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Dec-2021

Global Injection Pen Market Research Report 2021

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 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 diseases 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.

MAJOR RESTRAINTS:

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, and lack of awareness of injection pens are further estimated to challenge the growth of the global injection pens market.

KEY MARKET INSIGHTS:

Based on the type, in 2020, the disposable injection pen segment accounted for the majority of the share in the global injection pens market. This can be attributed to increased adoption owing to benefits such as the low risk of infection or drug contamination, high patient compliance, and ease of handling.
Based on the therapy, a large part of the diabetes segment is mainly projected to have a high prevalence of diabetes, increased awareness of insulin pens in diabetic patients, a large geriatric population, and availability in the market. Within the diabetic segment, in 2020, the insulin segment accounted for the most vigorous growth in the market for injectable pens for the treatment of diabetes. The higher growth in this segment is attributed to factors such as the increasing incidence of diabetes, favorable reimbursement policies for diabetes treatments in developed economies, and increased insulin dependence.
Based on the end-user, in 2020, the home care environment segment accounted for the most robust growth in the market. The growing geriatric population, ease of medication administration, increasing prevalence of chronic diseases, and advancements in technology will be driving the development of the home care facilities market.
Based on the region, North America followed by Europe dominate the injection pen market. The well-developed healthcare sector and the increasing prevalence of chronic diseases are driving the market in these regions. In addition, research-friendly government policies have attracted many significant players in the market.

The Asia Pacific is estimated to be the fastest-growing market region due to the enormous population of patients with chronic diseases. According to the WHO, over 62% of the world's diabetic population is present in Asia-Pacific. According to a study published in the reputed journal in 2015, it has been estimated that around 170 million diabetic patients reside in the region, over 96% of whom have type 2 diabetes. Unmet market needs and increasing healthcare spending will drive the market growth rate.
The Middle East and Africa account for the lowest share of the global market. However, this region attracts the eye of prominent vital players, leading to improved investments in the region, which will provide growth opportunities in the future.
The major players in the market are employing various development strategies to generate growth opportunities in the coming years. For example, acquisitions, mergers, innovations, new product launches, product approvals, and strategic collaborations create expansion avenues in the market.
Major players in the global injection pens market are Novo Nordisk, Sanofi, Eli Lilly and Company, Merck, Ypsomed, AstraZeneca, F.Hoffman-La Roche, Becton, Dickinson and Company, Owen Mumford, and Novartis.

MARKET SEGMENTATION:

By Type: