According to the most recent analysis by Emergen Research, the size of the worldwide injection pen market is predicted to reach USD 70.46 billion in 2030, with a consistent revenue CAGR of 7.2%. Increased regulatory approvals and technological improvements in the industry are the main drivers of market revenue growth. For administering medication or insulin to patients, injection pens are utilised. These pens typically include an insulin cartridge, a disposable pen, a needle, and a dial for dosage measurement. Reusable smart insulin pens, for instance, are now readily accessible and come with an intuitive smartphone app that can help diabetics better control their insulin dosage.
Additionally, these are frequently more affordable, simpler to use, and offer a number of advantages and enhancements for patients who rely on insulin to treat their diabetes; as a result, demand for such innovative technologies is only increasing, which is fueling market revenue growth.
The majority of medications are taken orally because it is a practical, economical, and secure method of administration. Another method of drug administration involves placing the medication under the tongue or in the space between the gums and the teeth. The market revenue growth for injection pens may be constrained by the availability of numerous alternative medicine administration methods. Another factor that is anticipated to limit market revenue growth is patients’ needle anxiety. According to estimates, 1 in 4 people and up to 2/3 of youngsters exhibit severe anxiety when it comes to using needles. Furthermore, according to reports, fear of needles affects up to 25% of people and can lead to 16% of Americans skipping vaccinations, which restricts market revenue development.
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What is Injection Pen?
An insulin pen is another name for an injection pen. Using an injection pen, one can administer insulin or a medication that has been recommended by a doctor to the body. These pens make injection more accurate, straightforward, and convenient than when using a syringe or vial. They are also easy to use and a useful tool for patients who have trouble manually injecting themselves with a needle. There are two sorts of injection pens: disposable and reusable, both of which come in a variety of brands, models, lengths, and thicknesses.
Global Injection Pen Market Overview
The prevalence of chronic diseases, the increase in regulatory approvals, the advantageous reimbursement in developed economies, and government backing all contribute to the market’s growth. Due to advances in delivery device technology and an increase in the use of injection pens by persons with diabetes to administer insulin, injection pens are becoming more and more common. Injection pens have a lot of promise, and healthcare businesses are growing and expanding in response to escalating medical needs. Due of the growing elderly population in both developed and emerging nations. Players are so concentrating on research and development to respond. In addition, the prevalence of diabetes is rising, driving up demand.
There are some limitations and difficulties that will prevent the market from expanding. The global injection pen market is anticipated to experience slow growth over the course of the forecast period due to factors such as high cost associated with injection pens, preference for other treatment modalities due to syringe-related anxiety, lack of awareness regarding the use of injection pens, and unfavourable reimbursement policies. It is also projected that the preference for alternative drug delivery methods and the subpar reimbursement environment in emerging nations will somewhat hinder the growth of this market. For instance, home medical devices like injectable pens are not covered in developing nations like China and India, which increases patients’ out-of-pocket expenses.
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Some Key Highlights From the Report
- For patients who need daily insulin injections or other self-medication, Terumo India, the Indian division of Terumo Corporation, a leader in medical technology, launched FineGlide, Sterile Pen Needle on September 9, 2022. With FineGlide, the standard for patient comfort and, consequently, medication adherence, is raised for the most widely used pen devices in India.
- During the projection period, the reusable segment is anticipated to contribute the biggest revenue share. Reusable pens’ most significant benefit is their durability, which helps to overcome the barrier of the large storage space needed for disposable pens and their portability. Reusable pens, on the other hand, surpass international standards for dosage accuracy and come with extra features, such visual, audio, and tactile feedback throughout dose dialling, to promote straightforward administration and reduce the possibility of human error during handling. Reusable delivery pens are also eco-friendly, contributing to less plastic waste than disposable pens, giving them an environmental advantage. Reusable injection pens are very popular due to the aforementioned factors.
- Due to rising diabetes prevalence, rising lifestyle problems, and changes in lifestyle, the diabetes category is anticipated to have the greatest revenue share during the projection period. An international chronic health problem is diabetes. Over 9% of Americans have diabetes, with seniors having a much greater prevalence—25%—than anyone else, according to the American Diabetes Association. Diabetes therapy may need a lot of time and close observation. Every year, diabetes kills 252,806 Americans and costs the nation $327 billion in medical expenses. By 2050, diabetes cases in senior men and women are predicted to increase by 430% and 270%, respectively.
- The biggest revenue share during the forecast period is anticipated to come from the North American market. This is primarily related to the rising incidence of chronic diseases like diabetes, the introduction of new products, an increase in the percentage of regulatory approvals, technological advancements in injection pens, and attractive reimbursement and government assistance. For instance, Insulin Glargine (insulin glargine-yfgn) injection, an unbranded drug, and SEMGLEE (insulin glargine-yfgn) injection, a branded drug, were both marketed in the United States on July 28, 2021, to help adults with type 2 diabetes and adults with type 1 diabetes manage high blood sugar levels.
Key companies profiled in the report include:
Novo Nordisk A/S, BD, Sanofi, Eli Lilly and Company, Merck KGaA, AstraZeneca, F. Hoffmann-La Roche Ltd., Owen Mumford, Sulzer Ltd., and Sun Pharmaceutical Industries Ltd.
Emergen Research has segmented the global injection pen market based on type, therapy, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019–2030)
- Therapy Outlook (Revenue, USD Billion; 2019–2030)
- Glucagon-Like Peptide-1 (GLP-1) Therapy
- Growth Hormone Therapy
- Autoimmune Diseases
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Home Care Settings
- Hospitals & Clinics
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
How will this Report Benefit you?
A 250-page report by Emergen Research that has 194 tables and 189 charts and illustrations was just made public. Our new report might be helpful to those who need commercial, in-depth market assessments for the global injection pen market as well as a thorough market segment analysis. A complete analysis of the whole regional and global injection pen market is provided by our most current study. Obtain a thorough financial analysis of the entire market and all of its segments in order to grow market share. It is obvious that energy storage technology is developing quickly. Consider how you could profit from the sector’s present and foreseeable revenue-generating potential. The research will also aid you in developing growth strategies, enhancing competition analyses, and boosting business productivity, among other more strategic considerations.
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