Wilmington, Delaware, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global injection pen market is projected to rise at a CAGR of 7.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 73.7 billion is anticipated for the market in 2031. As of 2023, the demand for injection pens is expected to close at US$ 42.6 billion.
The increasing incidence of chronic conditions such as diabetes, multiple sclerosis, and rheumatoid arthritis necessitates the regular administration of injectable medications, fueling the demand for injection pens. Patients increasingly prefer self-administration of medications for convenience and autonomy in managing their health. Injection pens offer a user-friendly and discreet method of medication delivery, contributing to their growing popularity.
The demand for disposable injection pens is high in the market as it eliminates the risk of contamination associated with reusing injection pens. Since each pen is intended for single-use, there's a lower risk of bacterial growth or cross-contamination between injections, enhancing patient safety. Globally increasing healthcare spending is facilitating broader access to advanced medical technologies such as injection pens, especially in well-developed regions with robust healthcare systems.
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Streamlined approval processes by regulatory agencies for injection pens are catalyzing innovation and market entry. This regulatory support stimulates competition within the industry, fuelling its continuous growth trajectory. With the global population aging, there is a growing demographic of elderly individuals requiring regular medication administration. Injection pens provide a convenient solution for seniors who may have dexterity issues or difficulty with traditional syringes.
Key Takeaways from the Market Study
- As of 2022, the injection pen market was valued at US$ 39.8 billion.
- Based on indication, the diabetes segment held a prominent share of the global injection pen market in 2021.
- Based on type, the disposable type segment is expected to dominate the global market during the forecast period.
Injection Pen Market: Key Trends and Opportunistic Frontiers
- Growing emphasis on personalized healthcare, leading to the development of injection pens with customizable dosing options.
- The trend towards home healthcare and self-management of chronic conditions is driving the demand for injection pens.
- Injection pens are increasingly being integrated with digital health platforms and smartphone apps, enabling patients to track their medication adherence, monitor blood glucose levels, and receive personalized treatment recommendations.
Injection Pen Market: Regional Analysis
- North America holds a significant share of the injection pen market, driven by factors such as a large diabetic population, high healthcare expenditure, and robust healthcare infrastructure.
- Key players in this region focus on innovation and technological advancements to maintain market leadership. Favorable reimbursement policies and increasing awareness about self-administration contribute to market growth.
- The Asia Pacific region exhibits significant growth potential in the injection pen market, fueled by factors such as the rapidly expanding diabetic population, improving healthcare infrastructure, and increasing disposable income.
- Market players are strategically expanding their presence in emerging economies like China and India, capitalizing on the growing demand for self-administration devices. The market penetration may face challenges due to variability in healthcare access and regulatory frameworks across different countries in the region.
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Competitive Landscape
Injection pen companies are actively enhancing the design aspects of their products, aiming to optimize user experience and functionality. They are strategically expanding their presence in lucrative markets across the Asia Pacific and North America to strengthen their market position. These key players are also intensifying efforts to raise awareness about the advantages of injection pens, positioning themselves competitively amidst evolving market dynamics.
- Lilly
- Novo Nordisk
- Owen Mumford
- Sanofi
- F. Hoffman-La Roche Ltd.
- Merck KGaA
- Haselmeier
- Gerresheimer AG
- BD
- AstraZeneca
Key Developments in the Injection Pen Market
- Haselmeier is a medical device company specializing in injection pens and self-injection systems for diabetes and other medical conditions.
- Gerresheimer AG manufactures a wide range of pharmaceutical packaging and drug delivery systems, including injection pens for insulin and other injectable medications.
- BD (Becton, Dickinson, and Company) BD is a global medical technology company that produces a variety of medical devices, including injection pens for insulin and other therapies.
- AstraZeneca a multinational pharmaceutical company with a focus on respiratory, cardiovascular, and metabolic diseases, AstraZeneca produces injection pens for diabetes and other therapeutic areas.
Injection Pen Market – Key Segments
Турe
- Reusable
- Disposable
Indication
- Diabetes
- Growth Hormone Therapy
- Autoimmune
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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