The global injection pen market is poised for significant growth, with projections indicating a robust compound annual growth rate (CAGR) of 7.0% from 2022 to 2033. The market is expected to escalate from USD 40.7 billion in 2022 to an impressive USD 85.8 billion by the end of 2033, according to a recent report by Future Market Insights.
The historical analysis reveals a steady market trajectory, with the injection pen sector achieving a CAGR of 6.4% from 2017 to 2022, culminating in a market value of USD 43.4 billion in 2023. This upward trend is largely driven by an increasing incidence of needle-stick injuries, resulting in heightened demand for injection pens over traditional vial and needle methods.
Several factors are fueling the growth of the injection pen market, including the surging prevalence of chronic diseases, favorable reimbursement policies, and robust governmental support. Additionally, the landscape is witnessing a rise in regulatory approvals alongside technological advancements, further propelling market expansion.
Diabetes remains a leading global health challenge, significantly influencing the injection pen market. As the primary cause of death worldwide, the escalating number of diabetic patients across all demographics underscores the growing reliance on injection pens for effective and accurate insulin delivery. According to the World Health Organization, injection pens are increasingly recognized as an ideal solution for managing chronic conditions that necessitate frequent medication administration.
The adoption of injection pens has rapidly eclipsed other delivery methods, establishing them as the primary standard for injectable medications. Their convenience and user-friendly design allow patients to administer doses independently, without the need for professional medical assistance. Notable technological advancements include insulin pen caps equipped with sensors to monitor usage temperature and insulin pen adaptors capable of scanning and quantifying the amount of insulin remaining.
Moreover, the affordability of injection pens enhances accessibility, making them suitable for a diverse range of patients across various regions. The market offers two main categories: reusable injection pens and disposable injection pens, with many patients favoring prefilled, disposable options due to their ease of use.
As the injection pen market continues to evolve, stakeholders and consumers alike can anticipate a future characterized by innovation and improved health outcomes.
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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