New York, United States , Feb. 27, 2024 (GLOBE NEWSWIRE) -- The Global Injection Pen Market Size is to Grow from USD 38.7 Billion in 2023 to USD 75.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.9% during the projected period.
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An injection pen serves as an essential medical apparatus utilized to deliver medication via subcutaneous or intramuscular routes. Comprising a medication-filled cartridge, a needle, and a dosage delivery mechanism, it facilitates precise administration of therapeutic substances. Recent data from the National Institutes of Health (NIH) indicates a significant shift in the market, where sales of injection pens have surpassed those of traditional vials for delivering insulin therapy in the treatment of type 2 diabetes. Diabetes presents a widespread health concern globally, with an estimated 537 million individuals aged 20 to 79 affected. This demographic accounts for approximately 10.5% of the global population. Effective management of both type 1 and type 2 diabetes focuses on insulin therapy. The rising incidence rates of chronic health conditions like diabetes, arthritis, multiple sclerosis, and osteoporosis worldwide have emerged as a key catalyst propelling the expansion of the injection pen market. These pens present a convenient and easily accessible solution for self-administering medications, catering especially to patients in need of frequent injections. The persistent evolution in injection pen technology has sustained their usability, precision, and safety features, contributing further to their market growth. Additionally, there can be fluctuations in the potency of insulin within injectable pens. Failure to evaluate the dosage strength could potentially lead to overdosing. Furthermore, the practice of reusing insulin pens poses another concern. The strict regulatory standards necessary for the validation of injection pens may prolong the time to market entry, elevate developmental expenses, and reduce incentives for innovation within the industry.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Injection Pen Market Size, Share, and COVID-19 Impact Analysis, By Type (Reusable, Disposable), By Therapy (Growth Hormone, Diabetes, Fertility, Osteoporosis, Others), By End-User (Home Care, Hospitals & Clinics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The disposable segment is anticipated to hold the greatest share of the global injection pen market during the projected timeframe.
Based on the type, the global injection pen market is divided into reusable and disposable. Among these, the disposable segment is anticipated to hold the greatest share of the global injection pen market during the projected timeframe. The pricing and safety aspects of disposable injection pens are closely associated. With their single-use design, disposable injection pens enhance safety by reducing the risk of blood-borne infections. This emphasis on single-use underscores their role in ensuring patient safety. The disposable injection pen market has experienced significant growth in recent years, driven by factors including accessibility, heightened consumer consciousness, rising healthcare costs, and the escalating prevalence of diseases requiring insulin treatment.
The diabetes segment is anticipated to grow at the fastest pace in the global injection pen market during the projected timeframe.
Based on the therapy, the global injection pen market is divided into growth hormone, diabetes, fertility, osteoporosis, and others. Among these, the diabetes segment is anticipated to grow at the fastest pace in the global injection pen market during the projected timeframe. Injection pens present numerous benefits compared to conventional methods of insulin administration like vials and syringes. They offer enhanced accuracy in dosage, simplified operation, discretion, and portability, catering particularly to the needs of individuals handling diabetes as part of their daily routines. Poor dietary choices are a leading cause of elevated blood glucose levels, significantly influencing the onset of type 1 diabetes. However, type 2 diabetes emerges due to insulin resistance within the body. The expanding market for diabetes management solutions is driven by the increasing prevalence of both type 1 and type 2 diabetes on a global scale.
The home care segment is predicted to grow at the highest pace in the injection pen market during the estimated period.
Based on the end-user, the global injection pen market is divided into home care, hospitals & clinics, and others. Among these, the home care segment is predicted to grow at the highest pace in the injection pen market during the estimated period. Self-administered injection pens present a valuable solution within the home healthcare sector, offering cost-saving benefits for addressing and controlling various ailments. Additionally, in the realm of modern subcutaneous drug delivery, self-injection pens emerge as the preferred method. This market's growth is propelled by heightened healthcare spending, enhanced awareness surrounding injection pen usage, augmented disposable incomes, and the expanding adoption of novel drug delivery mechanisms among patients for condition management.
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North America is expected to hold the largest share of the global injection pen market over the forecast period.
North America is expected to hold the largest share of the global injection pen market over the forecast period. The increasing prevalence of non-communicable ailments such as cancer, diabetes, cardiovascular diseases, and multiple sclerosis in developed markets such as Canada and the US is a significant driver for the expansion of the injection pen market. Specifically, the escalating incidence of diabetes within the US populace has spurred the utilization of injectable pens. Key factors propelling the growth of the injection pen market in North America include augmented healthcare expenditure, enhanced awareness of contemporary medication delivery systems, and the widespread availability of injection pens and their cartridges. Moreover, the availability of financial assistance programs and incentives is poised to alleviate the economic burden on patients, thereby growing higher adoption rates of injection pens in North America. This trend is expected to be sustained throughout the project's timeline, consequently fueling robust market growth in the region. North America boasts superior healthcare infrastructure and favorable reimbursement policies compared to other global regions, facilitating easier access to healthcare services and increased likelihood of prescription medication coverage, including injection pens. This combination of accessibility and affordability contributes to elevated adoption rates within the region.
Asia Pacific is predicted to grow at the fastest pace in the global injection pen market during the projected timeframe. The Asia Pacific region is experiencing an upward trend in the incidence of chronic ailments like diabetes, attributed to evolving lifestyles, urbanization, and aging demographics. This surge has significantly propelled the demand for injection pens, preferred for self-administering insulin and other essential medications for managing chronic illnesses. Notably, numerous countries in the region are committed to enhancing their healthcare infrastructure, encompassing hospitals, clinics, and pharmacies. This strategic infrastructure enhancement aims to enhance the accessibility of healthcare services and medical devices, which is anticipated to drive substantial growth in the Asia Pacific market throughout the projected timeframe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global injection pen market include Eli Lilly, Novo Nordisk, Sanofi, Merck, AstraZeneca, Ypsomed, F.Hoffman-La Roche, Becton Dickinson and Company, Haselmeier GmbH, Gerresheimer AG, AstraZeneca Plc, Teva Pharmaceutical Industries Ltd, Medtronic plc, Owen Mumford Ltd, Terumo Medical Corporation, Braun Medical, Sun Pharmaceutical Industries Ltd, and Others.
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Recent Developments
- In January 2024, following approval for pre-filling Mounjaro medication into an injection pen, Eli Lilly (LLY.N) has introduced a new initiative, announcing its imminent availability for British patients within weeks. Mounjaro, designed to combat diabetes and obesity, will be accessible in the UK market, marking a significant milestone. Eli Lilly, a prominent US pharmaceutical firm, emphasized in an official statement that the approval from the Medicines & Healthcare Products Regulatory Agency (MHRA) positions Britain as the inaugural major market to offer the medication in the convenient multi-shot pen format, recognized as Kwikpen.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Injection Pen Market based on the below-mentioned segments:
Global Injection Pen Market, By Type
- Reusable
- Disposable
Global Injection Pen Market, By Therapy
- Growth Hormone
- Diabetes
- Fertility
- Osteoporosis
- Others
Global Injection Pen Market, By End-User
- Home Care
- Hospitals & Clinics
- Others
Global Injection Pen Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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