Global Injection Pen Market Overview
The sales of injection pens have considerably picked up in the last couple of years, as they have become a widely accepted treatment method to address a broad spectrum of medical considers.
These include diabetes, rheumatoid arthritis, insulin deficiency, and obesity. With the incidence of these ailments surging massively, pen injections are being extensively used as an effective medium of administering treatment to patients.
Injection pens are at present widely used by nearly half of the patient pool suffering from insulin-related problems. This factor also is one of the chief drivers for the expansion of the injection pen market size. With manufacturers shifting their focus towards bringing improvements in injection pen designs, sales prospects are expected to get better for the injection pen market over the coming years.
Market players are currently keen on capitalizing on unmet medical needs of millions around the world. Insulin administration was much difficult prior to 1985. It was both, expensive and a tedious process. Over the intervening years until today, innovations have come into the market in leaps and bounds.
A number of studies highlighting remarkable improvements in injection pens and greater convenience at drug delivery in terms of ensuring dosing accuracy, medication adherence, and patient satisfaction have been published. These have been giving tailwinds to the growth witnessed in the injection pen market.
Some of the leading manufacturers are even focusing on innovations to offer better convenience of cartilage replacement, insulin-dose setting dial use, injection convenience, and improved audio clicks.
These improvements are intended to make injection pens quality- and performance-perfect. Spurred by these factors, Fact.MR, in a recent study, has predicted the global injection pen market to surpass US$ 6 Bn by the end of 2030.
Injection Pen Market Insights by Type
In the ensuing years from 1985 until today, injection pens have witnessed several improvements. Traditional methods of parenteral injections have been replaced with advanced and more convenient injection pens.
Even disposable devices are now available with fixed dosages to ensure better accuracy in drug delivery. Hence, they do not require the installation of cartridges. The segment currently dominates the injection pen market.
Reusable injections, however, require loading of a cartridge periodically, besides the replacement of needles. These injections can be used for many years and are considered cost-effective for delivering medications. According to Fact MR, sales witnessed in the reusable segment are likely to rise significantly over the coming years.
Injection Pen Market Insights by Indication
Injection pens are used for the treatment and management of myriad diseases such as diabetes, growth hormone therapy, autoimmune diseases, and others. Of these, diabetic patients have arguably found much use from injection pens. The expansion of this segment is attributable to rising demand from diabetic patients for safer methods of insulin delivery.
Thanks to recent advances in technologies, followed by approvals from various international organizations, the use of injection pens is expected to rise for various treatments over the coming years. Currently, however, the retail pharmacies segment dominates the injection pen market.
Injection Pen Market Insights by Distribution Channel
Based on distribution channel, the injection pen market can be categorized into hospital pharmacies, retail pharmacies, and online pharmacies. While hospital and retail pharmacies continue to be more preferred channels for purchase, consumers are gradually shifting towards online delivery as well.
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Regional Outlook of Injection Pen Market
Regionally, the global injection pen market covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these regions, North America has a dominant injection pen market share. This is ascribable to the surging pool of diabetic patients in the region. Additionally, rising prevalence of other chronic ailments has made home-care settings highly popular, fuelling the demand for injection pens in North America.
Also, the presence of several leading players has helped in the expansion of the market. Injection pens are often preferred for administering medicines in prescribed doses to infants and pediatric patients. These factors are aiding the expansion of the injection pen market in North America.
In the coming years, demand witnessed in Asia Pacific is forecast to surge at a high pace. Besides the rising burden of diabetes, the region’s expanding healthcare infrastructure has been creating lucrative prospects for growth. Also, the willingness to spend on advanced healthcare and therapeutics has surged, which is driving the injection pen market in the region.
Injection Pen Market: Key Players
Companies operating in the injection pen market are focusing on expanding their geographic footprint via collaborations across the world. Fact.MR highlights that, an increasing number of companies are adopting mergers and acquisitions as their key strategic moves to expand as well as strengthen their presence across the world. Besides this, product launches have remained one of the key strategies of players.
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The Analyst’s Viewpoint
“With governments and international organizations focusing on greater patient care, investments towards advanced healthcare technologies are surging. Besides, demand for better technologies complementing homecare settings has been drawing attention towards injection pens.”
COVID-19 Impact on Injection Pen Market
The healthcare sector is increasingly burdened by the rising number of COVID-19 patients. Governments across the world are leaving no stone unturned to contain the spread of the virus. In the absence of proper treatment or vaccination, people have been advised to adhere to stringent safety measures and protocols.
Evidently, focus on research has mounted as well. As research activities go on in full swing across the world, demand for injection pens is projected to soar exponentially upon the arrival of potential COVID-19 vaccines. Against this backdrop, sales of injection pen are likely to skyrocket in 2021.
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Injection Pen Market: About the Report
Fact.MR has published an exclusive forecast report on the injection pen market for 2020 and 2030. The foremost objective of this report is to offer spearhead insights on the market scenario, demand generators, and technological advancements into the market. Also, the study addresses key dynamics that are expected to diversify the sales and future prospects for the market.
The report on the injection pen market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the injection pen market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key factors favoring investment within the market.
Supply chain analysis and pricing analysis of the market, along with the difference between injection pens used as per application, have also been included in the report, to help readers clearly understand the product framework map in the injection pen market.
Injection Pen Market: Segmentation
Fact.MR has studied the injection pen market with detailed segmentation on the basis of by type, indication, distribution channel, and key regions.
- Growth Hormone Therapy
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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