Injection Pen Market: Introduction
According to the report, the global injection pen market was valued at US$ 3.2 Bn in 2019. It is projected to expand at a moderate CAGR from 2020 to 2030. Injection pen device is used to deliver medicines for various indications, which makes the administration easier for patients. Major advantages include ready to use feature, accuracy, convenience, and ease of administration to patients. Switching from traditional vial syringes to injection pens has brought about major satisfaction in patients, physicians, and nurses. Injection pen devices contain a reservoir and cartridge, which is either disposable or reusable. Disposable injection pen offers multiple doses to patients and incur chances of infections in patients.
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The global injection pen market is driven by the rise in prevalence of diabetes across the globe. Furthermore, an increase in use of injection pens for growth hormone therapy is estimated to boost the global market. The prescription of growth hormone injection treatment for children diagnosed with deficiency of growth hormone, turner syndrome, and other conditions has increased, which is expected to boost the injection pen market during the forecast period. The pediatric endocrine society published new guidelines for use of growth hormone for indications with growth hormone deficiency, idiopathic short stature ( ISS), and IGF-I deficiency in pediatric patients. This demand is estimated to drive the injection pen market during the forecast period.
North America dominated the global injection pen market in 2019, followed by Europe and Asia Pacific. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. North America’s dominance can be ascribed to technological advancements, launch of injection pens, rising patient burden of diabetes, need of injection pens as a growth hormone therapy, and their usage in autoimmune diseases and other chronic diseases in delivering medications.
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Rise in Prevalence of Diabetes to Drive Global Market
The increase in cases of diabetes leading to a rise in patient burden is estimated to propel the injection pen market. The prevalence of diabetes across the globe was estimated to be around 463 million in 2019. It is expected to affect around 700 million by 2045. The rate of prevalence of diabetes is projected to reach 51% by 2045. The number of diabetic patients is likely to rise at a rapid pace, thereby fueling the demand for insulin pens. Prominent players such as Eli Lilly and Company, Novo Nordisk, Owen Mumford, Haselmeier, and Gerresheimer AG who are introducing insulin pens for the treatment of diabetic indication are estimated to propel the injection pen market during the forecast period.
Insulin pens are likely to cause lesser complications as compared to other vial and syringe techniques, and enable patients to adhere to the product as per convenience and usage. Insulin pen devices improve patient satisfaction, offer superior accuracy, and efficient delivery of smaller doses of insulin. This is expected to propel the injection pen market.
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Injection Pen Market: Prominent Regions
The global injection pen market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America dominated the global injection pen market in 2019, followed by Europe and Asia Pacific. According to statistics, an increase in prevalence and incidence of diabetes in Asia Pacific is also a key factor boosting the injection pen market in the region. As per the American Diabetes Association (AMA), in 2018, 34.2 million people in the U.S., or 10.5% of the population were estimated to be suffering from diabetes. Among them, 1.6 million people were suffering from Type 1 diabetes, which included 187,000 children and adolescents.
The rise in prevalence of other chronic diseases, need for growth hormone therapy, and other autoimmune diseases is also likely to propel the injection pen market.
The injection pen market in Asia Pacific is anticipated to expand at a notable CAGR from 2020 to 2030. The expansion of the market in the region can be attributed to an increase in prevalence and incidence rate of diabetes during the forecast period. According to the IDF Diabetes Atlas, in 2019, an estimated 136.5 million adults were living with diabetes in Asia Pacific.
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Expansion of Product Offerings and Geographic Presence by Key Players to Drive Global Market
The global injection pen market is consolidated in terms of number of players. The market is dominated by key players with robust geographic presence and strong product offerings. Leading players operating in the global injection pen market include Eli Lilly, Novo Nordisk, Owen Mumford, Sanofi, F. Hoffman-La Roche, Merck Group, Haselmeier, Gerresheimer AG, BD, and AstraZeneca. Major initiatives by prominent players have led to the launch of new products amid the rapidly rising burden of the COVID-19 pandemic.
In July 2020, Owen Mumford developed a new safety pen needle “Ateria SafeControl”, which would support patients and HCPs for administering medication, thereby reducing insulin error. The launch of safety pen needle would support the Insulin Safety Week Campaign, which is likely to create awareness about the risks of using pen needles and address the challenges by controlling the delivery of correct dosages.
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