According to the report, the global injection pen market size surpassed at US$ 3.3 Bn in 2019 and to reach US$ 6.1 billion by 2027. It is projected to expand at a moderate CAGR from 2020 to 2027.
Injection pen device is used to deliver medicines for various indications, which makes the administration easier for patients. Major advantages include ready to use feature, accuracy, convenience, and ease of administration to patients. Switching from traditional vial & syringes to injection pens has brought about major satisfaction in patients, physicians, and nurses. Injection pen devices contain a reservoir and cartridge, which is either disposable or reusable. Disposable injection pen offers multiple doses to patients and incur chances of infections in patients.
The global injection pen market is driven by the rise in prevalence of diabetes across the globe. Furthermore, an increase in use of injection pens for growth hormone therapy is estimated to boost the global market. The prescription of growth hormone injection treatment for children diagnosed with deficiency of growth hormone, turner syndrome, and other conditions has increased, which is expected to boost the injection pen market during the forecast period. The pediatric endocrine society published new guidelines for use of growth hormone for indications with growth hormone deficiency, idiopathic short stature ( ISS), and IGF-I deficiency in pediatric patients. This demand is estimated to drive the injection pen market during the forecast period.
North America dominated the global injection pen market in 2019, followed by Europe and Asia Pacific. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. North America’s dominance can be ascribed to technological advancements, launch of injection pens, rising patient burden of diabetes, need of injection pens as a growth hormone therapy, and their usage in autoimmune diseases and other chronic diseases in delivering medications.
Rise in Prevalence of Diabetes to Drive Global Market
The increase in cases of diabetes leading to a rise in patient burden is estimated to propel the injection pen market. The prevalence of diabetes across the globe was estimated to be around 463 million in 2019. It is expected to affect around 700 million by 2045. The rate of prevalence of diabetes is projected to reach 51% by 2045. The number of diabetic patients is likely to rise at a rapid pace, thereby fueling the demand for insulin pens. Prominent players such as Eli Lilly and Company, Novo Nordisk, Owen Mumford, Haselmeier, and Gerresheimer AG who are introducing insulin pens for the treatment of diabetic indication are estimated to propel the injection pen market during the forecast period.
Insulin pens are likely to cause lesser complications as compared to other vial and syringe techniques, and enable patients to adhere to the product as per convenience and usage. Insulin pen devices improve patient satisfaction, offer superior accuracy, and efficient delivery of smaller doses of insulin. This is expected to propel the injection pen market.
Injection Pen Market: Prominent Regions
The global injection pen market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global injection pen market in 2019, followed by Europe and Asia Pacific. According to statistics, an increase in prevalence and incidence of diabetes in Asia Pacific is also a key factor boosting the injection pen market in the region. As per the American Diabetes Association (AMA), in 2018, 34.2 million people in the U.S., or 10.5% of the population were estimated to be suffering from diabetes. Among them, 1.6 million people were suffering from Type 1 diabetes, which included 187,000 children and adolescents.
The rise in prevalence of other chronic diseases, need for growth hormone therapy, and other autoimmune diseases is also likely to propel the injection pen market.
The injection pen market in Asia Pacific is anticipated to expand at a notable CAGR from 2020 to 2030. The expansion of the market in the region can be attributed to an increase in prevalence and incidence rate of diabetes during the forecast period. According to the IDF Diabetes Atlas, in 2019, an estimated 136.5 million adults were living with diabetes in Asia Pacific.
Expansion of Product Offerings and Geographic Presence by Key Players to Drive Global Market
The global injection pen market is consolidated in terms of number of players. The market is dominated by key players with robust geographic presence and strong product offerings. Leading players operating in the global injection pen market include Eli Lilly, Novo Nordisk, Owen Mumford, Sanofi, F. Hoffman-La Roche, Merck Group, Haselmeier, Gerresheimer AG, BD, and AstraZeneca. Major initiatives by prominent players have led to the launch of new products amid the rapidly rising burden of the COVID-19 pandemic.
In July 2020, Owen Mumford developed a new safety pen needle “Ateria SafeControl”, which would support patients and HCPs for administering medication, thereby reducing insulin error. The launch of safety pen needle would support the Insulin Safety Week Campaign, which is likely to create awareness about the risks of using pen needles and address the challenges by controlling the delivery of correct dosages.
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Scope of the Report
VRR’s report on the global injection pen market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the overall revenue of the global injection pen market for the period 2018–2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global injection pen market for the forecast period.
The report has been prepared after an extensive research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global injection pen market.
Secondary research also included Internet sources, statistical data from government agencies, websites, and trade associations. Analysts also employed a combination of the top-down and bottom-up approaches to study various phenomena in the global injection pen market.
The report comprises an elaborate executive summary, along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Additionally, the report sheds light on the changing competitive dynamics in the global injection pen market. These indices serve as valuable tools for existing market players as well as for entities interested in participating in the global injection pen market. The next section of the global injection pen market report highlights the USPs, which include rising incidences & prevalence of diabetes, growing prevalence of chronic diseases, and COVID-19 pandemic impact on global Injection Pen market
The report delves into the competition landscape of the global injection pen market. Key players operating in the global injection pen market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players profiled in the global injection pen market report.
Key Questions Answered in Injection Pen Market Report
Research Objectives and Research Approach
The comprehensive report on the global injection pen market begins with an overview of the market, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives of the study and healthcare compliances laid down by accredited agencies in the purview of research in the global injection pen market. It is followed by market introduction, market dynamics, and an overview of the global injection pen market, which includes TMR analysis of market drivers, restraints, and trends affecting the growth of the market. Furthermore, Y-o-Y analysis with elaborate insights has been provided to understand the Y-o-Y trends of the global injection pen market. The next section of the global injection pen market report highlights the USPs, which includes key industry events and developments, rising incidences & prevalence of diabetes, growing prevalence of chronic diseases, and COVID-19 pandemic impact on the global injection pen market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller ones. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed in the compilation. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
Revenue generated by key product manufacturers has been mapped to ascertain the size of the global injection pen market in terms of value. Pricing analysis taken into consideration to assess the volume of the injection pen market. The forecast presented here assesses the total revenue generated in the global injection pen market. In order to provide an accurate forecast, we initiated by sizing up the current Injection pen market with the help of the parent market.
The report analyzes the global injection pen market in terms of type, indication, distribution channel, and region. Key segments under each criteria have been studied at length, and the market share for each of these at the end of 2030 has been provided. These valuable insights would help market stakeholders in making informed business decisions for investments in the global injection pen market.
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