Injection Pen Market By Type (Disposable injection pen, Reusable injection pen), By Therapy (Diabetes, Growth Hormone, Osteoporosis, Fertility, Others), By End Users (Home-care Settings, Hospital and clinics): Global Opportunity Analysis and Industry Forecast, 2021-2031
The injection pen market valued for $37,899.00 million in 2021 and is estimated to reach $80,511.51 million by 2031, exhibiting a CAGR of 7.8% from 2022 to 2031. An injection pen is a medical device used to administer injections. It consists of a needle, a syringe and a pen-like device with a plunger that controls the amount of medication administered. The injection pen is designed to administer injections conveniently. It is commonly used to administer insulin and other medications. It is available in disposable and reusable type in the market. Disposable pens are preloaded with drug and are thrown away after the drug cartridge is empty. Whereas, reusable pens work with drug cartridges that can be loaded into the pen and then thrown away once the drug is used, leaving the pen ready for the next cartridge.
The key factor that drives the growth of the injection pen market is the rise in the prevalence of chronic disease such as diabetes, osteoporosis, cardiovascular diseases, and multiple sclerosis, and surge in geriatric population. In addition, chronic diseases are the leading cause of death worldwide, and their prevalence is increasing due to lifestyle changes, aging population, and unhealthy diets. For instance, according to the Centers for Disease Control and Prevention (CDC), an estimated 117 million U.S. adults (47.4%) have at least one chronic health condition as of 2021. The most prevalent chronic diseases are, heart disease (affecting 45.8 million people), arthritis (affecting 43.4 million people), diabetes (affecting 34.2 million people), high blood pressure (affecting 33.5 million people), cancer (affecting 13.7 million people), and various others such as asthma, stroke kidney disease and Alzheimer's disease. Thus, surge in prevalence of chronic diseases, has increased the focus on the technologically advanced injection pen that is anticipated to boost the growth of the market.
However, high cost of injection pen in some regions such as North America and availability of alternative methods for drug delivery restrain the growth of the market. Conversely, rise in prevalence of chronic diseases and increase in demand for injection pen for insulin from emerging economies owing to rise in diabetic cases may open up new market potential for injection pen and is expected to provide a lucrative opportunity for the growth of the market during the forecast period.
North America accounted for a majority of the injection pen market share in 2021 and is anticipated to remain dominant during the forecast period. The injection pen market is mainly driven by high disposable income, and strong medical infrastructure. In addition, the region has a well-established pharmaceutical industry and a high level of healthcare awareness, which has enabled it to develop and implement innovative technologies, such as injection pens, for a wide range of therapeutic applications. Furthermore, the increase in number of key market players such as Sanofi, Eli Lilly, Novo Nordisk, and Becton Dickinson, which have invested heavily in research and development to come up with innovative products to provide a wide range of injection pen is expected to fuel the market growth in this region.
Asia-Pacific is expected to register the fastest CAGR during the forecast period. This is due to the presence of a rapidly growing geriatric population, rise in incidences of chronic diseases such as diabetes, surge in income, increase in demand for medical products, and improvement in the healthcare infrastructure. In addition, Asia-Pacific is a home to major drug and medical device manufacturers, leading to increased production of high-quality injection pens that drives the growth of the market.
The injection pen market is segmented on the basis of type, therapy, end user, and region. By type, the market is divided into disposable injection pen and reusable injection pen. By therapy the market is bifurcated into diabetes, growth hormone, osteoporosis, fertility, and others. By end user, it is categorized into home-care settings and hospital & clinics. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players that operate in the injection pen market are Eli Lily and Company, Novo Nordisk A/S, Sanofi, Biocon, AstraZeneca, Pfizer Inc, Becton, Dickinson and Company, Ypsomed AG, Novartis AG and Merck KGaA.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the injection pen market analysis from 2021 to 2031 to identify the prevailing injection pen market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the injection pen market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global injection pen market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TherapyGrowth Hormone
Osteoporosis
Fertility
Others
Diabetes
By End UsersHome-care Settings
Hospital and clinics
By TypeDisposable injection pen
Reusable injection pen
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
Japan
China
Australia
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
AstraZeneca
Ypsomed AG
Becton, Dickinson and Company
Pfizer Inc.
Novartis AG
Sanofi
Eli Lilly and Company
Merck Group
Novo Nordisk A/S
Biocon
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