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(Health-NewsWire.Net, August 31, 2022 ) Market Size Estimation:
The total size of the injection pen market was arrived at after data triangulation from two different approaches, as mentioned below. After each approach, the weighted average of all approaches was taken based on the level of assumptions used in each approach.
Expected Surge in Revenue Generation:
The global injection pens market is projected to reach USD 53.3 billion by 2026 from USD 37.6 billion in 2021, at a CAGR of 7.2% during the forecast period.
Major Growth Driving Factors:
Growing prevalence of chronic diseases, increasing number of regulatory approvals, favourable reimbursement and government support, and technological advancements in injection pens tend to drive the market. Though the market is growing, but factors like alternative drug delivery modes, poor reimbursement scenarios in developing regions, and needle anxiety tend to restrain the market growth. Whereas, needle-stick injuries & misuse of injection pens tend to pose a challenge for the market. But, the opportunities for the market lie in the patent expiry of biologics and emerging markets.
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Data Triangulation:
After arriving at the market size, the total market was divided into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics for all segments and sub-segments, data triangulation and market breakdown procedures were employed, wherever applicable. The following figure shows the market validation, source structure, and data triangulation methodology implemented in this report’s market engineering process.
Challenge: Needle-stick injuries and misuse of injection pens
The lack of proper training and education for the use of new delivery devices such as injection pens leads to improper use and may threaten the safety of the staff and patients. Such practices may affect the adoption of injection pens in a hospital setting. For example, the National Reporting and Learning System (NRLS, UK) reported about 56 incidents associated with withdrawing insulin from insulin pens or refill cartridges between January 2013 and June 2019.
Opportunity: Patent expiry of biologics to drive the demand for biosimilars
Biosimilars were introduced in 2006 by many pharmaceutical companies such as Sandoz (Germany), Teva Pharmaceutical Industries Ltd. (Israel), and JCR Pharmaceuticals Co., Ltd. (Japan). Due to their lower costs (as compared to their patented counterparts), the demand for biosimilars has increased significantly. The impending patent expiry of many biologic molecules will also serve to drive the demand for biosimilars. Insurance companies and governments are favoring the use of biosimilars and generics.
Recent Developments:
# In April 2020, Sanofi (France) received FDA approval for a new Dupixent prefilled pen for use in asthma, atopic dermatitis, and chronic rhinosinusitis with nasal polyposis for at-home administration.
# In June 2019, Sanofi (France) received approval in Europe for Toujeo SoloStar Pens.
# Merck KGaA (Germany) launched Pergoveris a gonadotropin injection pen for fertility treatment in January 2019.
North America is expected to account for the largest share of the injection pens market in 2020
In 2020, North America dominated the global injection pens market. The large 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.
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Key Market Players:
Prominent players in the injection pens market include 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).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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