Injection Pen Market
Number of pages: 100 | Report Format: PDF | Published date: May 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 40.24 billion |
|
Revenue Forecast in 2031 |
US$ 72.14 billion |
|
CAGR |
6.7% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, End User, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global injection pen market was valued at US$ 40.24 billion in 2022 and is expected to register a revenue CAGR of 6.7% to reach US$ 72.14 billion by 2031.
Injection Pen Market Fundamentals
One of the most user-friendly and effective treatment options for various medical conditions, including diabetes, rheumatoid arthritis, obesity, and insulin deficiency, has emerged using injection pens. Over half of the insulin-related patients use injection pens extensively, which is anticipated to propel the global market in the coming years. In addition, it is anticipated that demand will continue to rise at a promising rate in the not-too-distant future as manufacturers operating in the current market landscape continues to concentrate on improving the design parameters of their injection pens. The performance and quality of insulin injection pens are expected to improve because of these factors, which in turn is expected to raise the global demand. The increase in the number of people experiencing diabetes and the development of infusion pens, especially in home consideration settings, are essential elements expected to impel the interest in infusion pens during the gauge time frame.
The global injection pen industry market report comprehensively analyzes the market, with the factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the Injection Pen market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the Injection Pen market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
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Injection Pen Market Dynamics
The global injectable pen market is growing rapidly due to the increased prevalence of chronic conditions such as cancer, diabetes, autoimmune disorders, and cardiovascular diseases. The International Agency for Research on Cancer estimated about 19.3 million new cancer cases and 10 million cancer-related deaths worldwide in 2020. The International Diabetes Federation estimates that 537 million people worldwide currently have diabetes, with 783 million anticipated to have the disease by 2045. The World Health Organization claims that diabetes significantly contributes to kidney failure, blindness, and stroke. Additionally, cardiovascular illnesses are the main cause of death worldwide, accounting for 32% of all fatalities. Therefore, it is anticipated that the global market for injectable pens will experience growth due to the rising prevalence of different chronic and non-communicable diseases among the population. Injectable pen technology advancements, including automated needle insertion and injection, reduced dose capacities, electronics, and the usage of needle safety measures, are projected to drive the market in addition to the prevalence of chronic diseases. Furthermore, straightforward reimbursement and increasing FDA authorization will support the global injectable pen market.
However, alternatives to injectable pen devices exist. The primary deterrents for injectable pens are fear of needle sticks and harm. Therefore, many needle-free devices have the extra benefit of not causing needle fear, which is a major barrier to the increased use of injectable medication therapies. Children's and adults' non-complacency is mostly related to the discomfort of the daily injections and the demands of long-term therapy.
Injection Pen Market Ecosystem
Injection Pen Market, by Type
Injection Pen Market, by Application
Injection Pen Market, by End User
Injection Pen Market by Type
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The disposable segment accounts for the largest global injection pen market revenue share, which can be attributed to the convenience and low cost of disposable injection pens. The disposable injection pens can be used only once, and it promotes safety against blood-borne diseases that occur through the injections' reusability. The disposable injectable pen market has expanded over the past few years as a result of factors like easy accessibility, greater consumer awareness, rising healthcare costs, and an increase in the prevalence of diseases linked to insulin use.
The market segmentation sections provide the injection pen market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as type, application, and end user. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential injection pen market demand opportunities.
Injection Pen Market by Region
North America accounts for the largest global injection pens market revenue share. The rising prevalence of non-communicable diseases, including diabetes, cancer, cardiovascular conditions, and multiple sclerosis in industrialized nations like the US and Canada, is to blame for this. The United States accounts for 32-34% of the global injection pens market. In the US, 34.2 million people had diabetes in 2020, while 88 million people had pre-diabetes, according to the US CDC. The use of injectable pens has increased as a result of the rising prevalence of diabetes among US citizens. The primary drivers of the expansion of the North American injection pen market include rising healthcare spending, improved knowledge of cutting-edge medication delivery systems, and the accessibility of injection pens and their cartridges.
Asia Pacific is estimated to register a high revenue CAGR during the forecast period. The rising prevalence of different chronic diseases in the population as a result of bad eating habits, inactivity, and rising alcohol and tobacco use among young people. The majority of chronic disease-related fatalities are reported in low- and middle-income nations, which presents a sizable growth opportunity for market participants in the Asia Pacific area.
Based on the regions, the global Injection Pen market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of Injection Pen industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level injection pen market overview.
Key Components of the Report
Injection Pen Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Injection Pen Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
An injection pen, also known as an injector pen or a prefilled pen, is a medical device used to deliver a dose of medication through injection. It is a compact, handheld device resembling a pen, with a cartridge or medication inside.
The total injection pen market size worldwide in 2022 was around US$ 40.24 billion.
North America would have the largest injection pen market size during the forecast period from 2023 to 2031.
The global injection pen is expected to grow at a revenue CAGR of 6.7% during the forecast period from 2023 to 2031.
The market size of the global injection pen market in 2031 is expected to reach US$ 72.14 billion.
Injection pens face competition from other drug delivery methods, such as oral medications, inhalers, and transdermal patches. These alternatives may be more convenient or more suitable for certain patient populations.
The rising incidence of chronic disease, the introduction of technologically advanced devices, and favorable reimbursements are some of the driving factors of the global injection pen market.
Novo Nordisk A/S, BD & Company, Eli Lilly and Company, Hoffman La Roche Ltd., and Ypsomed AG are some of the key players in the global injection pen market.
The disposable injection pen segment accounts for the highest share of the global injection pen market.
*Insights on financial performance are subject to the availability of information in the public domain