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The traditional methods of injections are now being comprehensively replaced with more modern and convenient techniques such as injection pens and drug delivery pumps.
Injection pens also called insulin pens which are specifically designed advanced forms of prefilled syringes that are used for self-administration of drug delivery in various chronic conditions and treatment. By their application, a small amount of hormone or drugs is injected into the body of the patient for the treatment of various diseases. As compared to conventional injections, these pens allow more accurate, simple, and convenient delivery and are also portable.
Emerging as one of the most user-friendly and effective treatment alternatives to address a plethora of medical conditions, including diabetes, rheumatoid arthritis, obesity, and insulin deficiency, these offer a variety of benefits over the normal flask and syringe methodology.
The global injection pen market is anticipated to expand at a moderate CAGR throughout this decade.
The growth of this market is attributed to major relying factors including the increasing incidence of diseases such as diabetes and arthritis, increase in global aging population, an increasing number of regulatory approvals, technological advancements in injection pens, favorable reimbursement in developed countries, high demand for safer and advanced drug delivery devices, increased use of home health care and increasing government healthcare expenditure and availability of favorable healthcare insurance policies etc.
As of now, injection pens are extensively being used worldwide by people suffering from insulin-related problems. Also, as manufacturers operating in the current market landscape continue to focus on improving the design parameters of their injection pens, ease of cartilage replacement, injection convenience, insulin-dose setting dial use, and prominence of audio clicks, the demand is expected to move in the upward direction in the near future.
Moreover, with their success in the management of various chronic as well as acute diseases, injectable pens are being studied to expand their application in major diseases such as Hepatitis C, multiple sclerosis, and cancer etc, conditions that require periodic dose injections. This is anticipated to drive the injection pen market in the near future.
Though the healthcare sector with the mounting number of COVID-19 patients across the world is being negatively impacted, R&D activities are evidently increasing to discover a vaccine for the novel coronavirus, and as such, the demand for injection pens is anticipated to grow at an exponential rate in 2021 as a vaccine delivery device for the COVID-19 disease. Thus, the injection pen market is unlikely to be impacted by the pandemic.
However, high cost associated with injection pens, preference for alternative drug delivery modes owing to fear of syringe, lack of awareness concerning use of injection pens, poor reimbursement scenario is expected to restrain the growth of the global injection pen market.
INJECTION PEN MARKET SEGMENTATION:
By End Users:
North America has been holding the largest share in the global injection pen market in the last few years in is expected to continue its position in the years to come. This can be well attributed to the increase in patient burden suffering from diabetes, technological advancements, the presence of a wide distribution network of players, increase in geriatric population, expanding awareness among other factors.
European region is also leading in the global market. Growing cases of diabetes cases has forced manufacturers to develop effective and convenient ways to handle the disease, as diabetes requires day-to-day administration of insulin injections which has therefore has boosted the demand for injection pen in region.
Moreover, the Asia Pacific is an emerging region expected to witness the highest growth rate with an immensely growing population; increasing patient population, rise in the figures of diabetics, entry of players offering innovative products in the region, availability of cost effective injection pens and their accurate delivery of dosages, increased healthcare expenditure etc. China and India are the main contributing countries in the region.
Whereas, the Middle East has been growing at the lowest rate in the global injection pen market; an upcoming healthcare investment led by some industrial players is expected to swell the growth rate of the region.
FEW KEY PLAYERS IN INJECTION PEN MARKET:
Timeline Considered for Analysis:
2019: Estimated Year
2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global injection pen market by the following segments:
- End Users
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Key Questions Answered in the Global Injection Pen Industry Report
The report offers a comprehensive insight on the Injection Pen Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.