The global injection pen market is on track for substantial growth, with a forecasted compound annual growth rate (CAGR) of 7.0% from 2022 to 2033. According to a recent report by Future Market Insights, the market is expected to surge from USD 40.7 billion in 2022 to USD 85.8 billion by 2033, driven by a combination of technological advancements, rising chronic disease prevalence, and increased adoption of injection pens over traditional needle-and-vial methods.
This growth comes on the back of a steady market performance from 2017 to 2022, where the injection pen sector achieved a CAGR of 6.4%, reaching a value of USD 43.4 billion in 2023. The demand for injection pens is largely fueled by the rising incidence of needle-stick injuries, which has prompted healthcare providers and patients to increasingly favor injection pens for their safety and convenience.
Several key factors are accelerating the growth of the injection pen market. These include the increasing global burden of chronic diseases such as diabetes, favorable reimbursement policies, and strong governmental support for patient-centric medical solutions. Furthermore, the market is benefiting from continuous regulatory approvals and technological innovations that enhance the functionality and ease of use of injection pens.
Diabetes remains the dominant driver for the injection pen market. As one of the leading causes of death worldwide, the growing number of diabetic patients across all demographics has created a surge in demand for reliable and easy-to-use insulin delivery solutions. The World Health Organization (WHO) emphasizes that injection pens are an ideal choice for managing chronic conditions that require frequent medication administration, particularly for diabetic patients.
Technological advancements in the injection pen market are further contributing to its growth. Features such as insulin pen caps with sensors to monitor temperature and insulin pen adaptors capable of scanning and quantifying the remaining insulin are revolutionizing the user experience. Moreover, the affordability of injection pens enhances accessibility, allowing a broader range of patients to benefit from their convenience.
The market is categorized into two primary segments: reusable and disposable injection pens, with prefilled disposable pens gaining popularity for their ease of use and convenience. These pens allow patients to administer doses independently without the need for medical assistance, making them a preferred option for home care.
As the injection pen market continues to evolve, stakeholders and consumers can expect an exciting future filled with innovation and improved health outcomes. With ongoing advancements and a growing patient base, injection pens are poised to remain a cornerstone of modern healthcare delivery.
Key Takeaways:
- The growing geriatric population worldwide is anticipated to create robust growth opportunities for the injection pen market across the projection period. With aging, a rapid decrease in overall immunity is visible, resulting in several health issues in individuals including chronic diseases such as cardiovascular diseases and diabetes.
- According to the estimations conducted by the World Health Organization, it estimated that around 80% of older people would reside in low-and-middle-income nations. The population is aging considerably more quickly over the past few years.
- In 2020, there were more individuals over the age of 60 than under five-year-old. The number of individuals over 60 in the world will increase from 12% to 22% between 2015 and 2050.
- The global injection pen market is expanding as a result of rising healthcare expenditure and increased public awareness of the availability of novel and convenient injection pens. In addition to that, increased prevalence of chronic diseases like cancer and autoimmune diseases. The International Agency for Research on Cancer stated that there were about more than 19.3 million cancer cases and 10 million cancer-related deaths worldwide in 2020.
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Competitive Landscape:
The injection pen market is known as a highly competitive market and consists of numerous established companies. To increase their position in the market, key players have been adopting methods such as product launches and certification/ product approvals for a new products.
Recent Market Developments:
- In Nov 2020, the launch of the InPen coupled with real-time1 Guardian Connect CGM data was announced by Medtronic plc.
- In April 2020, Dupixent, a novel prefilled pen from Sanofi that treats patients with atopic dermatitis, chronic rhinosinusitis, and asthma at home, received FDA approval in the U.S.
Key Companies Profiled:
- Novo Nordisk A/S
- Medtronic plc
- Becton, Dickinson and Company
- Sanofi
- Eli Lilly and Company
- Merck
- AstraZeneca
- Hoffmann-La Roche Ltd.
- Owen Mumford Ltd
- Ypsomed AG
- Terumo Medical Corporation
- Braun Medical
- Sun Pharmaceutical Industries Ltd.
Key Segments Covered in Injection Pen Industry Research:
By Product:
- Disposable Injection Pens
- Reusable Injection Pens
By Indication:
- Anaphylaxis
- Diabetes
- Cardiovascular Diseases
- Multiple Sclerosis
- Rheumatoid Arthritis
- Cancer
- Others
By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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