Injection Pen Market Size to Surpass Around US$ 79.3 Bn by 2030
According to Precedence Research, the injection pen market size is expected to surpass around US$ 79.3 billion by 2030 from at US$ 37.72 billion in 2021, growing at a CAGR of 6.7% from 2021 to 2030.
Ottawa, Jan. 28, 2022 (GLOBE NEWSWIRE) -- The global *injection pen market* is significantly driven by several factors such as rising prevalence of various chronic diseases, technological advancements in the drug delivery devices, development of innovative drugs, and rising awareness regarding the availability of innovative drugs and drug delivery devices among the population. The regulatory framework of the government regarding the approvals and reimbursement policies is playing a crucial role in the growth of the market. Moreover, the rising number of diabetic population and growing demand for the convenient and easy to use drug delivery solutions at homecare setting is fueling the demand for the injection pen market across the globe.*Get the Report Sample Copy@* *https://www.precedenceresearch.com/sample/1497*
*Report Highlights*
· Based on the product type, the disposable segment dominated the market in 2020. The more safety associated with the disposable needles and prevention of blood-borne diseases is the major factors that have driven the demand for the disposable injection pens across the globe.
· Based on the therapy, the diabetes segment dominated the injection pen market in 2020. The increased demand for the injection pens among the diabetic population for the regular maintenance of blood glucose levels has fostered the growth. The rising prevalence of diabetes is expected to further boost the growth of this segment. According to the International diabetes federation, the global diabetic population is estimated to reach at 783 million by 2045.
· Based on the end user, the homecare segment was the leading the market in 2020. The convenience and easy-to-use feature of the injection pens has enabled the patients to self-inject drugs without any medical assistance at home. This saves the cost for the patients.
*Report Scope of the Injection Pen Market*
*Report Highlights* * Details*
Market Size US$ 79.3 Billion by 2030
CAGR 6.7% from 2021 to 2030
Fastest Growing Region Asia Pacific
Base Year 2021
Forecast Period 2021 to 2030
Companies Covered Eli Lilly, Novo Nordisk, F.Hoffman-La Roche, Sanofi, Merck, AstraZeneca, Haselmeier, Ypsomed, Becton Dickinson and Company, Novartis, Owen Mumford, Pfizer, WOCKHARDT, Companion Medical
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*Regional Snapshot*
North America dominated the global injection pen market. The increased prevalence of non-communicable diseases among the US population is a significant driver of the market. Around 60% of the US population is suffering from one or more chronic diseases. The increased healthcare expenditure and easy availability of the injection pen has fostered the demand for the injection pen across North America. Moreover, the presence of geriatric population, who are more susceptible to various chronic diseases are resulting in the bolstering demand for the injection pens. The increased adoption rate of the technologically advanced healthcare devices in the region coupled with the active participation of the government authorities in certifying the new drugs and drug delivery devices have contributed in the market growth.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. This can be attributed to the rising burden of chronic diseases among the population. According to the International Diabetes Federation, 3 in 4 diabetes affected people live in low and middle income countries. Moreover, according to the United Nations, 80% of the global geriatric population will be living in the low and middle income countries by 2050. The rising disposable income, growing healthcare expenditure, rising awareness regarding the innovative drug delivery devices, and increasing investments in the development of advanced healthcare infrastructure are the major driving factors of the Asia Pacific injection pen market.
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*Market Dynamics*
*Driver*
*Rapidly growing prevalence of chronic diseases*
According to the International Agency for Research on Cancer, in 2020, around 19.3 million new cancer cases and 10 million cancer deaths were reported across the globe. This number is expected to rise by 47% from 2020 to 2040. According to the International Diabetes Federation, currently around 537 million people are living with diabetes and this number is expected to reach at 783 million by 2045. Moreover, cardiovascular diseases accounts for 17.9 million of the global deaths and it is the leading cause of death across the globe. Therefore, the growing incidences of chronic diseases is expected to augment the demand for the injection pens across the globe.
*Restraints*
*Availability of alternative drug delivery solutions*
The growing number of needle stick injuries is compelling the consumers to opt for needle free drug delivery devices. Moreover, the rising preferences for the insulin pumps over insulin pens due to the growing needle stick anxiety may decrease the demand for the injection pens. This is a major factors that may hinder the growth of the global injection pen market during the forecast period.
*Opportunity*
*Growing demand for the **biosimilars*
The development of various biosimilar drugs for the treatment of diseases such as diabetes, cancer, CVD, and autoimmune diseases is gaining rapid traction. The biosimilar drugs are expected to drive the growth of the injection pen market in the forthcoming years as the biosimilar drugs is expected to provide new growth aspects to the market players. Moreover, the regulatory authorities like EMA and FDA are actively participating in the clinical trials, product development, and approvals.
*Challenge*
*Improper use may give rise to needle stick injuries*
The lack of proper education and proper use of the injection pens may result in the overdose of the drugs and needle stick injuries to the patients. Moreover, there is a risk of getting affected by blood-borne diseases due to the injection pens. This poses a major threat to the injection pen market, as the aforementioned factors may result in the decline in the demand for the injection pens.
*Related Reports*
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*Segments Covered in the Report*
*By Product Type*
· Reusable
· Disposable
*By Therapy*
· Diabetes
· Cancer
· Osteoporosis
· Autoimmune Diseases
· Growth Hormone Therapy
· Multiple Sclerosis
· Fertility
· Cardiovascular Diseases
· Others
*By End User*
· Hospitals & Diagnostic Centers
· Homecare
*By Geography*
· North America
· Europe
· Asia Pacific
· Latin America
· Middle East & Africa (MEA)
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