Press release
Injection Pen Market to grow at nearly CAGR of 7.2% By 2031 | Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US)
The injection pen market was valued at USD 37.8 billion in 2021 and it is anticipated to grow further to USD 75.7 billion by 2031, at a CAGR of 7.2% during the forecast period.To Remain 'Ahead' Of Your Competitors, Request for A Sample - https://www.globalinsightservices.com/request-sample/GIS10308
The medication is injected into the body using injection pens. They are employed to administer insulin to the patient. Patients can adhere to the prescribed treatment plan with the aid of injectable pens. This method has assisted in enhancing the patient's quality of life and lowering healthcare costs. The injection pen approach is a self-management treatment option for multiple sclerosis and diabetes that is widely used by top pharmaceutical businesses as a drug delivery system. An injection pen has an insulin cartridge, a disposable pen, a needle, and a dial for dosage measurement.
Market Trends and Drivers
In recent years, there has been a dramatic rise in the prevalence of chronic illnesses. Multiple sclerosis, diabetes, osteoporosis, cardiovascular disease (CVD), and other illnesses call for the administration of injectable medications on a daily or weekly basis. Due to the frequent drug administration, injector pens are the best choice for chronic disorders. Injection pens have become the new standard for injectable medicine delivery methods. Their ease of use, dependability, and capacity to be provided by the patient alone without the assistance of a doctor have caused their popularity to grow. In order to effectively manage the expanding patient population and improve patient compliance with therapies, injectable pen technologies have come under more scrutiny as a result of the rising prevalence of chronic diseases.
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Market Restraints and Challenges
Devices for injecting are not the only options available. The primary deterrents for using injectable pens are fear of needle sticks and harm. Therefore, there are many needle-free devices that have the extra benefit of not causing needle fear, which is a major barrier to the increased use of injectable medication therapies. Children's and adults' non-complacency is mostly related to the discomfort of the daily injections and the demands of long-term therapy.
Additionally, because the dose cannot be controlled, insulin pen therapy is seen to result in hyperglycemia in certain patients. Due to their capability to execute automated insulin suspension and reduce the danger of hypoglycemia, insulin pumps have therefore replaced insulin pens in the treatment of diabetes in Europe.
Major Players in the Global Injection Pen Market
The major players studied in the market are Novo Nordisk A/S (Denmark), Becton, Dickinson and Company (US), Ypsomed Holding AG (Switzerland), Sanofi (France), Eli Lilly and Company (US), Merck KGaA (Germany), AstraZeneca plc (UK), F. Hoffmann-La Roche Ltd. (Switzerland), Owen Mumford (UK), Sulzer Ltd. (Switzerland), Sun Pharmaceutical Industries Ltd. (India), Pfizer (US), Biocon Ltd. (India), Lupin Ltd. (India), and Wockhardt Ltd. (India) among others.
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Global Injection Pen Market Segmentation
By Product Type
Disposable Injection Pen
Reusable Injection Pen
By Therapy
Diabetes
Growth Hormone
Osteoporosis
Fertility
Auto-immune Diseases
Cancer
Other Therapies
By End User
Home-Care Settings
Hospitals & Diagnostic Clinics
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