Injection Pen Market Size to Reach US$ 79.3 Billion by 2030

---

18 Sep 2024

Table of Content

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.

Report Highlights

• Based on the therapy, the diabetic segment has dominated the market till date and there's an increased demand for injection pens amongst the diabetic people. Also, the ever increasing numbers of diabetes patients is expected to give a boost to this market. In order to maintain the blood sugar levels, there has been a growth of this market. There's an increase demand for these pens in order to maintain the blood sugar levels. The global diabetic population is expected to reach 783 million by the year 2045.
• Based on the product type, the disposable needles hold the largest market share. As there is more safety with the use of the disposable needles and reduced risk of the blood borne diseases. This market segment is expected to grow during the forecast period across the globe.
• Based on the end user type segment, the homecare will lead the market as it is convenient to use. The injection pens are easy to handle. These injection pens help in self-injecting the drugs without any medical help at home. So this happens to be a cost effective method.

Scope of the Report

 

Market Dynamics

Drivers

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.

Restraints

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.

Opportunities

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.

Challenges

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.

Recent Developments

• A second generation B.D Nano pen needle designed by Becton, Dickinson and Company had received a clearance from the US Food and Drug Administration.

Buy this Research Report@ https://www.precedenceresearch.com/checkout/1497

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333