Published Date : 07 Jun 2022
According to Report, the global injection pen market size is expected to reach around at US$ 79.3 billion by 2030 from valued at US$ 37.72 billion in 2021 with a registered CAGR of 6.7% from 2021 to 2030.
The global injection pen market is dominated by North America due to the increased non communicable diseases. In the US population, there is a rise in this market. Almost 60% of the US population is suffering with some chronic disease. The demand for the injection pen has increased due to the expenses on health care and availability of the injection pen. As US is adopting technologically advanced health care devices and also as there is active participation of the governments and authorities in certifying the drugs and delivering the drugs there is a growth in the market.
Followed by North America, Asia Pacific is estimated to be the Region providing the greatest number of opportunities during the forecast period. The reason for the growth in the Asia Pacific market can also be attributed to the increasing chronic diseases among the population. Three out of four diabetes affected people live in middle income countries or lower income countries according to the International Diabetes Federation.
The Asia Pacific injection pen market is expected to grow owing to various reasons like disposable income rising awareness regarding the innovative drug delivery services, growing healthcare expenditure and the increase in investments and developments of advanced health care by the nation.
Scope of the Report
|Market Size in 2021||USD 37.72 Billion|
|Revenue Forecast by 2030||USD 79.3 Billion|
|CAGR||6.7% rom 2022 to 2030|
|Key Players||Eli Lilly, Novo Nordisk, Sanofi, Merck, AstraZeneca, Ypsomed, F.Hoffman-La Roche, Becton Dickinson and Company, Novartis, Pfizer, Haselmeier, Owen Mumford, WOCKHARDT, Companion Medical|
Rapid increase in the prevalence of chronic diseases
The growth in the incidences of chronic diseases will lead to the increase in demand of the injection pens across the globe. There are 537 million people around the world living with diabetes and the number is expected to rise to 783 million by the year 2045, according to the research and data provided by International Diabetes Federation. There are around 17.9 million deaths across the world due to cardiovascular diseases.
Alternative drug delivery solutions
Due to global research and development in the medical field there are new devices coming up in the market. The fear of needle sticks and the injuries caused by the needle sticks, consumers are shifting to needle free drug delivery devices. There is a rising preference in the diabetes patients for insulin pumps over the insulin pens as there is an anxiety regarding the needle. This anxiety is leading to a decrease in the demand for injection pen. It happens to be a major factor which will reduce the global growth of the injection pen market in the forecast period.
There is an increasing demand for biosimilars
These drugs are useful in the treatment of many diseases like CVD, cancer, diabetes, autoimmune diseases. In the coming years, the biosimilar drugs are expected to help in the growth of the market of injection pen as they may provide new growth aspects. EMA and FDA, the regulatory authorities are actively participating in approving the clinical trials and the product development. These are the opportunities provided by the biosimilar drugs.
The needle stick injuries
In case there is an improper use of the injection pens or there is no proper education regarding the use of it, it may result in the overdose of the drugs and increase the needle stick injuries, causing a fear in the patients. Another risk of the injection pens, which cannot be ruled out completely, is the risk of getting affected by the blood borne diseases. Contracting blood borne diseases happens to be the largest fear or the threat of the injection pens and it may also reduce the demand for the injection pens during the forecast period.
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