NEW YORK , June 16, 2022 /PRNewswire/ -- As per Zion Market Research study, The global injection pen market registered a revenue growth of USD 35.9 billion in 2021 and is projected to reach around USD 58.6 billion by 2028. During this period, the market is expected to grow with a compound annual growth rate (CAGR) of approximately 7.4 percent.
Key Industry Insights & Finding of the Injection Pen Market Reports:
As per the analysis shared by our research analyst, the Injection Pen Market is expected to grow annually at a CAGR of around 7.4 % (2022-2028).
Through the primary research, it was established that the Injection Pen Market was valued approximately USD 35.9 Billion in 2021 and is projected to reach to roughly USD 58.6 Billion by 2028.
The rising incidence of diabetes, advantageous reimbursement scenarios, and an expanding number of awareness campaigns are all contributing to the Asia Pacific injection pens market's high share.
Developing healthcare infrastructure and growing acceptance of biosimilars are also adding up to the growth of the market in this region.
North America is estimated to account for a significant share of the market owing to the increase in the adoption of injection pens in homecare settings and the growing prevalence of chronic diseases.
Zion Market Research published the latest report titled as 'Injection Pen Market By Therapy (Osteoporosis, Growth Hormone, Diabetes, Cancer, Auto-Immune Diseases, Fertility, And Other Therapies), By Product Type (Reusable Injection Pens And Disposable Injection Pens), By End-User (Hospitals & Diagnostic Clinics And Home-Care Settings), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.' into their research database.
An injection pen is used to deliver drugs to the patient's body. Patients can stick to their treatment plans with the aid of injectable pens. This procedure has aided in the improvement of the patient's quality of life as well as the lowering of healthcare costs. The injection pen approach is widely utilized as a self-management therapy option for diabetes and multiple sclerosis, and it is widely used as a drug delivery system by prominent pharmaceutical companies.
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Injection Pen Market: Growth Drivers
The increasing prevalence of diabetes is predicted to foster the market growth.
In recent years, the incidence of diabetes has risen dramatically. In 2021, according to International Diabetes Federation, around 537 million persons aged 20 to 79 are affected by diabetes. By 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Diabetes necessitates the administration of injectable drugs on a daily or weekly basis. Due to such a frequent need for drug administration in diabetic patients, injector pens emerged as the best solution. For injectable drug delivery devices, injection pens are becoming the new norm. Because of their simplicity, dependability, and ability to be directly taken by the patients without the assistance of a physician, their popularity has skyrocketed. As a result of the rising incidence of diabetes and other chronic diseases, more attention is being paid to injectable pen technologies in order to efficiently manage the expanding patient pool and improve patient adherence to treatments. All such factors have led to an increase in demand for injection pens, thereby boosting the global injection pen market growth.
Growing preference for alternative modes of drug delivery may hinder the growth of the market.
Injection pen devices are not the only option. Needlestick fear and injury are the biggest deterrents to using injection pens. As a result, there are a variety of needle-free devices that have an extra benefit: they do not cause needle phobia, which is a major obstacle to the widespread use of injectable drug therapies. The discomfort associated with daily injections and the necessity of long-term therapy are the main causes of non-complacence in both children and adults. Insulin pen treatment has also been linked to hyperglycemia in certain individuals due to the inability to control the dosage. As a result of their capacity to execute automatic insulin suspension and reduce the danger of hypoglycemia, there has been a change in treatments that deal with diabetes in Europe shifting from insulin pens to insulin pumps. In addition to this, oral insulin administration is favored in developing nations such as Brazil , China , and India because it is simple to use, acceptable, safe, cost-effective, and practical.
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Global Injection Pen Market: Opportunities
High demand for biosimilars to generate ample opportunities for the market during the estimated period.
Biosimilar has seen a considerable surge in demand as a result of their reduced costs when compared to their patented equivalents. Many biologic compounds' patents are about to expire, which will increase demand for biosimilars. Biosimilars and generics are preferred by insurance companies and governments. As many injectables used to treat chronic diseases are biologics, the expiration of patents and rising backing from governments and insurance companies present a chance for the injection pens market to flourish during the projected period. Additionally, the emergence of smart inject pens is also likely to fuel the global injection pen market growth.
Global Injection Pen Market: Challenges
The lack of trained professionals for innovative delivery methods pose major challenge for market expansion.
Inadequate training and learning for the use of innovative delivery methods like injectable pens lead to incorrect use, which puts personnel and patients at risk. In a hospital context, such procedures may have an impact on the use of injectable pens. Furthermore, because the strength of insulin in the injection pen fluctuates, there is a risk of overdosing if the dose strength is not taken into account. Patients neglected to remove the inside cover of a conventional insulin pen needle, resulting in no insulin being given, according to the ISMP's National Medication Errors Reporting Program (MERP). Patients have also been reported to be using normal pen needles without removing the inner needle cover, according to the FDA.
Global Injection Pen Market: Segmentation
The global injection pen market is classified based on therapy, product type, end-user, and region.
Based on the therapy, the global market is split into osteoporosis, growth hormone, diabetes, cancer, auto-immune diseases, fertility, and other therapies. By product type, the market is divided into reusable injection pens and disposable injection pens. The end-user segment is divided into hospitals & diagnostic clinics and home-care settings.
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List of Key Players of Injection Pen Market:
Key questions answered in this report:
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By Product Type, By Application, and By End Use
Value (USD Billion), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Eli Lilly and Company, Sanofi, Becton, Dickinson and Company, Ypsomed Holding AG, Novo Nordisk A/S, Sun Pharmaceutical Industries Ltd., Pfizer, AstraZeneca plc, F. Hoffmann-La Roche Ltd., and Merck KGaA
Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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In March 2022 , Novo Nordisk launched its first smart insulin pens. The NovoPen Echo Plus and NovoPen 6 are insulin self-injection pens that collect data such as how much and when insulin is injected, then upload the data to an app through near-field communication (NFC) link so that healthcare professionals and patients may examine it.
In April 2021 , Roche Diabetes Care France and BioCorp unveiled the smart insulin pen device Mallya in France .
Asia Pacific to rule the global market during the forecast period.
Asia Pacific is estimated to contribute a major share of the global injection pen market during the forecast period. The rising incidence of diabetes, advantageous reimbursement scenarios, and an expanding number of awareness campaigns are all contributing to the Asia Pacific injection pens market's high share. In addition to this, developing healthcare infrastructure and growing acceptance of biosimilars are also adding up to the growth of the market in this region. North America is estimated to account for a significant share of the market owing to the increase in the adoption of injection pens in homecare settings and the growing prevalence of chronic diseases. Europe is also expected to hold a substantial share in the market.
Global Injection Pen Market is segmented as follows:
Injection Pen Market: By Therapy Outlook (2022-2028)
Injection Pen Market: By Product Type Outlook (2022-2028)
Injection Pen Market: By End Users Outlook (2022-2028)
Injection Pen Market: By Region Outlook (2022-2028)
Rest of Middle East & Africa
Press Release For Injection Pen Market: https://www.zionmarketresearch.com/news/global-injection-pen-market
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