Global Injection Pen Market To Grow At A CAGR Of 7.4% During The Forecast Period

The global injection pen market registered a revenue growth of USD 35.9 billion in 2021 and is projected to reach around USD 58.6 billion by 2028. During this period, the market is expected to grow with a compound annual growth rate (CAGR) of approximately 7.4 percent.

Injection pens also known as prefilled syringes are used for injecting medicines under a patient’s skin. They are used to assist a patient to adhere to regular medication by making the injectable medication process convenient. These pens have registered a pain score of below 10% of maximum pain. Injection pens are better than traditional syringe injections because they can be used by people who suffer from poor dexterity, need portable medicines, or have poor vision.

The global injection pen market is lucrative because they are used by patients regularly over a short period and are one of the most essential medical equipment for patients who need constant external insulin supply or diabetic patients.

A typical injection pen has 3 main components: a needle, a cartridge filled with medication, and a plunger for injecting the medication. These 3 components may differ from being single-use to multi-use depending on the kind of disease they are used for. For example: in some cases, the needles are single-use only while in other cases, the needle may be used until it breaks on its own.

Since injection pens were a part of the essential items during Covid-19, the global market was only moderately impacted by the spread of the virus in the initial phase. However, once the supply chain was on track, the global market kept growing.

There has been a significant rise in the number of patients suffering from type-2 diabetes. This increase is attributed to an increase in the geriatric population, changing lifestyle habits, an increase in consumption of alcohol, and the upward trajectory of the obesity index, amongst other reasons. The rise in diabetic patients is expected to propel the global market growth during the forecast period. Many reports have already established that patients prefer injection pens over traditional syringe injections because of their patient-friendly use, pain-free application, and making the patients more self-reliable for their medication. The changing preference amongst consumers is anticipated to aid the global injection pen market growth in the coming years. The use of injection pens helps in reducing the overall cost spent on healthcare by a patient as reported by studies and this trait is a major contributing factor in the growth of the global market.

The global market growth is projected to be restrained by the growing preference for alternative modes of drug delivery whereas high demand for biosimilars is expected to generate ample opportunities for the global market during the estimated period. Some challenging situations may arise in the global market because of the lack of trained professionals for innovative delivery methods.

The global injection pen market is classified based on therapy, product type, end-user, and region. Based on the therapy, the global market is split into osteoporosis, growth hormone, diabetes, cancer, auto-immune diseases, fertility, and other therapies. By product type, the market is divided into reusable injection pens and disposable injection pens. The end-user segment is divided into hospitals & diagnostic clinics and home-care settings.

Asia Pacific is expected to generate the highest global injection pen market revenue during the forecast period owing to an increase in the population suffering from type-2 diabetes. Growing awareness amongst the consumer group about proper management of diabetes with the help of mass undertaking by private groups & government is expected to assist in the regional market growth.

North America is expected to contribute significantly to the global market growth because of the advanced healthcare facilities in the region along with the high spending capacity of the regional population whereas Europe and the Middle East are anticipated to register steady growth during the projection period.

Eli Lilly and Company, Sanofi, Becton, Dickinson and Company, Ypsomed Holding AG, Novo Nordisk A/S, Sun Pharmaceutical Industries Ltd., Pfizer, AstraZeneca plc, F. Hoffmann-La Roche Ltd., and Merck KGaA, among others are some of the dominant players that are operating in the global injection pen market.

Recent Developments:

• In March 2022, Novo Nordisk launched its first smart insulin pens. The NovoPen Echo Plus and NovoPen 6 are insulin self-injection pens that collect data such as how much and when insulin is injected, then upload the data to an app through near-field communication (NFC) link so that healthcare professionals and patients may examine it.

Browse the full “Injection Pen Market By Therapy (Osteoporosis, Growth Hormone, Diabetes, Cancer, Auto-Immune Diseases, Fertility, And Other Therapies), By Product Type (Reusable Injection Pens And Disposable Injection Pens), By End-User (Hospitals & Diagnostic Clinics And Home-Care Settings), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/injection-pen-market

Global injection pen market is segmented as follows:

By Therapy

• Osteoporosis
• Growth Hormone
• Diabetes
• Cancer
• Auto-immune Diseases
• Fertility
• Other Therapies

By Product Type

• Reusable Injection Pens
• Disposable Injection Pens

By End User

• Hospitals & Diagnostic Clinics
• Home-care Settings

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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