The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global injection pens/injectable pens/pen injectors market is expected to reach USD 67.9 billion by 2025, according to a new report by Grand View Research, Inc., registering a 9.4% CAGR during the forecast period. High demand for these devices for management of various chronic as well as acute diseases and increasing awareness in developing regions are key factors expected to drive the market.
Injectable pens have witnessed significant success in improving patient convenience during management of chronic disease, a process that might include administering intermittent injections. These devices are more convenient and affordable than other delivery systems. Ongoing studies on the same to assess their applications in management of other diseases, including but not limited to Hepatitis C and cancer, is expected to ensure swift market growth through 2025.
Further Key findings from the study suggest:
- Rising incidence of diseases such as diabetes and arthritis is primarily boosting market growth
- Increase in government healthcare expenditure and availability of favorable healthcare insurance policies in developed as well as developing countries is driving the market
- By product, reusable injectable pens are the largest and fastest growing segment owing to the advantages associated with them such as cost effectiveness and patient convenience. Commercially available reusable injectable pens mainly include Novopen, Luxura, Berlipen, AllStar, NovoRapid, basalgar, Bydureon, Epipen and Genotropin
- By dosage, variable dosage is the fastest growing segment. Some of the customizable variable pens are UnoPen, ServoPen and Ypsopen by Ypsomed, Madie by SHL Group, and Evo pen by Copernicus
- North America dominates the market, followed by Europe. Technological advancements and increase in incidence of osteoporosis, arthritis, and anaphylaxis are factors that can be attributable to its largest market share
- Asia Pacific is expected to be the fastest growing region over the forecast period. Better accessibility to healthcare, coupled with constantly increasing healthcare expenditure in the region, is fueling market growth
- China is one of the most lucrative markets with tremendous growth opportunities for global as well as local players. This is owing to favorable factors such as availability of labor and raw materials at significantly lower prices as compared to other regions
- Key players in the market include Owen Mumford Ltd.; GlaxoSmithKline plc; Eli Lilly and Company; Mylan N.V.; AstraZeneca; Novo Nordisk; Sanofi; and Sandoz Inc.