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(Health-NewsWire.Net, May 08, 2020 ) The global injection pen market is projected to reach USD 41.38 Billion by 2022 from USD 30.97 Billion in 2017 at a CAGR of 6.0% during the forecast period. The growth of this market is primarily driven by factors such as the growing prevalence of chronic diseases, increasing number of regulatory approvals, and favorable reimbursement in developed countries, and government support.
Objectives of the Study
+ To define, measure, and describe the global injection pen market by type, end user, by therapy, and by region
+ To provide detailed information about the major factors influencing market growth (drivers, restraints, challenges, and opportunities)
+ To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market
+ To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
+ To forecast the size of injection pen industry segments in North America, Europe, Asia Pacific, and RoW
+ To strategically analyze the market structure and profile key players in the global market and comprehensively analyze their core competencies3
+ To track and analyze company developments such as partnerships, agreements, and collaborations; expansions; acquisitions; product approvals; and product launches in the market
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Based on therapy, the global injection pen market is segmented into diabetes, growth hormone therapy, osteoporosis, fertility, and other therapies (such as multiple sclerosis, obesity, cardiovascular diseases, rheumatoid arthritis, and migraine). The diabetes segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the large diabetic population across the globe and the favorable reimbursement scenario for diabetes treatments in developed countries.
Based on end user, the global market is categorized into homecare and hospital & clinics. The homecare segment is expected to register the highest CAGR during the forecast period due to the growing demand for self-administration drug delivery devices and the growing prevalence of chronic diseases.
Geographic segments in this report include North America, Europe, Asia Pacific, and RoW. Of these, the North American segment is expected to account for the largest share of the market in 2017. The large share of this region can be attributed to the rising prevalence of diabetes, favorable reimbursement scenario, and the increasing number of awareness programs in this region.
Preference for alternative drug delivery modes and poor reimbursement scenario in developing countries is expected to restrain the growth of this market during the forecast period to a certain extent. For instance, in emerging countries such as China and India, no coverage is provided for the home medical devices such as injection pens, thus increasing the out-of-pocket expenditure by patients.
The global injection pens market is dominated by Novo Nordisk (Denmark), Eli Lilly (US), and Sanofi (France). These players adopted growth strategies such as product launches, mergers & acquisitions, and expansions to maintain and enhance their position in the market. Other prominent players in the market include Ypsomed (Switzerland), Merck (Germany), AstraZeneca (UK), F. Hoffman-la Roche (Switzerland), Becton, Dickinson and Company (US), Owen Mumford (UK), Novartis (Switzerland), Pfizer (US), and Haselmeier (Switzerland).
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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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