A recent report published by Infinium Global Research on injection pen market provides an in-depth analysis of segments and sub-segments in the global as well as regional injection pen market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional injection pen market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global injection pen market. According to the report, the global injection pen market is projected to grow at a CAGR of 6.3% over the forecast period of 2018-2024.
Injection pens are an advanced form of prefilled syringe that is used for self-administration of drug delivery. It is widely used insulin delivery; growth hormone therapy, fertility, and osteoporosis due to it provide diverse benefits over the normal vial and syringe methodology. Easy and safe handling are benefits offered by injection pen is the most important criterion for patients, as it gives them more flexibility in their daily life. Due to the efficient design, injection pens can be taken anywhere conveniently and can be applied without much effort, even by kids. It is widely used by diabetic patients. It is available in the two forms such as disposable and reusable.
The rising prevalence of chronic diseases especially diabetics and osteoporosis are driven by the injection pen market. According to the WHO, in 2018, more than 400 million people live with diabetics worldwide. Nowadays, our lifestyle is becoming more and more individual, agile and independent. This also influences the use of self-admiration of medication. Self-administration is trends, giving patients maximum autonomy and flexibility. Due to these reasons, a number of people prefer the use of an injection pen, which in turn, increases the demand for injection pen. Furthermore, injection pen devices are approved by the FDA that contribute to the growth of this market. Moreover, easy administration and improving the convenience of parenteral therapeutics are the common strategy adopted by pharmacies and biotechnology industries is led to the demand for injection pen market. Additionally, growing incidences of needle stock injuries across the globe, which in turn, boost the market growth. However, a number of people are inclined towards alternative drug delivery modes and poor reimbursement scenarios in developing countries hamper the growth of the injection pen market. Furthermore, recent development in injection pen devices such as automated needle injection, smaller dosing capacity and use of needle safety devices are creating growth opportunities for the global injection pen market.
Among the region, North America is the dominant region for injection pen market followed by Europe. Growing FDA approvals, technological advancement, and increasing research and development activities are some factors responsible for the growth of the injection pen market. Moreover, growing incidences of chronic diseases in the U.S. and Canada contributes to the growth of this market in the North America region. The Asia Pacific region is expected to have a significant growth rate during the forecast period owing to the incidences of diabetics coupled with the geriatric population. In the Asia Pacific region, the developing counties such as India, China, and Japan are a major contributor to the injection pen market.
The report on global injection pen market covers segments such as type, applications, and end user. On the basis of type, the sub-markets include reusable pens, and disposable. On the basis of applications, the sub-markets include insulin delivery, growth hormone therapy, fertility, and osteoporosis. On the basis of end user, the sub-markets include hospitals and clinics, homecare, and others.
The report provides profiles of the companies in the market such as Novartis AG, Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Merck KGaA, Roche Holding AG, Becton, Dickinson, and Company (BD), AstraZeneca, Ypsomed, and Pfizer Inc.
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