Injection Pen Global Market Report 2023: Technological Advancements and Healthcare Waste Reduction to Reshape Sector Moving Forward
DUBLIN, Feb. 20, 2023 /PRNewswire/ -- The "Injection Pen Market Forecast to 2028 - Global Analysis by Type, Therapy, and End User" report has been added to ResearchAndMarkets.com's offering.
The injection pen market is expected to reach US$ 60,332.97 million by 2028 from US$ 37,261.35 million in 2021; it is estimated to register a CAGR of 7.14% from 2022 to 2028.
Prevalence of chronic disorders and growth in strategic developments are among the key forces driving the market. However, the availability of alternative drug delivery devices and inadequate reimbursement scenario hinder the market growth.
An injection pen is a medical device used for incorporating medicine under the skin with the help of needle. The product was first used in 1980s. Injection pen is one of the best alternatives over the daily syringes. At present, injection pens are majorly used for insulin administration. Sometime injection pens are also referred as insulin pen. These injection pens have surpassed the sales of vials for insulin administration to treat diabetes type 2.
The aging population and changes in social behavior contribute to a few common and costly long-term health problems. According to the World Health Organization (WHO), the prevalence of chronic lifestyle diseases is projected to reach 57% by 2026. Emerging markets will be hit hardest, as population explosion is expected in developing countries. With the accelerating urbanization, people are more inclined toward sedentary lifestyle, which results in obesity and diabetes. Diabetes is one of the biggest global health problems of the 21st century.
According to the International Diabetes Federation (IDF), the number of people with diabetes in North America was about 46 million in 2019 and is projected to increase to 62 million by 2045. The increase in disease prevalence is about 35% over the predicted period. Furthermore, other chronic conditions such as osteoporosis, cardiovascular disorders, and multiple sclerosis require frequent drug administration for treatment and disease management.
As per the WHO, cardiovascular disorders are the leading cause of death - nearly 17.9 million deaths are reported every year due to cardiovascular disorders. It has become new standard for injectable drug delivery among large patient population on a global level. Moreover, it can be easily used by the large patient population with minimal training with does not require constant assistance from of healthcare professionals, owing to which injection pens are largely adopted in home healthcare settings, thereby driving its market growth.
Furthermore, the injection pen market is characterized by the presence of various market players. To increase their market share, market players take up various strategies such as product launches, regional expansion, and technological advancements. Injection pens are more involved in continuous innovation and technological advances, leading to increased acceptance among industry players. Leading players invest in R&D to develop advanced technologies and gain more revenue.
A few recent developments related to injection pen are mentioned below:
- In May 2022, FDA approved Lilly's Mounjaro injection, the first and only glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) receptor agonist for the treatment of type 2 diabetes in adults. Mounjaro is available in six doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) and comes in Lilly's well-established auto-injector pen with a pre-attached, hidden needle.
- In January 2022, SHL Medical's partnered with Innovation Zed for connected pen injector solutions. It launched InsulCheck DOSE, a connected add-on device that transforms traditional pen injectors into smart solutions to support the monitoring of disease management regimen.
Market Dynamics
Market Drivers
- Rising Prevalence of Chronic Disorders
- Increase in Strategic Developments
Market Restraints
- Presence of Alternative Drug Delivery Devices and Inadequate Reimbursement Scenario
Market Opportunities
- Increase in Biologics Patent Expiry and Use of Biosimilars
Future Trends
- Technological Advancements and Healthcare Waste Reduction
Type-Based Insights
Based on type, the global injection pen market is bifurcated into disposable injection pens and reusable injection pens. In 2021, the disposable injection pen segment held a larger market share and is expected to grow at a higher CAGR during 2022-2028. The most commercially available injector systems in the global market are injector pens designed for multiple doses, prefilled syringes, and autoinjectors. For example, through innovative prefilled syringes and injector pens, parenteral medication becomes quite easy and patient friendly because it relieves the patient from the burden of carrying syringes and drug vials intended for either regular/chronic use or emergencies.
Additionally, the applicability of injector pens involves safety and convenience, minimization of medicament, handling and reduction of dosage errors and waste, and improved product sterility and stability. Disposable injection pens are used until the drug cartridge is empty, and then the entire unit is disposed. In diabetic patients, insulin pens assist in taking insulin more conveniently because it combines the medication and syringe in one handy unit. Certain insulin pens are disposable, so patients can trash the pen once the insulin is injected or expired. These factors are responsible for the significant growth of the segment, thereby fueling the overall market growth during the forecast period
Therapy-Based Insights
Based on therapy, the global injection pen market is segmented as diabetes therapy, growth hormone therapy, autoimmune diseases therapy, fertility therapy, cancer therapy, and Other Therapies. The diabetes therapy segment held the largest share of the market in 2021. The other therapies segment is expected to grow at the highest CAGR during the forecast period. Other therapies involve migraine therapy. Migraine is a neurological condition causing moderate to severe headaches.
For instance, migraine is common, affecting 39 million individuals in the US and 1 billion people globally, as per the estimates published in Healthline Media UK Ltd press. Therefore, with a migraine self-injection pen, an individual can self-administer migraine medication by inserting it into the tissue beneath the skin. These pens on administration can either be preventive, containing medication to reduce the frequency and severity of migraine attacks, or acute attacks that help alleviate migraine headaches. Such notable developments will accelerate the overall demand for self-injection pens among individuals, fueling market growth during the forecast period.
End User-Based Insights
Based on end user, the injection pen market is segmented into hospitals & clinics, home care, and others. The hospitals segment held the largest share of the market in 2021. The homecare segment is anticipated to register the highest CAGR of 7.4% in the market during the forecast period (2022-2028). Self-injection pens under homecare settings are an effective way to minimize the costs associated with managing and treating the broad spectrum of diseases.
Additionally, self-injection pens are the first choice for new and subcutaneous administration of pharmaceutical agents. Self-injection pens possess the potential to greatly improve the quality of care from the patient's perspective. For example, self-injection pens have more flexibility regarding the place and time of treatment, thereby substantially reducing therapy costs. Therefore, medical device companies are developing innovative products for treating a broad spectrum of diseases. For example, BD's self-injection pens provide flexible manufacturing, drug compatibility, seamless integration, and low risks among individuals. These factors are responsible for the segmental growth. Thus, hospitals are contributing a significant share to the market and the trend is expected continue during the forecast period.
A selection of companies mentioned in this report includes
Novo Nordisk A/S
- Novartis AG
- Eli Lilly
- Merck KGaA
- Wilhelm Haselmeier GmbH & Co. KG
- Astrazeneca
- F.Hoffman-La-Roche
- BD
- Pfizer
- Teva Pharmaceutical Industries Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/1fq881-pen?w=5
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