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(Health-NewsWire.Net, April 28, 2021 ) The global injection pen market was valued at USD 29.47 Billion in 2016 and is projected to reach USD 41.38 Billion by 2022, at a CAGR of 6.0% during the forecast period.
Factors Driving the Market Growth:
The key factors driving the growth of this market include rising prevalence of chronic diseases, favorable reimbursement scenario and government support, and the increasing number of regulatory approvals resulting in the increased adoption amongst patients.
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Disposable injection pens accounted for the largest share of the market in 2017
The injection pen market is segmented on the basis of type into disposable and reusable injection pens. In 2017, the disposable injection pens segment accounted for the largest share of the global market due to the benefits disposable injection pens offer such as portability, ease of use, and low possibility of infection.
By therapy, the diabetes segment accounted for the largest share of the market in 2017
On the basis of therapy, the injection pen market is segmented into diabetes, growth hormone therapy, osteoporosis, fertility, and other therapies. In 2017, the diabetes segment accounted for the largest share of the global market. The large share of this segment can be primarily attributed to large diabetic population across the globe, new drug therapies for the treatment of diabetes, and a favorable reimbursement scenario in developed countries.
The home care segment dominated the market on the basis of end users in 2017
The injection pen market is segmented on the basis of end users into home care and hospital & clinics. In 2017, homecare segment accounted for the largest share of the global market. Majority of injection pens are used for self-administration of drugs, and are rarely recommended for hospital use to avoid the risk of infection due to use on multiple patients. Factors such as the growing prevalence of chronic diseases and technological advancements are driving the growth of this segment.
North America held the largest share of the market in 2017
In 2017, North America accounted for the largest share of the injection pen market, followed by Europe. Factors such as increasing geriatric population in Canada, increasing FDA approvals, and rising prevalence of chronic diseases in the US and Canada are contributing to the large share of this geographical segment.
The key players in the global injection pen market are Novo Nordisk (Denmark), Eli Lilly (US), Sanofi (France), 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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