Injection Pen Market: Winning Strategies of Competitors
TMR’s Injection Pen market report helps analyze trends and significant developments in the industry. In addition, it also provides insights predicting growth rates of the Injection Pen market using detailed assessment of key drivers, threats, restraints, along with opportunities that are likely to open doors for growth in coming years.
Injection pen is used for delivering medicine into the human body; these are usually insulin pens used for delivering insulin to the patient. With the use of injection pens, patients are able to adhere to the treatment regimen and this has helped in improving their quality of life and reducing their health care costs. These self-management treatment options are used for diabetes and multiple sclerosis and are widely employed by leading pharmaceutical companies as a drug delivery system. Injection pen comprises a medicine cartridge (insulin cartridge), a dial to measure the dose, and a disposable pen needle to deliver the medicine. NovoPen was the first insulin pen introduced and marketed by Novo Nordisk, a Danish Company. Novo Nordisk is the world’s first company to provide injection system for more than 90 years and has been committed toward making easy diabetic drug delivery system. Similarly, Owen Mumford has pioneered in inventing the first re-usable auto-injector device and automatic insulin delivery pen. This has empowered patients with greater efficiency in drug delivery.
The global injection pen market is driven by increasing incidence of diabetes, growing prevalence of chronic diseases, rising awareness regarding different types of treatment options, and favorable regulatory policies and government support in approval of injection pen. However, high cost of injection pens, preference toward other mode of treatment due to fear of syringe, lack of awareness regarding use of injection pens, and unfavorable reimbursement policies are anticipated to restrain the growth of the global injection pen market during the forecast period.
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The global injection pen market can be segmented according to product type, therapy type, end-user, and geography. In terms of product type, the injection pen market can be classified into disposable injection pen and reusable injection pen. The disposable injection pen segment is anticipated to dominate the global injection pen market due to low risk of infections associated with the pens, besides being portable, disposable, and easy to use. By therapy type, the injection pen market can be classified into diabetes, growth hormone therapy, osteoporosis, fertility treatment, and other therapies. Injection pens are widely used in the treatment of diabetes. Increasing incidence of diabetes across regions and the need for an easy mode of treatment delivery is likely to drive the growth of the Diabetes segment. According to the American Association for Diabetes Educator, in 2016 30.3 million people suffer from diabetes, out of which, an estimated 23.1 million are diagnosed, and approximately 7.2 million remain undiagnosed. In terms of end-user, the global injection pen market can be divided into home care, hospital, and ambulatory surgical centers. The home care segment is projected to dominate the global injection pen market, in terms of revenue, as injection pens are widely used for treatment at home.
Based on region, the global injection pen market can be classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe together dominate the global injection pen market in terms of revenue. Awareness regarding employing advanced technology for easy drug delivery and about updated medical treatment is likely to drive the injection pen market in both the regions. Asia Pacific is a lucrative market, contributing to the growth of the global injection pen market. Increasing incidence of diabetes and chronic diseases in the region, along with rising economic growth and growing awareness, is projected to boost the growth of the injection pen market in Asia Pacific. Latin America and Middle East & Africa are the emerging markets for injection pens.
Key players operating in the injection pen market include Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Merck & Co., Inc., Ypsomed, AstraZeneca plc, F. Hoffman-La Roche Ltd., Becton, Dickinson and Company, Owen Mumford, Novartis AG, Pfizer, Inc., and Wilhelm Haselmeier GmbH & Co. KG.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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