PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1543648
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1543648
The global injection pen market is projected to reach USD 74.1 billion by 2030 from USD 47.0 billion in 2024, at a CAGR of 7.9% during the forecast period. The rapid growth in the geriatric population globally and the significant rise in the patients with chronic diseases such as diabetes and growth hormone disorders are expected to boost the demand for injection pen market. Moreover, gradual rise in utilization of self administration and increased focus on patient centric dsign and patient compliance are likely to support the market growth. Advancements in injection pen technology, new product launches, favourable reimbursement and government policies, investments in healthcare infrastructure, and initiatives to enhance the accessibility and affordability of injection pen is anticipated to fuel the market growth.
Scope of the Report | |
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Years Considered for the Study | 2024-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Units Considered | Value (USD Billion) |
Segments | Type, Therapy, End User, and Region |
Regions covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
"The reusable injection pen segment of injection pen market to grow with the highest CAGR during the forecast period."
Based on the injection pen market, the reusable injection pen segment is anticipated to grow at significant rate during forecast period. Due to increasing prevalence of chronic disease, ease of use and durability of reusable injection pen. These pens are more economical than disposable pens as they can be used multiple times by replacing the drug cartridge.Also, due to increased preference in self-administration and home care, there has been significant development and advancement in reusable injection pens. These factors are fostering the growth of injectable drug delivery at higher pace.
"The GLP-1 segment of diabetes therapy type segment to capture the largest market share of injection pen market."
Based on therapy the injection pen market is segmented into into diabetes, growth hormone therapy, fertility, osteoporosis, obesity, and other therapies. The diabetes segment is further segmented into insulin and GLP-1 therapy types. GLP-1 segment register the higher CAGR during the forecast period. GLP-1-based therapies are used in treating diabetes mellitus due to their physiological properties and delivered through pen devices using thin and short needles. Owing to high R&D investments for developing GLP-1 therapies by prominent market players and recent advancements in GLP-1 injection pens are likely to propel the growth of this segment.
"North America accounted for the largest share of the injection pen market by region."
The global injection penmarket is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest regional market for injection pen, whereas the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period.
The largest share of North America is attributed to the high disease burden of chronic disease such as diabetes contributing to a larger pool of patients requiring injection pen products. The presence of numerous potential market giants and favorable reimbursement policy in the region is likely to promote the growth of injection pen market in North America.
The major players operating in the injection pen market market are Novo Nordisk A/S (Denmark), Eli Lilly and Company (US), Sanofi (France), Ypsomed Holding AG (Switzerland), Becton, Dickinson and Company (US), Merck KGaA (Germany), AstraZeneca (UK), Owen Mumford (UK), Heselmeier (Germany), Sun Pharmaceutical Industries Ltd. (India), Pfizer Inc. (US), Biocon (India), Lupin (India), Wockhardt Ltd. (India) and Medtronic (Ireland).
Research Coverage
This report studies the injection pen market based on type, therapy, end user and region. The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micro markets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.