Injection pen is an automated injection device which has an insulin cartridge, a dial to measure dosage and a disposable needle inside used for the delivery of parenteral syringe-based delivery of drugs. It is used mainly by patients with diabetes to inject insulin in a more simple, accurate and convenient way.
The global injection pen market was USD 34.06 billion in 2018 and is estimated to reach USD 55.49 billion by 2025 at a CAGR of 7.22% during the forecast period
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Growth by Region
North America holds the largest market share due to the rising prevalence of diabetes, favorable reimbursement scenario as well as increasing number of awareness programs in the region. On the other hand, the Asia-Pacific region will be the fastest growing region during the forecast period owing to better access to health care along with steadily increasing healthcare expenditure. China is considered to be one of the lucrative markets in the region due to the availability of raw materials and labor at significantly lower prices when compared to other regions.
Drivers vs Constraints
The market is mainly driven by rising incidences of diseases like diabetes and arthritis along with an increase in governmental healthcare expenditure and also favorable healthcare insurance policies in developed as well as developing countries. However, the global injection pen market is curbed by the preference of alternative drug delivery modes coupled with poor reimbursement scenario in developing countries.
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Industry Trends and Updates
Novo Nordisk A/S, a Danish multinational pharmaceutical company with more than 90 years of innovation along with leadership in diabetes care had announced a complete acquisition of Ziylo, which is a University of Bristol spin-out company for USD 800 million. This acquisition enables Novo Nordisk full rights to the company’s glucose binding molecule technology which allows them to develop glucose-responsive insulins.
Sanofi, a French multinational company invests USD 433 million with plans to build a new manufacturing plant for vaccines at its Sanofi Pasteur Canadian located in Toronto. This investment will expand its footprint in Canada to raise the production of its five component acellular pertussis antigen.
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