Newark, New Castle, USA, June 27, 2023 (GLOBE NEWSWIRE) -- The global injection pen market analysis was conducted by Growth Plus Reports in 2022 and is valued at US$ 40.24 billion. The market is expected to hit a revenue CAGR of 6.7% to reach US$ 72.14 billion by 2031.
The global Injection Pen Market is experiencing significant growth, driven by advancements in self-administered drug delivery systems and the increasing prevalence of chronic diseases worldwide. Injection pens are innovative devices designed to facilitate patients' convenient and accurate administration of injectable medications. This press release highlights the market's potential, key trends, and major players in the Injection Pen industry.
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Injection Pen Market Scope
| Report Attribute | Details |
| Market Size Value in 2022 | US$ 40.24 billion |
| Revenue Forecast in 2031 | US$ 72.14 billion |
| CAGR | 6.7% |
| Base Year for Estimation | 2022 |
| Forecast Period | 2023 to 2031 |
| Historical Year | 2021 |
| Segments Covered | Type, Application, End User and Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Market Growth and Potential
The Injection Pen Market is witnessing robust growth, fueled by the following factors:
Rising Prevalence of Chronic Diseases: The prevalence of chronic diseases such as diabetes, rheumatoid arthritis, and multiple sclerosis has led to a growing need for self-administered injectable medications. Injection pens offer a user-friendly and convenient solution for patients to administer their medications in a controlled and precise manner.
Advancements in Self-Administration Devices: Technological advancements have developed injection pens with enhanced features such as adjustable dosing, electronic dose tracking, and automatic needle retraction. These features improve patient compliance, reduce the risk of dosing errors, and enhance the overall treatment experience.
Patient Preference for Self-Care: There is a growing trend toward patient-centric healthcare, with patients increasingly taking an active role in managing their health conditions. Injection pens empower patients by allowing them to self-administer their medications in the comfort of their homes, reducing the need for frequent hospital visits.
Recent Development in the Injection Pen Market:
In April 2023, Mitsubishi Tanabe Pharma Corporation (MTPC) and Eli Lilly Japan announced the launch of Mounjaro subcutaneous injectable 2.5 mg/ 5 mg ATEOS in Japan. Mounjaro is injected subcutaneously once weekly using a single-use autoinjector device (ATEOS). One dosage of the loaded medication is provided after pressing the injection button on a specific pen injector, which automatically inserts the needle under the skin. The patient is not required to provide the dosage or handle the needle.
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Market Trends
Several trends are shaping the Injection Pen Market:
Technological Integration: Injection pens are integrated with digital technologies, such as smartphone apps and Bluetooth connectivity, to enable data tracking, reminders, and seamless communication between patients and healthcare providers. These innovations enhance medication adherence and enable remote patient treatment progress monitoring.
Focus on Safety and Convenience: Manufacturers are focusing on developing injection pens that prioritize safety and ease of use. Features like hidden needles, audible and visual injection indicators, and ergonomic designs are being incorporated to enhance patient comfort and reduce injection-related anxiety.
Customization and Personalization: Injection pens are being tailored to meet the different needs of different patient populations. Pens designed for pediatric patients, elderly individuals, and individuals with visual impairments are being developed to ensure optimal usability and improve medication management.
Key Players
- Prominent players in the Injection Pen Market include:
- Novo Nordisk A/S
- Eli Lilly and Company
- Sanofi S.A.
- Merck KGaA
- Ypsomed Holding AG
- Becton, Dickinson, and Company
These companies are investing in R&D activities, strategic collaborations, and product innovations to meet the evolving needs of patients and healthcare providers.
The Injection Pen Market is poised for substantial growth as self-administered drug delivery systems advancements continue to drive patient empowerment and improve treatment outcomes. With technological integration and a focus on safety and convenience, injection pens transform how patients administer injectable medications, leading to improved medication adherence and enhanced quality of life.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL INJECTION PEN MARKET - ANALYSIS & FORECAST, BY TYPE
- Disposable Injection Pen
- Reusable Injection Pen
- GLOBAL INJECTION PEN MARKET - ANALYSIS & FORECAST, BY APPLICATION
- Diabetes
- Osteoporosis
- Growth Hormone Therapy
- Others
- GLOBAL INJECTION PEN MARKET - ANALYSIS & FORECAST, BY END USER
- Hospitals and Clinics
- Homecare
- Diagnostic Centers
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VALUE PROPOSITIONS RELATED TO THE REPORT:
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- Comprehensive quantitative and qualitative insights at segment and sub-segment level
- Covid 19 impact trends and perspective
- Granular insights at global/regional/country level
- Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
- Blanket coverage on competitive landscape
- Winning imperatives
- Exhaustive coverage on 'Strategic Developments' registered by leading players of the market.
CUSTOMIZATION OPTIONS:
- Distributor Landscape Assessment
- Pricing Intelligence
- Customer Base Assessment
- Investment & Initiatives Analysis
- 'Business Profile' of Key Players
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