Injection Pen Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
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:
- Disposable injection pens
- Reusable injection pens
By End Users:
- Home care
- Hospital & clinics
- Growth hormone therapy
- Other therapies (multiple sclerosis, cardiovascular diseases, migraines, rheumatoid arthritis, obesity, Crohn's disease, and cancer)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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:
- Becton Dickinson and Company
- Eli Lilly Company
- Novo Nordisk
- Hoffman-La Roche
- Merck Group
- Gerresheimer AG
- Roche Holding AG
- Pfizer Inc.
- Owen Mumford Ltd
- GlaxoSmithKline plc
- Mylan N.V
- Sandoz Inc
- Other Players
- In May 2020, Uni-Bio Science Group Limited announced that its wholly-owned subsidiary Beijing GeneTech Pharm reached a partnership with Swiss company Ypsomed, to co-develop an innovative pre-filled injection pen for Uni-Bio's pipeline products.
- In June 2020, The US Food and Drug Administration approved Biocon Biologics India Ltd’s insulin glargine injection Semglee for controlling high blood sugar in adults with diabetes. Semglee, co-developed by Biocon Biologics and its partner Mylan, is a biosimilar to Sanofi’s Lantus insulin glargine injection.
- In June 2020, Biologics drug developer Celltrion said it will accelerate its insulin pen biosimilar development along with medical device manufacturer Poonglim Pharmatech. Celltrion will begin developing the insulin biosimilar this year with the aim to commercially launch the product in 2025.
- In August 2020, Medtronic, the largest insulin pump manufacturer announced that it is acquiring the San Diego-based Companion Medical and its Bluetooth-enabled InPen, the only FDA-cleared insulin pen that connects with an app to track data and gives users personalized dosing recommendations.
- In August 2020, reports spread that Swiss oil pumps-to-aerators group Sulzer will buy drug delivery device maker Haselmeier for 100 million euros (90 million pounds) which aims to double its sales over the next five years.
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
Customization: We also offer customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Injection Pen Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have a high demand for products in the upcoming years?
- What are the factors driving the growth of the market?
- Which submarket will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?