Portland, OR, April 07, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global injection pen market was estimated at $37.89 billion in 2021 and is expected to hit $80.51 billion by 2031, registering a CAGR of 7.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022 to 2031 |
| Base Year | 2021 |
| Market Size in 2021 | $37.89 Billion |
| Market Size in 2031 | $80.51 Billion |
| CAGR | 7.8% |
| No. of Pages in Report | 428 |
| Segments Covered | Therapy, End Users, Type, and Region |
| Drivers | Increase in the prevalence of chronic disease |
| Rising geriatric population | |
| Surge in awareness for self-injectable devices | |
| Rise in the technological advancement | |
| Opportunities | Increased demand for injection pens for insulin from emerging economies due to increases in diabetic cases |
| Rising chronic disease prevalence | |
| Restraints | Preference for an alternative method of drug delivery |
| Rise in the number of injuries from needlesticks |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global injection pen market. Due to an increase in diabetic patients, who were at high risk of being affected by COVID-19, the market for injection pens grew during the lockdown period.
- Moreover, people who have diabetes need constant access to care and insulin (administered with injection pens). As a result, more diabetes people were using injection pens to control their blood sugar levels during the pandemic.
- This trend has continued post-pandemic as well.
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The research provides detailed segmentation of the global injection pen market based on therapy, end users, type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on therapy, the diabetes segment held the highest share in 2021, accounting for more than three-fifths of the global injection pen market revenue and is expected to continue its leadership status during the forecast period. The same segment is expected to register the highest CAGR of 8.5% from 2022 to 2031. The report also discusses growth hormones, osteoporosis, fertility, and others segments.
Based on end users, the home-care settings segment accounted for the highest share in 2021, holding more than two-thirds of the global injection pen market revenue, and is expected to maintain its lead in terms of revenue during the forecast period. The same segment, however, is estimated to grow at the highest CAGR of 8.2% from 2022 to 2031. The hospital and clinics segment is also analyzed in the report.
Based on type, the disposable injection pen segment held the major share in 2021, garnering nearly three-fourths of the global injection pen market revenue and is projected to maintain its dominance by 2031. The same segment would also display the fastest CAGR of 8.0% from 2022 to 2031. The independent dealer segment is also studied in the report.
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Based on region, North America held the largest share in 2021, contributing to more than two-fifths of the global injection pen market revenue, and is projected to maintain its dominant share in terms of revenue during the forecast period. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 9.3% from 2022 to 2031. The other regions analyzed in the study include Europe and LAMEA.
The leading market players analyzed in the global injection pen market report include Novartis AG, Merck Group, Sanofi, Biocon, Pfizer Inc., Novo Nordisk A/S, Ypsomed AG, Dickinson and Company, AstraZeneca, Eli Lilly and Company, and Becton. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, product portfolio, operating segments, and strategic moves of market players to showcase the competitive scenario.
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