Injection Pen Market Overview
Injection Pens are designed for easy and convenient administration of intravenous drug delivery. These devices are commonly used during treatments of chronic diseases like cancer and diabetes. With the increasing occurrences of chronic diseases such as diabetes, cancer, and osteoporosis the global injection pen market is proliferating over the past few years.
Furthermore, factors such as the increasing uses of biologics are helping the market to increase colossally. Moreover, the growing preference of injection pens over the traditional vial and syringe method majorly led by the increasing cases of needlestick injuries are escalating the market on the global platform.
Acknowledging the increasingInjection Pen Market Sizeof the market, Market Research Future (MRFR) in its recently published study report asserts that the global injection pen market will garner exponential accruals registering approximately 6.5% CAGR throughout the review period (2018 – 2023).
Additional factors positively impacting the growth of the Injection Pen market are the increasing number of technological advancements, improving patients’ experience, beneficial reimbursement policies, and the rising awareness towards healthcare.
On the other hand, reimbursement issues in developing countries and the introduction of alternative drug delivery injectables are some of the key factors impeding the growth of the injection pen market.
Global Injection Pen Market – Segmentations
For ease of understanding, the MRFR analysis has been segmented into six key dynamics:
By Type: Disposable and Reusable Injection Pens among others.
By Product: Insulin Pens and Needles Pens among others.
By Therapy: Diabetes, Fertility, Growth Hormone Therapy, Osteoporosis, Cardiovascular Diseases, Multiple Sclerosis, Rheumatoid Arthritis, Obesity, Cancer, and Crohn’s Disease among others.
By Distribution Channel: Hospital Pharmacies, Retail Pharmacies, Online Medical Stores, and Diabetes Clinics among others.
By End-user: Home Care and Hospitals & Clinics among others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Injection Pen Market – Geographical Analysis
The North American region, heading with the increasing prevalence of diabetes and cancer accounts for the leading market in the global injection pen market. Factors such as the development in medical technology, a growing number of approvals, and subsequent launches of new products, the presence of geriatric population, and a vast patient pool suffering from chronic diseases are supporting the growth of the market.
North America is a well-developed region with the highest GDP, worldwide, which helps the region to have the edge over other regions in terms of every aspect including healthcare and technology.
Certainly, the high economic growth is a key force driving the market growth in the region, allowing access to the quality of life for the people. The US, backed by the high per capita healthcare expenditures, contributes to the growth of the regional market, significantly. Owing to the augmenting demand for the injection pen, the region is projected to create a larger revenue pocket in the global market during the forecast period.
The injection pen market in the European region stands the second-largest position, globally. The presence of a well-established healthcare sector alongside the increasing prevalence of chronic diseases predominantly drives the growth of the regional market. The resurging economy is playing an important role in market development, allowing the proliferation of the healthcare sector in the region.
Furthermore, favorable government policies is a key driving force contributing to the market growth in the region. Germany, due to its flourishing medical devices markets adds on to the growth of the regional market, hugely. Whereas, the U.K. and France with the increasing investment drive the injection pen market in the region.
The Asia Pacific injection pen market is rapidly emerging as a profitable market, globally. Some of the factors defining the landscape of the market include a huge patient population and the rapidly developing countries such as China, South Korea, Japan, and India. Furthermore, factors such as the rising demand for quality devices in healthcare and rapidly expanding healthcare technology are expected to lead the APAC injection pen market.
Global Injection Pen Market – Competitive Landscape
Fiercely competitive, the global injection pen market appears to be fragmented with the presence of many well-established players having a global reach. Brand reinforcement, M&A, and innovation remain the popular trends for these key players.
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Injection Pen Market Major Players:
Key players leading the global injection pen market include Eli Lilly (U.S.), Novo Nordisk (Denmark), Sanofi (France), Ypsomed (Switzerland), Merck (U.S.), AstraZeneca (U.K.), Becton Dickinson and Company (U.S.), F. Hoffman-La Roche (Switzerland), Owen Mumford (U.K.), Haselmeier (Switzerland), Novartis (Switzerland), Pfizer (U.S.), Biocon Ltd (India), and Jiangsu Delfu medical device Co. Ltd (China) among others.
Injection Pen Industry/ Innovation/ Related News:
April 05, 2019 --- Takeda Pharmaceutical Company Ltd (Japan), a leading global pharmaceutical company announced the receiving a marketing authorization from European Medicines Agency (EMA) for its Line Extension Application for a new subcutaneous (under-the-skin) injection of Entyvio for Crohn’s and ulcerative colitis.
The new subcutaneous injection gives both options of administrating Entyvio by using either a pen injector or pre-filled syringes. The regulatory application marks an important milestone in Takeda’s continued commitment to deliver medicines and treatment modalities effectively meeting the diverse needs of patients living with ulcerative colitis and Crohn’s disease across Europe.
January 24, 2019 ---- Becton Dickinson & Co. (the US), a leading global medical technology and devices company launched its new second-generation ergonomic injection pen. The new BD Nano pen needle has FDA approved with 510(k) clearance. BD’s needles are designed to provide a more reliable subcutaneous injection depth.
The launch of ergonomic pen needle technology reinforces BD's commitment to providing the most advanced solutions possible, especially for people with diabetes to help achieve better clinical management of insulin use.