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(Medical-NewsWire.com, July 16, 2020 ) Rising prevalence of chronic diseases, favorable reimbursement scenario and government support, and the increasing number of regulatory approvals resulting in the increased adoption among patients.
The global injection pen market is expected to reach $41.38 Billion by 2022 from $30.97 Billion in 2017, at a CAGR of 6.0%.
Segments
The market is segmented on the basis of type, therapy, end user, and region. Based on type, the market is segmented into disposable and reusable injection pens. The disposable injection pens segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the benefits disposable pens offer, such as portability, ease of use, and low possibility of infection.
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.
End User
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.
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Geographical Region
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.
Leading Companies
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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