NEW
YORK, July 31, 2024 /PRNewswire/ -- The
global injection pen market size is estimated to grow by
USD 25.51 bn from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 8.13% during the forecast period. Rising prevalence of chronic
diseases is driving market growth, with a trend
towards significant rise in demand for insulin pens.
However, side-effects of injection pens poses a challenge. Key
market players include AstraZeneca Plc, Becton Dickinson and Co., Biocon Ltd., Eli Lilly
and Co., F. Hoffmann La Roche Ltd., Gan and Lee Pharmaceuticals Co.
Ltd., Gerresheimer AG, GlaxoSmithKline Plc, Harro Hofliger GmbH,
Haselmeier GmbH, Jiangsu Delfu medical device Co. Ltd., Merck KGaA,
Novartis AG, Novo Nordisk AS, Owen Mumford Ltd., Pfizer Inc.,
Sanofi, Solteam Electronics Co LTD., Viatris Inc., and Ypsomed
Holding AG.
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Injection Pen Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
8.13%
|
Market growth
2024-2028
|
USD 25.51
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
7.54
|
Regional
analysis
|
North America, Europe,
Asia, and Rest of World (ROW)
|
Performing market
contribution
|
North America at
44%
|
Key
countries
|
US, Canada, China,
Germany, and UK
|
Key companies
profiled
|
AstraZeneca Plc, Becton
Dickinson and Co., Biocon Ltd., Eli Lilly and Co., F. Hoffmann La
Roche Ltd., Gan and Lee Pharmaceuticals Co. Ltd., Gerresheimer AG,
GlaxoSmithKline Plc, Harro Hofliger GmbH, Haselmeier GmbH, Jiangsu
Delfu medical device Co. Ltd., Merck KGaA, Novartis AG, Novo
Nordisk AS, Owen Mumford Ltd., Pfizer Inc., Sanofi, Solteam
Electronics Co LTD., Viatris Inc., and Ypsomed Holding
AG
|
Market Driver
Injection pens have revolutionized insulin therapy for people
with diabetes, offering several advantages over traditional
syringes and vials. These devices are easy to use, making them
suitable for older adults and children. With small and thin
needles, they alleviate needle phobia and fear of pain. Injection
pens come with prefilled and pre-set insulin levels, saving time
and providing accuracy. Many patients prefer disposable pens for
their convenience and ease of use. For specific patient groups,
such as children with type-1 diabetes and insulin-sensitive
patients, injection pens are the ideal choice due to their ability
to deliver precise half-unit doses. For instance, the LUXURA HD pen
by Eli Lilly delivers accurate and precise insulin doses. The use
of injection pens has increased patient confidence in administering
insulin and improved compliance and adherence to treatment
regimens. These factors have driven market growth for injection
pens during the forecast period.
The injection pen market is experiencing significant growth due
to the rising prevalence of chronic diseases such as diabetes,
osteoporosis, cardiovascular disease, multiple sclerosis, and
cancer in the geriatric population. Regulatory approvals for new
injector pens and needle-free devices continue to drive market
expansion. Reimbursement scenarios remain a challenge in some
regions, but government support and insurance company
collaborations are helping to address this issue. Technological
advancements, including Bluetooth technology and automated
injection pens, are improving patient compliance. Biosimilars and
developing regions, including emerging economies, are also
contributing to market growth. Companies like Medtronic Plc are
leading the way with innovative products like the InPen. Despite
these positives, challenges such as poor reimbursement scenarios,
needle anxiety, and needle-stick injuries persist. The market is
expected to continue growing during the forecast period, with
disposable and reusable pens, medical devices like needles,
syringes, plungers, insulin, drug cartridges, and growth hormones
all playing key roles.
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Market Challenges
- Injection pens are widely used medical devices for delivering
medication, particularly for chronic conditions like diabetes and
multiple sclerosis. However, they come with potential side effects
that can impact their adoption. Common injection site reactions
include redness, swelling, itching, and pain. Multiple sclerosis
patients using injection pens face additional risks, such as severe
hepatic injury and anaphylaxis. Other allergic reactions include
dyspnea, bronchospasm, tongue edema, skin rash, and urticaria.
These side effects may discourage patients from continuing use and
opt for alternative treatments with fewer side effects.
Consequently, the injection pen market growth may be hindered due
to these associated health risks during the forecast period.
- The injection pen market is experiencing significant growth due
to the increasing prevalence of chronic diseases like diabetes and
cancer in wealthy nations with aging populations. Automated
injection pens offer medical professionals and patients ease of
use, precision, and safety in medication delivery. However,
affordability remains a challenge for some, particularly for
disposable insulin pens and pen needles. Major players in the
market include insulin pens, with insulin dosage enhancements and
simplicity of use as key advantages. The prevalence of diabetes,
kidney failure, blindness, stroke, and cardiovascular illnesses,
leading to death worldwide, necessitates rapid adoption of these
devices. Hospitals and pharmacies are driving the market, with
government initiatives and healthcare infrastructure investments
further fueling growth. Diabetes patients, especially those with
disposable income and consumer knowledge, are the primary
consumers. Safety and affordability are ongoing concerns, with
ongoing enhancements to address these challenges. The World Health
Organization emphasizes the importance of access to these devices
for managing chronic diseases.
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Segment Overview
This injection pen market report extensively covers market
segmentation by
- Product
- 1.1 Growth hormone
- 1.2 Diabetes
- 1.3 Fertility
- 1.4 Osteoporosis
- 1.5 Others
- Type
- 2.1 Disposable injection pen
- 2.2 Reusable injection pen
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 Asia
- 3.4 Rest of World (ROW)
1.1 Growth hormone- Human growth hormone deficiency, a
condition that impairs natural growth in some individuals,
particularly those identified in the pediatric age group, is a
significant driver for the injection pen market. This condition,
which can be present at birth or caused by medical conditions or
injuries, affects the ability of the body to produce enough human
growth hormone. The expanding pool of patients with Turner and
Noonan syndromes, which are common causes of human growth hormone
deficiency, is fueling the demand for effective treatment methods
and growth hormone drugs. The injection pen is an essential tool
for administering these treatments, making it a crucial component
of the market growth during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The injection pen market is experiencing significant growth due
to the rising prevalence of chronic diseases such as diabetes,
osteoporosis, cardiovascular disease (CVD), multiple sclerosis, and
cancer. Regulatory approvals for new injector pens and
technological advancements, including needle-free devices, are
driving innovation in the market. However, poor reimbursement
scenarios and needle anxiety remain challenges. Developing regions
offer opportunities for growth, but governments and insurance
companies must provide support to ensure affordability and
accessibility. Key factors include medical device components such
as needles, syringes, plungers, insulin, drug cartridges, and
biosimilars. Needle-stick injuries are a safety concern, and
governments and companies are working to mitigate risks. The market
is expected to continue expanding, with a focus on patient
compliance and improving the user experience.
Market Research Overview
The injection pen market is witnessing significant growth due to
the rising prevalence of chronic diseases such as diabetes,
osteoporosis, cardiovascular disease (CVD), multiple sclerosis, and
cancer in the geriatric population. Regulatory approvals and
government support for the use of injector pens in home-care
settings and hospitals & clinics are driving market growth.
Technological advancements, including needle-free devices,
Bluetooth technology, and automated injection pens, are enhancing
patient compliance and ease of use. However, poor reimbursement
scenarios and needle anxiety are challenges limiting market growth.
Developing regions and emerging economies offer significant
opportunities for market expansion during the forecast period. Key
factors fueling market growth include the increasing patient pool,
treatment adherence, and the convenience, precision, and safety of
injector pens. Major players include insulin, drugs, medical device
companies, insurance companies, and governments. Affordability and
safety remain major concerns for patients and healthcare providers
alike.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Growth Hormone
- Diabetes
- Fertility
- Osteoporosis
- Others
- Type
-
- Disposable Injection Pen
- Reusable Injection Pen
- Geography
-
- North America
- Europe
- Asia
- Rest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio