Amid rising demand for better accuracy in administering required medications to patients, the injection pen market is finding itself impressive growth opportunities. A new study by Fact MR projects the injection pen market to reach US$ 6 Bn by the end of 2030.
Rising prevalence of various chronic ailments has been enabling growth in the injection pen market. These pens allow accurate and more convenient delivery of medication using a vial or syringe. While every person with diabetes may not need insulin, those who do find injection pens simple to use and less intrusive. Injection pens are also often used to administer medications during growth hormone therapy. Growth hormone injection treatment is sometimes prescribed to children diagnosed with turner syndrome or with deficiency of growth hormones.
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Key Takeaways from Injection Pen Market Report
- Rising availability of insulin pens in pre-filled and durable designs has been enabling growth of the market.
- Based on type, the disposable segment is forecast to account for higher percentage of share in the injection pen market than reusable injection pens.
- In terms of indication, diabetes accounts for the maximum sales witnessed in the injection pen market.
- Retail pharmacies emerged dominant in the global market in terms of distribution channel in 2019, and expected to continue dominating through the course of the forecast period.
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- Regionally, North America has been dominating the injection pen market. However, over the course of the forecast period, Asia Pacific is forecast to emerge as a more lucrative market, exhibiting a higher rate of growth.
“Besides diabetes, injection pens are often preferred for administering medication in accurate doses for various autoimmune diseases and other conditions. For instance, these are often used for administering medicines to rheumatoid arthritis patients. Over the coming years, sales recorded within the market hold possibilities of surging, especially once a COVID-19 vaccine is discovered and available for the general public,” says a lead analyst at Fact.MR.
Surging Demand for Insulin Pens Aiding Growth
One of the chief market drivers is the surging demand for insulin pens. These pens are rapidly replacing conventional syringes and vials on account of their user-friendly and less intrusive mechanism. Advancements introduced in quick successions also are helping the injection pen market grow.
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Since an increasing number of brands have introduced insulin pens with color codes, patient pen section errors have significantly reduced. These factors are likely to play a crucial role in giving tailwinds to sales witnessed in the market.
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