Injection Pen Market: Notable Developments & Geographical Outlook
|
Attributes |
Details |
|
Injection Pen Market CAGR (2022 – 2032) |
7% |
|
Injection Pen Market (2026) |
US$ 53 Bn Injection Pen Market Attraction |
|
Injection Pen Market Attraction |
Reimbursements and technological development in injection
pen to boost adoption. |
An increased preference for injectable pens over the
traditional vial and needle approach, which is being driven by an increase in
the number of needlestick injuries, is a significant factor contributing
to injection pen market growth.
As per the injection pen market study, sales of
injection pens spike owing to the surging popularity of injection pens
facilitated by advances in delivery device technology.
The study finds that the injection pen market size expands
to a considerable extent as healthcare businesses are growing in response to
rising medical needs.
The least amount of difficulty and inconvenience associated
with injection pens to deliver drugs into the body is predicted to surge
the demand for injections pens.
Given that many chronic illness implants are biologics, the
expiration of copyrights, increasing funding agencies, and growing support from
governments and insurance companies present a new horizon of injection
pen market opportunities.
Needlestick anxiety and injury caused by injection
pen needles are the main deterrents to using injection pens. As a
result, there are a variety of needle-free devices that have the added benefit
of not causing needle anxiety, which is an impediment to the adoption
of injection pens.
Moreover, insulin injection pen therapy
has also been linked to hyperglycemia in some patients due to the inability to
control the dose, on account of which people worldwide are having second
thoughts, which in turn impacts the injection pen adoption trends negatively.
On account of the aforementioned factors, the injection
pen market is predicted to garner a revue of US$ 53 Bn by
2026.
Key Takeaways:
- The
disposable injection pens segment by type is expected to grow at the
fastest CAGR during the forecast period, owing to the reimbursement of
disposable pens, which have advantages such as the availability of portable
pen injectors coupled with low infection risk.
- On
account of the world's sizeable diabetic population and favorable
reimbursement policies for diabetes treatments in developed economies, the
diabetes segment is projected to dominate the market by therapy.
- Based
on end-use, the home care segment is likely to lead the market due to the
rising demand for self-administration drugs delivery devices such as self-injecting
insulin pens and the increasing prevalence of chronic diseases.
- Retail
pharmacies are anticipated to be at the forefront of the global
injection pen market by distribution channel as they are a
prominent chain of pharmacies around the world and enable proper
distribution, thereby providing patients with better access.
- The
Asia Pacific market is expected to proliferate, and the same can be
credited to the development of infrastructure and accurate dosage delivery
coupled with low injection pens price.
"North America is forecasted to dominate
the market, owing to an increase in the number of diabetic patients and the use
of injection pens in-home care settings. Furthermore, the region is likely to
elicit vital emerging trends in the injection pen market, and the presence
of key players offering various pen injection devices used for
autoimmune growth hormone is expected to fuel the region's market during the
forecast period." avers an FMI researcher.
Comparative View of Adjacent Injection Pen
Market
|
Attributes |
Injection Pen Market |
Lateral Flow Assays Market |
Patient Monitoring Devices Market |
|||
|
CAGR (2022 - 2032) |
7% |
|
2% |
|
9% |
|
|
Market Value (2026) |
US$ 53 Bn |
US$ 12.5 Bn |
US$ 60 Bn |
|||
|
Growth Factor |
Favorable reimbursement to boost market growth. |
Proclivity towards point-of-care testing to improve sales
potential. |
Rising number of clinical trials to increase adoption. |
|||
|
Opportunity |
Europe to hold abundant opportunities. |
Improving the accuracy of lateral flow assays to offer
opportunities. |
Asia Pacific to witness a surge in opportunities, owing
to less-stringent laws. |
|||
|
Key Trends |
Product launches and expansion to rule the market trends. |
Improvements in R&D capabilities to improve brand
recognition. |
Use of wireless devices will be a key trend for patient
care. |
|||
Competitive Landscape:
Eli Lilly and Company, Mylan N.V., Sanofi, AstraZeneca,
Owen Mumford Ltd., Novo Nordisk, Sandoz Inc., and GlaxoSmithKline plc are some
of the prominent players in the injection pen market.
Companies in the injection pen market are focusing on
increasing their injection pen market share through global
collaborations, thereby influencing the injection pen market's future
trends.
Legions of companies are using mergers and acquisitions as
key strategic moves to expand and strengthen their global presence.
Aside from that, product launches have remained an
important approach for players.
Recent Developments in the Injection Pen Market are:
- Becton,
Dickinson and Company, a leading global medical technology company, has
received 510(k) clearance from the U.S. Food and Drug Administration for
its second-generation B.D. Nano pen needle, which is designed for more
consistent subcutaneous injection depth.
- AbbVie
GK has announced the release of the HUMIRA auto-injector device.
HUMIRA is an anti-TNF-monoclonal antibody formulation that is entirely
human.
Browse More Details@ https://www.futuremarketinsights.com/reports/injection-pen-market
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