Insights into the Global Injection Pen Market: Analyzing Market Size, Growth Drivers, and Competitive Landscape
The worldwide injection pen market is projected to grow from USD 46.18 Billion in 2022 to USD 74.4 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.5% during the forecast period.
The Injection Pen Market is experiencing significant growth,
driven by advancements in drug delivery technologies and the rising prevalence
of chronic diseases. Auto-injector pens and injectable pens are key players in
this expanding market, offering patients a convenient and user-friendly way to
self-administer medications.
Auto-injector
pens,
a subcategory of injection pens, have gained popularity due to their ease of
use and precise dosage delivery. These devices are designed for both home and
clinical settings, empowering patients with greater control over their
treatment regimens. The demand for auto-injector pens is fueled by the
increasing incidence of autoimmune diseases, diabetes, and rheumatoid arthritis.
Injectable pens, another crucial segment in the market,
provide a versatile solution for a wide range of therapeutic applications.
These pens are equipped with pre-filled cartridges, simplifying the
administration of various medications. The growing acceptance of injectable
pens is attributed to their portability, minimizing the need for traditional
vial and syringe methods.
The Injection Pen Market is evolving with a focus on enhancing
patient experience and treatment adherence. Auto-injector pens and injectable
pens are at the forefront of this transformation, meeting the demands of an
expanding patient population seeking efficient and user-friendly drug delivery
solutions. As the healthcare landscape continues to evolve, the injection pen market
is poised for sustained growth with these innovative devices at the forefront
of medical advancements.
Major Key Players:
Some
of the Injection Pen Companies include Novo Nordisk, Sanofi,
Ypsomed, F. Hoffman-La Roche, Owen Mumford, Pfizer, Jiangsu Delfu Medical
Device Co. Ltd., Biocon Ltd., Haselmeier, Novartis, Becton Dickinson and
Company, AstraZeneca, Merck, and Eli Lilly.
Segment Analysis
The global injection pen market is segmented on the
basis of type, product, therapy, distribution channel, end user, and region.
On the basis of type, the injection pen market is
classified into disposable injection pens and reusable injection pens.
The global injection pen market is segmented into
insulin pens and pen needles on the basis of product.
On the basis of therapy, the injection pen market is
segmented into diabetes, growth hormone therapy, fertility, osteoporosis,
multiple sclerosis, cardiovascular diseases, rheumatoid arthritis, obesity,
Crohn’s disease, cancer, diabetes injection pen and others. The diabetes
segment is further segmented into insulin and GLP-1.
On the basis of distribution channel, the injection
pen market is segmented into hospital pharmacies, retail pharmacies, online
medical stores, and diabetes clinics.
On the basis of end user, the global injection pen
market is segmented into home care and hospitals and clinics.
Recent Development:
March 2023: Patient out-of-pocket expenditures for
Eli Lilly and Company's most widely prescribed insulins will be capped at $35
or less per month, according to an increase in the company's Insulin Value
Program, which was announced in March 2023. These steps are being taken by
Lilly to assist Americans who may have trouble obtaining inexpensive insulin
due to the complexity of the current healthcare system.
July 2023: Injector pens for the low-cost insulins
produced by Civica, Inc. will be manufactured and supplied by Ypsomed AG
beginning in July 2023. Prior to this announcement, Civica stated that it
planned to manufacture three insulin biosimilars: glargine, lispro, and aspart.
Both vials and prefilled pens will be made available for purchase. The business
hopes to sell the insulins at far lower prices than the competition. Civica
will be able to help make self-administered treatment more affordable for
Americans with diabetes with the assistance of Ypsomed, a recognized injectable
device specialist with over 35 years of experience.
Regional Analysis
The global injection pen market
is segmented by region into the Americas, Europe, Asia Pacific, and the Middle
East and Africa.
The Americas is likely to remain
the leading geographical segment of the global injection pen market over the
forecast period due to the widespread adoption of injection pens and the
growing popularity of injection pens in the healthcare sector. The growing
presence of major market players in the U.S. and Canada is also conducive to
steady growth of the injection market in the Americas.
Europe is also a major regional
market for injection pen technology and is likely to remain a major revenue
generator over the forecast period due to the growing economic burden of
diabetes, which has driven the demand for more convenient and effective ways to
manage diabetes. The advanced healthcare and medical devices sector in Europe
is likely to be a major driver for the injection pen market in the region over
the forecast period.
medical vending machines Market
Medical device testing services Market
For More Information, Please Visit @ Market Research
Future
Comments
Post a Comment