Injection Pen Market Size is Projected To Reach USD 80,511.51 Million By 2031, Growing at a CAGR of 7.8% | Valuates Reports
BANGALORE, India, May 23, 2023 /PRNewswire/ -- Injection Pen Market by Type (Disposable injection pen, Reusable injection pen), by Therapy (Diabetes, Growth Hormone, Osteoporosis, Fertility, Others), by End Users (Home-care Settings, Hospital and clinics): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Medical Devices & Equipment Category.
The global injection pen market size was valued at USD 37,899.00 million in 2021 and is projected to reach USD 80,511.51 million by 2031, growing at a CAGR of 7.8% from 2022 to 2031.
Major Factors Driving The Growth Of The Injection Pen Market are
The incidence of chronic diseases like cancer and diabetes is on the rise, as is the number of elderly people, which is one of the main causes driving the expansion of the injection pen market share.
The primary driver of the Injection Pen Market expansion is the rise in the use of high-tech reusable injectable pens among diabetic patients. Furthermore, the rise in the use of automated injection pens will further influence the market growth.
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TRENDS INFLUENCING THE GROWTH OF INJECTION PEN MARKET
The injection Pen Market is anticipated to be driven by an increase in the incidence of chronic diseases like cancer and diabetes as well as a rise in the elderly population. Globally, the prevalence of diabetes is a serious public health issue that is almost pandemic in scope. Chronic, noncommunicable illness prevalence is rising alarmingly on a global scale. Obesity is a significant contributor to the development of type 2 diabetes, which affects 90–95% of Americans. The prevalence of obesity in the United States is rising, and so is the incidence of diabetes.
The primary driver of the Injection Pen Market expansion is the surge in the use of technologically improved reusable injectable pens among diabetic patients. Those with diabetes may benefit from the smart Injection Pen, a reusable injector pen with an easy-to-use smartphone app. This clever system records dosages, calculates them, and issues reports, alerts, and reminders that are all very useful. They might be an accessory for your existing insulin pen or a reusable device that uses prefilled cartridges rather than vials or single-use pens.
Automated injection pens are becoming more and more popular among healthcare professionals because they can deliver medications precisely, safely, and conveniently. Due to the significant rise in the number of elderly people, who are more susceptible to chronic diseases like diabetes and cancer, the need for injectable pens is not only being seen in wealthy nations but is also being seen in developing countries. These are the elements driving the Injection Pen Market expansion.
Throughout the anticipated time frame, the injection pen market is anticipated to benefit from the rising elderly population in the world. As people age, their total immunity deteriorates, leading to a variety of health problems, including chronic illnesses like diabetes and cardiovascular disease.
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INJECTION PEN MARKET SHARE ANALYSIS
The Injection Pen Market is divided into two categories: disposable and reusable. Due to the increased adoption of disposable injection pens around the world to reduce the risk of cross-contamination and needle stick injuries associated with reusable injection pens, the disposable injection pens segment held the largest share of the market in 2021 and is anticipated to maintain its dominance during the forecast period.
The market for injectable pens is divided into categories such as diabetes, growth hormones, osteoporosis, and others. The diabetes market category held the biggest market share in 2021, and it is projected that it will continue to hold this position throughout the forecast period. This is explained by an increase in the number of elderly people and the incidence of diabetes. According to Caspersen et al., by 2050, there are expected to be 26.7 million Americans over 65 who have been diagnosed with diabetes, up from an anticipated 10.9 million in 2020.
The injection pen market is divided into hospitals & clinics and home-care settings. Due to increased consumer awareness of injection pen use, rising disposable income, rising healthcare spending by consumers, and rising patient adoption of cutting-edge drug delivery devices, the home-care settings segment saw the highest growth in 2021 and is expected to continue to lead during the forecast period.
North America, Europe, Asia-Pacific, and LAMEA are all considered in the analysis of the injection pen market. Injection pen sales in North America were significant in 2021, and this dominance is anticipated to continue throughout the projection period. Due to the rising incidence of chronic illnesses and the requirement for safe and efficient medicine administration, the U.S. has been the largest contributor to the growth of the injection pen market in North America. The existence of many significant injectable pen market participants in North America, including Sanofi, Eli Lilly, Novo Nordisk, and Becton Dickinson, who have made significant investments in R&D to create cutting-edge products, is also advantageous.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Astrazeneca plc
- Ypsomed
- Becton
- Dickinson and Company
- Pfizer Inc
- Novartis
- Sanofi
- Eli Lilly and Company
- Merck Group
- Novo Nordisk A S
- Biocon Ltd.
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