver medication to patients suffering from rheumatoid arthritis. The ease of grip provided by injection pens and in performing self-injection procedures has driven the adoption of injection pens over the past few years– a trend that is likely to continue during the forecast period. This is anticipated to drive the injection pen market in the near future.
Demand for Injection Pens to Remain Steady amid COVID-19 Pandemic
While the COVID-19 pandemic has impacted the growth of a range of industrial sectors, including oil & gas, automotive, consumer goods, and electronics, the healthcare sector is increasingly being burdened with the mounting number of COVID-19 patients across the world. In addition, as research and development activities are in full swing to discover a vaccine for the novel coronavirus, the demand for injection pens is anticipated to grow at an exponential rate upon the arrival of the vaccine. While the adoption of injection pens is expected to increase in 2021 as a vaccine delivery device for the COVID-19 disease, their demand to manage other health conditions is expected to remain steady. Thus, the injection pen market is anticipated to not be impacted by the ongoing pandemic.
The global injection pen market is expected to expand at a moderate CAGR during the assessment period. The market growth is largely driven by the rising number of diabetic patients worldwide, increasing adoption of injection pens to manage various medical conditions, and user-friendliness of the device. Market players should focus on tapping into opportunities across the Asia Pacific and North America to establish a solid foothold in the market. Moreover, market players should focus on improving the design parameters of their products and comply with the regulatory framework to gain approval for new products. Moreover, injection pen market players should focus on increasing awareness regarding the benefits of injection pens to gain competitive edge in the current market landscape.
The global injection pen market was valued at US$ 3.2 Bn in 2019. It is projected to expand at a moderate CAGR from 2020 to 2030. Rise in incidence and prevalence of diabetes and other chronic diseases drives the need for injection pen across the globe.
Rapid adoption of the injection pen in-home care services is another factor that is anticipated to augment the global injection pen market during the forecast period. Insulin is widely administered through an injection pen to treat patients suffering from diabetes. This is likely to boost the injection pen market during the forecast period.
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Injection pen is a device that is extensively employed to deliver medicine, making the administration more convenient and easier. Injection pen is preferred over vial and syringe, as it enables the delivery of the medicine in shorter interval of time. Widely preferred injection pens are insulin pens, owing to the rising prevalence of diabetic patients across globe. Insulin pen is an easier and convenient option for diabetic patients. Furthermore, its easily adjustable dose propels its demand among patients globally.
Disposable and reusable are two types of injection pens used for administration of medicines in order to meet the needs of the growing patient burden. Disposable pens contain prefilled insulin cartridge, which is disposed after usage. Reusable pens contain an insulin cartridge, which can be replaced once the dose has been administered.
Injection Pen Market: Segmentation
The global injection pen market has been segmented based on type, indication, distribution channel, and region
In terms of type, the global injection pen market has been bifurcated into reusable and disposable. The disposable segment accounted for a prominent share of the market in 2019 ascribed to its convenient usage, accurate delivery, and appropriate dosage system. Disposable injection pen offers multiple doses and results in less infection to patients. Disposable pens are more reliable with fixed prefilled medicines as compared to those with reusable ones.
Based on indication, the global Injection pen market has been categorized into diabetes, growth hormone therapy, autoimmune, and others. The diabetes segment accounted for a major share of the market in 2019, owing to improper lifestyle leading to an increase in patients suffering from diabetes.
In terms of distribution channel, the global Injection pen market has been divided into hospital pharmacies, retail pharmacies, and online pharmacies. The retail pharmacies segment dominated the global Injection pen market in 2019, as they are a prominent chain of pharmacies across the world. Retail pharmacies enable proper distribution and provide better access to patients.
Injection Pen Market: Regional Segmentation
In terms of region, the global injection pen market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
North America dominated the global injection pen market in 2019. This can be ascribed to an increase in patient burden suffering from diabetes, rise in prevalence of chronic disease across globe, and adoption of injection pens in-home care settings. Moreover, presence of key players offering various injection pens used for autoimmune, growth hormone and diabetes, and infants and pediatrics patients is projected to fuel the market in the region during the forecast period.
The market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. This is due to the increase in diabetes burden, development of infrastructure, and entry of players offering innovative products in the region. Moreover, availability of cost effective injection pens and their accurate delivery of dosages are anticipated to propel the demand in Asia Pacific during the forecast period.
Injection Pen Market: Major Players
Key players operating in the global injection pen market include
- Eli Lilly Company
- Novo Nordisk
- Owen Mumford
- F. Hoffman-La Roche
- Merck Group
- Gerresheimer AG
These players focus on adopting various strategies to expand product offerings and to strengthen geographic presence across the globe. These have incorporated diverse strategies including mergers & acquisitions and launched new products, thereby expanding their product portfolio. Moreover, an increase in disease prevalence across globe would prompt companies to initiate awareness campaigns regarding proper diagnosis are projected to augment the global injection pen market.
Key Questions Answered in Injection Pen Market Report
- What is the sales/revenue generated by the global injection pen market across all the regions during the forecast period?
- What are the key trends in the global injection pen market?
- What are the major drivers, restraints, and opportunities in the global market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which segment will have the highest revenue globally in 2030 and which type, indication, and distribution channel will expand at the fastest CAGR during the forecast period?
Injection Pen Market – Segmentation
- Growth Hormone Therapy
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Asia Pacific
- Latin America
TABLE OF CONTENT
1.1. Market Definition and Scope
1.2. Market Segmentation
1.3. Key Research Objectives
1.4. Research Highlights
2. Assumptions and Research Methodology
3. Executive Summary: Global Injection Pen Market
4. Market Overview
4.1.1. Market Definition
4.1.2. Industry Evolution / Developments
4.3. Market Dynamics
4.4. Global Injection Pen Market Analysis and Forecast, 2018–2030
4.4.1. Market Revenue Projections (US$ Mn)
5. Key Insights
5.1. Rising incidences & prevalence of diabetes
5.2. Growing prevalence of chronic diseases
5.3. COVID-19 Pandemic Impact on Global Injection Pen Market
6. Global Injection Pen Market Analysis and Forecast, by Type
6.1. Introduction & Definition
6.2. Key Findings / Developments
6.3. Global Injection Pen Market Value Forecast, by Type, 2018–2030
6.4. Market Attractiveness Analysis, by Type
7. Global Injection Pen Market Analysis and Forecast, by Indication
7.1. Introduction & Definition
7.2. Key Findings / Developments
7.3. Global Injection Pen Market Value Forecast, by Indication, 2018–2030
7.3.2. Growth Hormone Therapy
7.3.3. Auto immune
7.4. Global Injection Pen Market Attractiveness Analysis, by Indication
8. Global Injection Pen Market Analysis and Forecast, by Distribution Channel
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