Injection Pen Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Injection Pen Market: Overview
The injection pen market has been predicted to grow at a noticeable pace during the forecast period. This market growth has been on the back of technological advancement in injection pens and favorable reimbursement policies and government support. In addition to this, the growing count of regulatory approvals and rising cases of chronic diseases are also estimated to boost growth prospects in the market in the years to come.
There has been a significant increase in chronic diseases during the past few years. Various diseases such as cardiovascular disease, osteoporosis, diabetes, and some sclerosis need weekly or daily injectable drug administration.
These injector pens serve as an optimum option for chronic diseases because of their high frequency of drug administration. These pens have also become a new standard for injectable drug delivery systems. These pens are becoming popular because of their ability, reliability, and simplicity with a direct administration by patients that too without any support of the physician. Thus, based on rising cases of chronic diseases are predicted to boost greater concentration on the pen technologies for the effective handling of the rising patient pool. Thus, based on these factors, the injection pen market has been predicted to enjoy noteworthy growth impetus in the upcoming years.
Injection Pen Market: Key Trends
In recent years, there have been some noteworthy technological advancements in the injection pen market. These advancements are likely to stimulate consumers for the adoption of the injection pen in the market.
On the flip side, various alternative drug delivery modes are restraining the adoption of these injection pens in the market. In addition to this, needle anxiety and poor reimbursement policies in the developing regions around the world are curtailing the growth opportunities in the market. Whereas, misuse of injection pens and needle-stick injuries are likely to create challenges for the market growth.
There has been a noticeable increase in the growth opportunities in the injection pen market that is because of the patent expiry of the biologics and the growth of the emerging markets across the world. Thus, based on these novel initiatives and efforts, the injection pen market has been predicted to enjoy noticeable growth opportunities in the years to come.
Injection Pen Market: Competitive Dynamics and Key Developments
The key players dealing in the injection pen market are using various development strategies in order to bolster the growth opportunities in the forthcoming years. Some of these market strategies include acquisitions, mergers, innovations, partnerships, new product launches, geographical expansion, product approvals, and strategic collaborations that have been applied by prominent companies to create expansion avenues in the market.
For instance, Sanofi has received FDA approval for the new prefilled pen named Dupixent in April 2020. This pen is commonly used for atopic dermatitis and asthma. In addition to this, it is also used for chronic rhinosinusitis along with nasal polyposis for at-home administration.
Some key players in the injection pen market are:
Injection Pen Market: Regional Assessment
The injection pen market is currently spread around various geographical locations including the Middle East & Africa, Latin America, Asia Pacific, Europe, and North America. Out of these widely spread areas, the North America region holds a significant position in the market. This market growth is attributed to the growing prevalence of diabetes cases, the rising count of awareness programs, and favorable reimbursement scenarios. Thus, based on these factors, the injection pen market is likely to grow at a noticeable speed.
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