Injection Pen Market Size To Expand at a Notable CAGR Of 6.5% During 2018 - 2023

Pune, India, March, 2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Injection Pen Market.

Overview:

The global injection pen market is expected to exhibit a strong 6.5% CAGR over the forecast period from 2018 to 2023, according to the latest market research report from Market Research Future (MRFR). The global injection pen market is mainly driven by the growing prevalence of chronic diseases requiring frequent injections and the growing awareness about the availability and benefits of injection pens over the conventional vial and syringe system. The report profiles the major factors affecting the global injection pen market to pinpoint the major drivers and restraints affecting the market and presents a detailed analysis of how the market is likely to grow over the forecast period.

The growing prevalence of chronic diseases such as diabetes and osteoporosis is likely to drive the global injection pen market over the forecast period. Insulin injections are a major application channel for the global injection pen market and are likely to retain their position as such over the forecast period due to the growing prevalence of diabetes and the immense advantages provided by injection pens in terms of managing the progression of diabetes. Diabetics require a regular administration of insulin injections, which can be cumbersome to handle with the conventional vial and syringe method. The conventional method also requires the patient to visit the hospital for each injection, which may be impractical for some patients. Using an injection pen makes it easier for diabetics to self-manage their disease, making this a key driver for the global injection pen market over the forecast period.

The growing product innovation in injection pens is also likely to be a major driver for the global injection pen market over the forecast period, as the technology to make injection pens safer and more effective is high in demand due to the growing popularity of injection pens. The growing efforts by manufacturers to make the most of the opportunity in the global injection pen market are likely to remain a key driver for the global injection pen market over the forecast period.

Segmentation:

The global injection pen market is segmented on the basis of type, product, therapy, distribution channel, end user, and region.

On the basis of type, the injection pen market is classified into disposable injection pens and reusable injection pens.

The global injection pen market is segmented into insulin pens and pen needles on the basis of product.

On the basis of therapy, the injection pen market is segmented into diabetes, growth hormone therapy, fertility, osteoporosis, multiple sclerosis, cardiovascular diseases, rheumatoid arthritis, obesity, Crohn’s disease, cancer, and others. The diabetes segment is further segmented into insulin and GLP-1.

On the basis of distribution channel, the injection pen market is segmented into hospital pharmacies, retail pharmacies, online medical stores, and diabetes clinics.

On the basis of end user, the global injection pen market is segmented into home care and hospitals and clinics.

Regional Analysis

The global injection pen market is segmented by region into the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The Americas is likely to remain the leading geographical segment of the global injection pen market over the forecast period due to the widespread adoption of injection pens and the growing popularity of injection pens in the healthcare sector. The growing presence of major market players in the U.S. and Canada is also conducive to steady growth of the injection market in the Americas.

Europe is also a major regional market for injection pen technology and is likely to remain a major revenue generator over the forecast period due to the growing economic burden of diabetes, which has driven the demand for more convenient and effective ways to manage diabetes. The advanced healthcare and medical devices sector in Europe is likely to be a major driver for the injection pen market in the region over the forecast period.

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Competitive Analysis:

Leading players in the global injection pen market include Novo Nordisk, Sanofi, Ypsomed, F. Hoffman-La Roche, Owen Mumford, Pfizer, Jiangsu Delfu Medical Device Co. Ltd., Biocon Ltd., Haselmeier, Novartis, Becton Dickinson and Company, AstraZeneca, Merck, and Eli Lilly.

Industry Updates:

In March 2019, Eli Lilly announced the launch of an authorized generic formulation of its Humalog insulin lispro injection in the U.S. at half the price of the conventional formulation.