The global Injection Pen Market is anticipated to create a positive outlook for the market by registering a CAGR of 7.0% from 2022 to 2033. The global market is expected to reach a market valuation of US$ 85.8 billion by the end of 2033, up from the US$ 40.7 billion that was recorded for 2022.
As per the historical analysis, Future Market Insights registered a CAGR of 6.4% from 2017 to 2022 and reached a market value of US$ 40.7 billion in 2022. Due to a significant rise in the incidence of needle sticks, there is a greater demand for injection pens over conventional vial and needle procedures, which is encouraging the market to grow.
Surging numbers of chronic diseases, favorable reimbursement, and support from the government are expected to drive market growth. Furthermore, a growing number of regulatory approvals and technological advancements in the injectable pens market are predicted to augment growth in the market. Diabetes is considered the primary cause of death all over the world. As a result, the market for injection pens is being driven by the rising number of diabetic patients of all ages around the world as well as the ease of use and accuracy of insulin doses. As per the estimations by World Health Organization, injection pens are considered the ideal option as chronic conditions require frequent medication administration.
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Injection pens have drastically replaced other delivery methods for injectable medications as the primary standard. Their popularity has surged significantly as a result of their convenience and ability to be administered directly by the patient without a medical professional’s assistance. Technological developments comprise a cap for insulin pens with a sensor to monitor pen usage temperature. The insulin pen adaptor has a capability that can scan an object and determine the amount of insulin present. The affordable pricing of injection pens makes them more accessible to people of all ages and geographies. Most injectable pens fall into two categories, reusable injection pens or disposable injection pens. A large number of patients prefer using prefilled injectable pens, which are disposable, to administer medications because of their convenience.
Key Takeaways
- The growing geriatric population worldwide is anticipated to create robust growth opportunities for the Needle 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.
Key Market Players:
- 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.
More Insights into the Injection Pen Market
The North American market is anticipated to dominate the global injection pen market by registering a CAGR of 28.9% by the end of 2023. The growth in the region is attributed to the surging incidence of non-communicable diseases in the USA, comprising diabetes, cancer, cardiovascular disease, and multiple sclerosis have uplifted the market. The use of injectable pens has expanded as a result of the rising prevalence of diabetes in the general population.
The European region is anticipated to create robust growth in the market over the forecast period. Germany is set to account for around 5.5% share in the global injection pen market in 2023.
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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
Have a Look at Related Research Reports of the Healthcare Domain:
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- https://social.kubo.chat/read-blog/2297
- https://viewfromabove.mn.co/posts/33448734
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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