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Global Injection Pen Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Segmented By Type, Therapy, End-User & Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Forecast (2021 to 2026)
As per our research report, the size of the global injection pen market was worth USD 36.67 billion in 2021, growing at a CAGR of 5.98% from 2021 to 2026.
COVID-19 impact on the global injection pen market:
The supply chain for injection pens has been disrupted due to restrictions, closed borders, and a decline in the hospitalization rate. Patients suffering from COVID-19 who have received steroid treatment had a higher risk of developing diabetes. Many manufacturers in the market had used this new opportunity to capitalize on this high demand to ensure an adequate and continuous supply of injection pens. Therefore, the increased incidence of diabetes increases the need for injectable pens during the forecast period.
KEY MARKET DRIVERS:
The demand for injection pens is significantly growing due to the increasing prevalence of chronic diseases, the growing number of regulatory approvals, government support for improving the market, technological advancements in injectable pens, and favorable government reimbursement. Chronic disease such as diabetes, cancer, cardiovascular disease, osteoporosis, multiple sclerosis, and osteoporosis worldwide is estimated to drive the injection pen market during the forecast period. In 2015, according to the American Diabetes Association, 30.35 million people in the United States had diabetes, which is 9.44% of the total population. According to the World Health Organization, the prevalence of diabetes has increased from 4.77% in 1981 to 8.8% in 2015 and was a leading cause of death in the year 2016. In addition, according to the WHO, there are 3.75 million cases of cancer in Europe each year. Several diseases require the weekly or daily administration of injectable drugs to perform normal daily functions.
In addition, research-friendly government policies have attracted many significant players in the market. Injectable pens have become popular due to their capacity, reliability, and simplicity with direct administration by patients without physician assistance. Therefore, developing technologies for effective management is the preferred choice by physicians for patients. The expiration of the biologics patent, which will increase the demand for biosimilars and growth opportunities in emerging markets, is estimated to provide growth opportunities for players in the global injector pens market during the forecast period.
However, factors such as reimbursement issues in developing countries and the availability of alternative modes of drug delivery are primarily restraining the growth of the global injection pens market. For instance, in India and China, insurance is not provided for home-care devices, such as injection pens, which increases the personal budget for patients. In addition, the misuse, needle stick injuries, anxiety about needles, lack of awareness of injection pens are further estimated to challenge the growth of the global injection pens market.
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KEY MARKET INSIGHTS:
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