DUBAI, United Arab Emirates, Feb. 24, 2022 (GLOBE NEWSWIRE) -- As per the injection pen market survey by Future Market Insights (FMI), the market is expected to witness steady growth at a CAGR of 7% during the forecast period 2022-2032.
| Attributes | Details |
| Injection Pen Market CAGR (2022 – 2032) | 7% |
| Injection Pen Market (2026) | US$ 53 Bn Injection Pen Market Attraction |
| Injection Pen Market Attraction | Reimbursements and technological development in injection pen to boost adoption. |
An increased preference for injectable pens over the traditional vial and needle approach, which is being driven by an increase in the number of needlestick injuries, is a significant factor contributing to injection pen market growth.
As per the injection pen market study, sales of injection pens spike owing to the surging popularity of injection pens facilitated by advances in delivery device technology.
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The study finds that the injection pen market size expands to a considerable extent as healthcare businesses are growing in response to rising medical needs.
The least amount of difficulty and inconvenience associated with injection pens to deliver drugs into the body is predicted to surge the demand for injections pens.
Given that many chronic illness implants are biologics, the expiration of copyrights, increasing funding agencies, and growing support from governments and insurance companies present a new horizon of injection pen market opportunities.
Needlestick anxiety and injury caused by injection pen needles are the main deterrents to using injection pens. As a result, there are a variety of needle-free devices that have the added benefit of not causing needle anxiety, which is an impediment to the adoption of injection pens.
Moreover, insulin injection pen therapy has also been linked to hyperglycemia in some patients due to the inability to control the dose, on account of which people worldwide are having second thoughts, which in turn impacts the injection pen adoption trends negatively.
On account of the aforementioned factors, the injection pen market is predicted to garner a revue of US$ 53 Bn by 2026.
Key Takeaways:
- The disposable injection pens segment by type is expected to grow at the fastest CAGR during the forecast period, owing to the reimbursement of disposable pens, which have advantages such as the availability of portable pen injectors coupled with low infection risk.
- On account of the world's sizeable diabetic population and favorable reimbursement policies for diabetes treatments in developed economies, the diabetes segment is projected to dominate the market by therapy.
- Based on end-use, the home care segment is likely to lead the market due to the rising demand for self-administration drugs delivery devices such as self-injecting insulin pens and the increasing prevalence of chronic diseases.
- Retail pharmacies are anticipated to be at the forefront of the global injection pen market by distribution channel as they are a prominent chain of pharmacies around the world and enable proper distribution, thereby providing patients with better access.
- The Asia Pacific market is expected to proliferate, and the same can be credited to the development of infrastructure and accurate dosage delivery coupled with low injection pens price.
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"North America is forecasted to dominate the market, owing to an increase in the number of diabetic patients and the use of injection pens in-home care settings. Furthermore, the region is likely to elicit vital emerging trends in the injection pen market, and the presence of key players offering various pen injection devices used for autoimmune growth hormone is expected to fuel the region's market during the forecast period." avers an FMI researcher.
Comparative View of Adjacent Injection Pen Market
| Attributes | Injection Pen Market | Lateral Flow Assays Market | Patient Monitoring Devices Market | |||
| CAGR (2022 - 2032) | 7% | 2% | 9% | |||
| Market Value (2026) | US$ 53 Bn | US$ 12.5 Bn | US$ 60 Bn | |||
| Growth Factor | Favorable reimbursement to boost market growth. | Proclivity towards point-of-care testing to improve sales potential. | Rising number of clinical trials to increase adoption. | |||
| Opportunity | Europe to hold abundant opportunities. | Improving the accuracy of lateral flow assays to offer opportunities. | Asia Pacific to witness a surge in opportunities, owing to less-stringent laws. | |||
| Key Trends | Product launches and expansion to rule the market trends. | Improvements in R&D capabilities to improve brand recognition. | Use of wireless devices will be a key trend for patient care. | |||
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Competitive Landscape:
Eli Lilly and Company, Mylan N.V., Sanofi, AstraZeneca, Owen Mumford Ltd., Novo Nordisk, Sandoz Inc., and GlaxoSmithKline plc are some of the prominent players in the injection pen market.
Companies in the injection pen market are focusing on increasing their injection pen market share through global collaborations, thereby influencing the injection pen market's future trends.
Legions of companies are using mergers and acquisitions as key strategic moves to expand and strengthen their global presence.
Aside from that, product launches have remained an important approach for players.
Recent Developments in the Injection Pen Market are:
- Becton, Dickinson and Company, a leading global medical technology company, has received 510(k) clearance from the U.S. Food and Drug Administration for its second-generation B.D. Nano pen needle, which is designed for more consistent subcutaneous injection depth.
- AbbVie GK has announced the release of the HUMIRA auto-injector device. HUMIRA is an anti-TNF-monoclonal antibody formulation that is entirely human.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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