Vancouver, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The projected trajectory of the global injection pen market signifies a steady ascent, with an anticipated valuation of USD 70.46 Billion and a consistent revenue Compound Annual Growth Rate (CAGR) of 7.2% by the year 2030. This projection is based on the most recent analysis conducted by Emergen Research. The driving forces behind this upward trend in market revenue are primarily twofold: the escalating count of regulatory endorsements and the continuous advancements witnessed in the technological landscape of this domain.
Injection pens hold a pivotal role in the medical realm as they facilitate the precise administration of medication or insulin injections into patients' bodies. These pens typically comprise key components such as a medical cartridge (housing insulin), a disposable pen, a needle, and a dosage measurement dial. Notably, the introduction of reusable smart insulin pens is a noteworthy development in this field. These pens incorporate user-friendly smartphone applications that greatly enhance the ability of diabetic individuals to manage and fine-tune their insulin administration.
Moreover, these smart insulin pens not only offer heightened ease of use but also present a more cost-effective alternative. Their tangible advantages and improvements cater to the needs of individuals relying on insulin for diabetes management. Consequently, the burgeoning demand for such innovative technologies is steering the growth of market revenue.
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The predominant approach for drug administration leans heavily towards the oral route due to its inherent advantages: convenience, cost-effectiveness, and safety. Another avenue for drug delivery is the sublingual route, where medication is placed under the tongue or between the gums and teeth. The coexistence of these alternative methods of medication administration introduces potential limitations to the growth of market revenue for injection pens.
Furthermore, the prevalence of needle-related anxiety among patients represents an additional factor that might impede the expansion of market revenue. Research suggests that a significant proportion of both children (approximately 2 in 3) and adults (around 1 in 4) grapple with intense anxiety triggered by needles. This apprehension extends to a fear of needles, impacting up to a quarter of individuals. Notably, this fear-induced response leads to approximately 16% of the U.S. population avoiding immunizations altogether, thereby presenting a notable constraint to the upward trajectory of market revenue growth.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2021 | USD 37.37 Billion |
| CAGR (2022–2030) | 7.2% |
| Revenue Forecast to 2030 | USD 70.46 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2021–2030 |
| Forecast Period | 2022–2030 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, therapy, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa |
| Key Companies Profiled | Novo Nordisk A/S, BD, Sanofi, Eli Lilly and Company, Merck KGaA, AstraZeneca, F. Hoffmann-La Roche Ltd., Owen Mumford, Sulzer Ltd., and Sun Pharmaceutical Industries Ltd. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global injection pen market is consolidated with few large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective injection pen services. Some major players included in the global injection pen market report are:
- Novo Nordisk A/S
- BD
- Sanofi
- Eli Lilly and Company
- Merck KGaA
- AstraZeneca
- F. Hoffmann-La Roche Ltd.
- Owen Mumford
- Sulzer Ltd.
- Sun Pharmaceutical Industries Ltd.
Strategic Development
- On 09 September 2022, Terumo India, the Indian unit of Terumo Corporation, a global pioneer in medical technology, launched FineGlide, Sterile Pen Needle for patients who require daily insulin injections or other self-medication. FineGlide is designed to be compatible with the most widely available pen devices in India, raising the standard for patient comfort and, as a result, medication compliance.
- On 13 April 2021, BioCorp and Roche Diabetes Care France launched Mallya smart insulin pen gadget in France. This gadget is intended to automatically gather insulin data (dose, date, and time) and upload it to Roche's Gluci-Chek application, ensuring qualified information on which the patient can trust and clinician may utilize to make educated clinical decisions.
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Some Key Highlights From the Report
- The reusable segment is expected to account for largest revenue share during the forecast period. Most important advantage of reusable pens are their longevity, which helps to eliminate the barrier of vast storage space required for disposable pens and their portability. Meanwhile, reusable pens exceed international requirements for dosage accuracy and are provided with additional features, such as visual, audio, and tactile feedback throughout dose dialing, to encourage simple administration and limit the risk of human mistakes during handling. Furthermore, reusable delivery pens are environment-friendly, which provide an environmental advantage by contributing to less plastic waste as opposed to disposable pens. As a result of the aforementioned considerations, reusable injection pens are in high demand.
- The diabetes segment is expected to account for largest revenue share during the forecast period attributed to increasing prevalence of the disease, increasing lifestyle disorders, and changes in lifestyle. Diabetes is a worldwide chronic health issue. According to the American Diabetes Association, diabetes affects over 9% of American population, with seniors having a far higher prevalence at 25%. Diabetes therapy may be a time-consuming and meticulously monitored process. Diabetes kills 252,806 individuals in the U.S. every year and costs the country USD 327 billion in medical costs. According to estimates, diabetes rates in elderly women would grow by 270%, while cases in senior men will rise by 430% by 2050. In addition, rising incidences of this disease is increasing requirement for enhanced treatment processes, resulting in increased usage of injection pens in the process and driving market revenue growth.
- The North America market is expected to account for largest revenue share during the forecast period. This is attributed primarily to rising prevalence of chronic illnesses such as diabetes, new product launches, increasing percentage of regulatory approvals, advancement of technologies in injection pens, and favorable reimbursement and government aid. For example, on 28 July 2021, SEMGLEE (insulin glargine-yfgn) injection, a branded medication, as well as Insulin Glargine (insulin glargine-yfgn) injection, an unbranded product, were marketed in the U.S. to help manage high blood sugar levels in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes.
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Emergen Research has segmented the global injection pen market based on type, therapy, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019–2030)
- Disposable
- Reusable
- Therapy Outlook (Revenue, USD Billion; 2019–2030)
-
- Diabetes
-
-
- Insulin
- Glucagon-Like Peptide-1 (GLP-1) Therapy
-
-
- Growth Hormone Therapy
- Osteoporosis
- Fertility
- Cancer
- Autoimmune Diseases
- Others
- Diabetes
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
-
- Home Care Settings
- Hospitals & Clinics
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of Middle East & Africa
- North America
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