Injection Pen Market is estimated to reach US$ XX Mn by 2026 in terms of revenue at a CAGR of XX % in the forecast Period.
Injection Pen Market
Injection pens are widely used in a variety of therapeutic applications, such as diabetes and osteoporosis, as they offer a variety of benefits over the normal flask and syringe methodology. For example, insulin pen devices improve patient satisfaction and adherence. It is simple to use and provides accuracy in delivering small amounts of insulin. Injection pen is user-friendly as the little needle sizes cut back to worry and pain and therefore has larger social acceptability. Patent expiry of biologics does drive the demand for biosimilars to push the growth opportunity for Injection Pen Market
The key driving forces such as the rise in prevalence of chronic diseases, increase in a range of restrictive approvals, favorable compensation and government support drive the growth of the injection pen market. However, preference for various drug delivery modes and poor reimbursement scenario in developing countries is expected to restrain the growth of Injection Pen Market to a certain extent.
Injection Pen Market is majorly segmented by type, therapy, end-user and region. Based on the type, the market is segmented into disposable and reusable injection pens. The disposable injection pens segment is expected to grow at the highest CAGR during the forecast period. This can be attributed to the benefits that these pens offer, such as portability, ease of use, and a lower possibility of infection.
Based on therapy, the global Injection Pen Market is segmented into diabetes, growth hormone therapy, osteoporosis, fertility, and other therapies. The diabetes segment is expected to grow at the highest CAGR during the forecast period. The high growth of the segment can be mostly attributed to the large diabetic population and favorable reimbursements for diabetic treatments in developed countries. The diabetes segment is further segmented into Insulin and GLP-1.
The North America region holds a major market share and is predominantly driven by factors such as the rising prevalence of diabetes in the US and Canada, a favorable reimbursement scenario, and the increase in number of awareness programs in the region. The Asia-Pacific region is expected to witness a significant growth during the forecast period as compared to the developed markets due to the huge patient pool with chronic diseases and increasing healthcare expenditure. For instance, according to WHO (2016), in China, 10% of adults were diagnosed with diabetes. It also stated that type 2 diabetes was found to be the most prevalent type of diabetes in China.
Injection Pen Market share is consolidated, as the key multinational players occupy the major industry share. Novo Nordisk (Denmark), Eli Lilly (US), Sanofi (France), Merck (US), Ypsomed (Switzerland), AstraZeneca (UK), F. Hoffman-La Roche (Switzerland), Becton Dickinson and Company (US), Owen Mumford (UK), Novartis (Switzerland), Pfizer (US), and Haselmeier (Switzerland) are some of the major industry players. Production capacity expansion, brand portfolio expansion, mergers, collaborations, and acquisitions are the key strategies adopted by industry players.
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