Global Injection Pen Market Set for Rapid Growth, to Reach USD 46110.73 Million

The global injection pen market was valued at approximately USD 31074.37 million in 2017 and is expected to generate revenue of around USD 46110.73 million by end of 2024, growing at a CAGR of around 5.8 percent between 2018 and 2024. Injection pen is specifically designed medical devices used for the drug delivery in various chronic conditions and treatment. It is generally used for frequent self-administration of drugs. These injections pens are easy and convenient to use and it is increasing trend of home healthcare. Also, it is the most preferred drug delivery methods opted by patients and healthcare providers. As compared to conventional methods, it is more convenient to use and accurate amount of drugs can be easily injected into the patient body based on his/her weight. There are the various technological advancement and FDA approvals in the market which supports the growth of the market and social acceptability among people will also maintain the growth of the injection pen market.

The injection pen market is primarily driven by the increased prevalence of chronic disorders such as diabetes, rheumatoid arthritis, hepatitis, osteoporosis, and others are expected to support the growth of the injection pen market. As per the Rheumatoid Arthritis Support Network report, there were around 1.3 million Americans affected by rheumatoid arthritis and around 1 percent of the total population worldwide. Moreover, increased acceptance of advanced technology in injection pen and FDA approvals are expected to promote the growth of the injection pen market. Furthermore, the increased demand from the healthcare industry for safer and advanced drug delivery method over a period of time is expected to support the growth of the injection pen market. However, alternative methods for drug delivery and poor reimbursement policies are expected to inhibit the growth of the injection pen market.

Injection pen market is segmented into type, therapy, and end user. Based on the type, injection pen market is classified into disposable and reusable pens. Disposable injection pen segment is expected to grow significantly. On the basis of therapy, injection pen market is segmented into diabetes, growth hormone therapy, fertility, osteoporosis, and other therapies. Diabetes segment is expected to experience a rapid growth. Based on the end user, the injection pen market is fragmented into home care and hospitals. Home care segment is expected to dominate. Europe, North America, Asia Pacific, the Middle East & Africa, and Latin America are the main regional segments of the global injection pen market. North America is expected to dominate the injection pen with a major market share due to the presence of developed countries. Europe is expected to closely follow North America in terms of growth owing to technological advancement.

The Asia Pacific is the fastest growing region owing to the large patient pool coupled with economic development. Latin America and the Middle East and Africa are expected to expand slowly owing to the government initiatives. All the above-mentioned factors are expected to promote the growth of the injection pen market. Some of the major players of the injection pen market include Sanofi, Eli Lilly and Company, Merck & Co., Inc., Becton, Dickinson and Company (BD), Biocorp Production SA, F.Hoffman-La Roche Ltd., AstraZeneca PLC, Novo Nordisk, Pfizer, Owen Mumford Ltd., Ypsomed Holding AG, Novartis, Wilhelm Haselmeier GmbH & Co. KG, and others. – Zion Market Research