Dublin, Dec. 22, 2023 (GLOBE NEWSWIRE) -- The "Global Injection Pen Market: Analysis By Type, By Therapy, By End User, By Region Size & Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global injection pen market in 2022 was valued at US$39.10 billion. The market is expected to be worth US$59.68 billion in 2028.
As chronic diseases become increasingly widespread worldwide, necessitating long-term treatment, injection pen emerges as a more efficient and convenient option for drug administration. Therefore, the surging prevalence of various chronic diseases is one of the main factors that would drive the demand for injection pens in the forthcoming years. The market is expected to grow at a CAGR of approx. 7.24% during the forecasted period of 2023-2028.
Market Segmentation Analysis:
By Type: Disposable segment dominated the market. Infusion pumps are commonly used for nutrient and drug delivery. Disposable pens contain a prefilled insulin cartridge and are thrown away after just one use. The segment represented a sizeable portion of the market, attributable to the convenience and ease of use offered by these injection pens. Because they are pre-filled and ready to use, disposable pens do not require the user to load them with medication. Also, because they are portable and simple to discard after use, disposable pens are frequently preferred by people who travel or need several injections during the day. The safety associated with disposable needles and the prevention of blood-borne diseases are the major factors that have driven the demand for disposable injection pens across the globe.
By Therapy: Due to the growing prevalence of diabetes along with the daily need for the consumption of insulin dose and increased R&D activities, the diabetes therapy segment lead the market in 2022. However, other therapies are projected to be the fastest-growing segment. Other therapies involve migraine, and osteoporosis, among other diseases. With a migraine self-injection pen, an individual can self-administer migraine medication by inserting it into the tissue beneath the skin. On administration, these pens can be either preventative, carrying medicine to lessen the frequency and severity of migraine episodes, or acute, providing medication to relieve migraine headaches. Such noteworthy developments are expected to increase the overall demand for self-injection pens among individuals, hence boosting the segment's growth throughout the forecast period.
By End User: The home care segment held the largest market share in 2022, driven by rising trend of self-medication, growth in the prevalence of chronic diseases that require daily injectable medications, upsurge in consumer expenditure on healthcare, and growing adoption of innovative drug delivery devices among the patients to manage diseases by staying at home. Furthermore, factors such as the rising number of FDA approvals of prefilled injection pens for at home usage, and the increasing base of the old-age population are also expected to drive the segment's growth.
Market Dynamics:
Growth Drivers: The market has been growing over the past few years, due to factors such as the surging prevalence of chronic diseases, increasing use of insulin pens, upsurge in healthcare expenditure, escalating geriatric population, and functional benefits offered by injection pens. Diseases such as diabetes, osteoporosis, cardiovascular diseases (CVDs), and multiple sclerosis require daily injectable drug administration. Injection pen is an optimum option for patients suffering from chronic diseases as the frequency of drug administration is high. Resultantly, the burgeoning prevalence of chronic diseases has led to a greater focus on injection pen technologies to effectively handle the growing patient pool and increase patient compliance with therapies, fueling the demand for injection pens.
Challenges: However, some challenges are also impeding the growth of the market such as needle stick injuries & misuse of injection pens, and shifting preference for alternative drug delivery modes.
Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as an upswing in patent expiry of biologics, escalating number of regulatory approvals, research and development proficiencies along with technological advancements, and rapid innovations in recent years. Furthermore, an upsurge in the public-private funding for target research activities, rising demand for chronic disease treatments using advanced drugs, and rising product innovations and development owing to technological advancements worldwide are predicted to extend profitable opportunities for the market players in the forecast period.
Competitive Landscape:
The global injection pen market is highly competitive and consists of global as well as several regional players. The key players of the global injection pen market are:
- Sanofi.
- Eli Lilly
- Novo Nordisk
- Becton Dickinson
- AstraZeneca
- F. Hoffmann-La Roche
- Merck
- TEVA Pharmaceutical
- Novartis
- Sulzer
- GSK
- Pfizer
- Owen Mumford
Collaborations, new product development, investments connected to growing capabilities, mergers and acquisitions, partnerships and agreements, and investments in research and development are just a few of the major strategies used by the players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 164 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $39.1 Billion |
| Forecasted Market Value (USD) by 2028 | $59.68 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Introduction
3. Global Market Analysis
3.1 Global Injection Pen Market: An Analysis
3.2 Global Injection Pen Market: Type Analysis
3.3 Global Injection Pen Market: Therapy Analysis
3.4 Global Injection Pen Market: End User Analysis
4. Regional Market Analysis
4.1 North America Injection Pen Market: An Analysis
4.2 Europe Injection Pen Market: An Analysis
4.3 Asia Pacific Injection Pen Market: An Analysis
4.4 South & Central America Injection Pen Market: An Analysis
4.5 Middle East and Africa Injection Pen Market: An Analysis
5. Impact of COVID-19
5.1 Impact of COVID-19 on the Global Injection Pen Market
6. Market Dynamics
6.1 Growth Drivers
6.1.1 Burgeoning Prevalence of Chronic Diseases
6.1.2 Increasing Use of Insulin Pens
6.1.3 Upsurge in Healthcare Expenditure
6.1.4 Escalating Geriatric Population
6.1.5 Functional Benefits Offered by Injection Pens
6.1.6 Increasing Government Initiatives for Improving Healthcare
6.2 Challenges
6.2.1 Needle Stick Injuries & Misuse of Injection Pens
6.2.2 Shifting Preference for Alternative Drug Delivery Modes
6.3 Market Trends
6.3.1 Upswing in Patent Expiry of Biologics
6.3.2 Escalating Number of Regulatory Approvals
6.3.3 Growing Need for Injection Pens for a Range of Medical Conditions
6.3.4 Research and Development Proficiencies
6.3.5 Technological Advancements and Rapid Innovations
7. Competitive Landscape
7.1 Global Injection Pen Market: Recent Developments
7.2 Global Injection Pen Market Players: Product Offerings
8. Company Profiling
For more information about this report visit https://www.researchandmarkets.com/r/jde3zj
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