Press release
Injection Pen Market Outlook 2024: Exclusive Report By The Business Research Company | Novo Nordisk A/S, Ypsomed Holding AG, Sandoz Inc., Eli Lilly and Company, Merck KGaA, AstraZeneca plc
Injection Pen Market Size
The Business Research Company offers in-depth market insights through Injection Pen Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The injection pen market size has grown strongly in recent years. It will grow from $53.79 billion in 2023 to $58.57 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increase in need for diabetes management, increased patient preference, reduced needle phobia, improved dosage accuracy, increased aging population.
The injection pen market size is expected to see strong growth in the next few years. It will grow to $85.75 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to rising diabetes prevalence, rising biologics and biosimilars, rising need for personalized medicine, need for home healthcare, increasing emerging markets. Major trends in the forecast period include smart injection pens, digital health integration, wearable devices, improved user interface, autoinjector compatibility.
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Market Segmentation:
The main product types of injection pens are disposable injection pens and reusable injection pens. Disposable injection pens consist of a non-replaceable prefilled cartridge which is disposed of after being used. Reusable injection pens consist of a replaceable cartridge which can be discarded and replaced. Injection pens are used for various purposes such as diabetes, fertility, osteoporosis, growth hormone therapy, and other therapies by different end-users, including home care, hospitals, and clinics.
Major Driver - Rising Disease Prevalence Fuels Growth Of Injection Pen Market
The rise in the prevalence of diseases such as diabetes and arthritis are contributing to the growth of the injection pen market. Factors such as an increase in the size of the obese population, physical inactivity, unhealthy eating habits, and increasing age led to an increase in the global prevalence of diabetes. For instance, as per the International Diabetes Federation (IDF), the global diabetes prevalence population, by 2040, is expected to reach about 640 million. Furthermore, in the population of emerging countries such as India, about 69 million people are diabetic. By 2030, this number is expected to rise to 100 million. Therefore, the rise in the prevalence of diseases such as diabetes and arthritis will drive the growth of the injection pen market.
Competitive Landscape:
Major companies operating in the injection pen market include Novo Nordisk A/S, Ypsomed Holding AG, Sandoz Inc., Eli Lilly and Company, Merck KGaA, AstraZeneca plc, F. Hoffmann-La Roche Ltd., Owen Mumford Ltd., Sulzer Ltd., Sun Pharmaceutical Industries Ltd., Pfizer Inc., Lupin Ltd., Wockhardt Ltd., AptarGroup Inc., Novartis AG, Gerresheimer AG, SHL Medical AG, Boehringer Ingelheim International GmbH, Nemera France SA, Companion Medical Inc., Jiangsu Delfu Medical Devices Co. Ltd., Haselmeier GmbH, GlaxoSmithKline plc., Stat Medical Devices Inc., DuPont de Nemours Inc., Emperra GmbH E-Health Technologies, Biocon Limited, Becton Dickinson and Company, Mylan N.V., Terumo Corporation, West Pharmaceutical Services Inc., Bespak Europe Ltd., Mitsubishi Gas Chemical Company Inc., Nipro Corporation, Zogenix Inc., Consort Medical plc
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Top Trend - Technological Advancements Transforming The Injection Pen Market
Technological advancements are a key trend gaining popularity in the injection pen market. Companies in the injection pen market are focusing on product innovations and efficient delivery systems. Technological advancements provide for accurate delivery, improved patient satisfaction and adherence, and greater ease of use. For instance, in September 2022, Medtronic, a US-based medical technology, services, and solutions company, launched InPen integrated with real-time1 Guardian Connect CGM data. This integrated solution gives users all the information they need to manage their diabetes in one screen, including real-time glucose levels and information on insulin dosing. Users may access all their information in real time, in one screen, rather than jumping between apps, making it simpler to decide how much medication to take to control their blood sugar levels.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Injection Pen Market Characteristics
3. Injection Pen Market Trends And Strategies
4. Injection Pen Market - Macro Economic Scenario
5. Injection Pen Market Size And Growth
…..
27. Injection Pen Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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