REPORT HIGHLIGHT
Injection pen market was valued at USD 34.51 billion by 2019, growing with 9.6% CAGR during the forecast period, 2020-2026
Market Dynamics
The growing incidence of diseases such as arthritis and diabetes, higher demand for advanced and safer drug delivery, and geographical expansions of market players are the major factors boosting the growth of the global injection pen market. In addition, the conventional means of injecting drugs, such as vials and syringes, are rapidly being swapped by novel methods such as drug delivery pumps and injectable pens that are known to be flexible and more convenient. Moreover, the growing prevalence of chronic diseases all across the globe is projected to propel the market growth during the forecast period. Conversely, lack of awareness to use injection pens, shifting preference towards other modes of treatment owing to syringe fear and high costs associated with these pens are predicted to hamper the overall market growth. Furthermore, favourable compensation and government support and growth in the range of restrictive approvals are likely to create lucrative growth opportunities in the coming future.
Product Takeaway
In disposable devices, there is no requirement for installing cartridge as it comes with fixed medication dosage. Nevertheless, the reusable injectors need periodic loading dosage and cartridge. However, the reusable injectors are enduring and cost-effective and thus, this segment is estimated to be the largest-growing during the forecast period. The reusable product segment is also expected to grow at the fastest rate in the projected timeframe.
Dosage Takeaway
The variable dosages are used widely in diabetes and other chronic diseases, where the amount of insulin changes conferring to blood sugar level. Thus, this segment projected to be the fastest-growing during the period of forecast. In addition, an increase in demand for customizable injectors and growing application in conditions such as cancer, hepatitis C, and multiple sclerosis are expected to impel the segmental market growth in the coming years.
Application Takeaway
By application, the diabetes segment subjugated the overall injection pen market owing to a rise in demand for advanced as well as safer insulin delivery devices. In addition, technological advancements in therapeutics and devices and expected approvals for the drugs are also creating lucrative growth opportunities for segmental growth. With the success of injection pens in management of several acute as well as chronic diseases, these are being studied to increase their application in chief diseases such as cancer, Hepatitis C, and multiple sclerosis, a condition that necessitates periodic dose injections. These studies will thus provide a substantial platform to ensure the growth of injector pens in the projected period.
Regional Takeaway
Presently, the North America region is leading the global injection pen market followed by Europe. The increasing obese population and the growing prevalence of diabetes are the major factors driving the North America region market growth. As per OECD (Organization for Economic Cooperation & Development), it is estimated that about 47% of the total population in the U.S. will be obese by 2030. On the other hand, the Asia Pacific market for injection pen is projected to grow at the fastest pace during the forecast period. This rapid growth is mainly due to the growing adoption of advanced technologies, continuous improvement in healthcare infrastructure, and rising accessibility to healthcare.
Key vendors of the market include:
• Owen Mumford Ltd.
• Novo Nordisk
• Mylan N.V.
• AstraZeneca
• GlaxoSmithKline plc
• Sanofi
• Sandoz Inc.
• Eli Lilly and Company
• Merck & Co., Inc.
The market size and forecast for each segment and sub-segments has been considered as below:
• Historical Year – 2015 to 2018
• Base Year – 2019
• Estimated Year – 2020
• Projected Year – 2026
TARGET AUDIENCE
? Traders, Distributors, and Suppliers
? Manufacturers
? Government and Regional Agencies
? Research Organizations
? Consultants
? Distributors
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL INJECTION PEN MARKET, BY PRODUCT
? Disposable
? Reusable
GLOBAL INJECTION PEN MARKET, BY DOSAGE
? Fixed
? Variable
GLOBAL INJECTION PEN MARKET, BY APPLICATION
? Osteoporosis
? Growth Hormone Deficiency
? Arthritis
? Diabetes
? Anaphylaxis
? Insulin
? Non-insulin
? Others
GLOBAL INJECTION PEN MARKET, BY REGION
? North America
o The U.S.
o Canada
? Europe
o Germany
o France
o Italy
o Spain
o United Kingdom
o Rest of Europe
? Asia Pacific
o India
o China
o South Korea
o Japan
o Singapore
o Rest of APAC
? Latin America
o Brazil
o Mexico
o Argentina
o Rest of LATAM
? Middle East and Africa
o Saudi Arabia
o United Arab Emirates
o Rest of MEA