CHICAGO, Nov. 9, 2021 /PRNewswire/ -- According to the new market research report "Injection Pen Marketby Product Type (Disposable, Reusable Pens), Therapy (Diabetes (Insulin, GLP-1), Growth Hormone, Osteoporosis, Fertility, Autoimmune disease, Cancer), End User (Hospitals, Clinics, Home Care), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Injection Pens Market is projected to reach USD 53.3 billion by 2026 from USD 37.6 billion in 2021, growing at a CAGR of 7.2% during the forecast period.
Globally, there is a growing demand for injection pens owing to the growing prevalence of chronic diseases, increasing number of regulatory approvals, technological advancements in injection pens and favorable reimbursement and government support. However, injection pens have certain challenges pertaining to misuse and needle-stick injuries.
This, coupled with the preference for alternative drug delivery modes, poor reimbursement scenario in developing countries, and needle anxiety are the major factors restraining the growth of the injection pens market. However, the patent expiry of biologics which will increase the demand for biosimilars and the growth opportunities in the emerging markets are expected to offer growth opportunities for players in the injection pens market during the forecast period.
The COVID-19 pandemic did not have a significant impact on the injection pens market. Patients already using injection pens for various therapies continued to use the same during the pandemic. However, the supply chain for injection pens was disrupted due to mobility restrictions, closed borders, and a decline in overall trade. COVID-19-infected patients who received treatment are at a higher risk of becoming diabetic. Hence, growth in the incidence of diabetes will increase the demand for injection pens.
The injection pen-based devices segment holds the largest market share during the forecast period.
Based on type, the injection pens market is segmented into reusable and disposable injection pens. In 2020, the disposable injection pens segment accounted for the largest share of the overall injection pens market. The large share of the disposable injection pens segment can be attributed to its greater adoption due to lack of risk of infection or contamination of the drug, high patient compliance, and ease of handling.
The diabetes segment is expected to account for the largest share of the Injection pen market
Based on therapy, the injection pens market is divided into diabetes, growth hormone, osteoporosis, fertility, auto-immune diseases, cancer, and other therapies like migraine, obesity, and anaphylaxis. The large share of diabetes segment is mainly attributed to the high prevalence of diabetes, increasing awareness about insulin pens among diabetic patients, the rising geriatric population, and the growing availability of insulin pens in the market.
The insulin segment is expected to grow at the highest rate during the forecast period
Based on type of diabetes therapy, the injection pens market for diabetes therapy is segmented into insulin and GLP-1. In 2020, the insulin segment accounted for the highest growth of the injection pens market for diabetes therapy. The highest growth of this segment is attributed to factors such as the rising incidence of diabetes across the globe and the high dependence on insulin by diabetes patients.
In the end user segment, home-care settings is expected to grow at the highest rate in the injection pen market
Based on end users, the injection pens market is segmented into home care settings and hospitals & clinics. In 2020, the home care settings segment accounted for the highest growth of the injection pens market. The growing geriatric population, ease of drug administration, increasing prevalence of chronic diseases, technological advancements, and favorable reimbursement scenarios are some of the key factors driving the growth of the home care settings market.
North America is expected to account for the largest share for players operating in the injection pen market
In 2020, North America dominated the global injection pens market with the largest share. The highest share of the North American injection pens market can primarily be attributed to the rising prevalence of diabetes, favorable reimbursement scenario, and the increasing number of awareness programs. The high awareness amongst the patients, increase in the disposable income of the patients and increased adoption of injection pens also contributes to the higher share of the North America in the injection pen market.
The prominent players in the injection pens 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), Wockhardt Ltd. (India), AptarGroup, Inc. (US), Novartis AG (Switzerland), Gerresheimer AG (Germany), Bespak Europe Ltd. (UK), SHL Medical AG (Switzerland), Boehringer Ingelhem (Germany), Nemera France SA, Companion Medical (US), and Jiangsu Delfu Medical Devices Co., Ltd. (China).
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