Pen injectors are versatile medical devices used to deliver precise doses of medications through subcutaneous injections. Their applications span a wide range of therapeutic areas, including diabetes, multiple sclerosis, rheumatoid arthritis and growth hormone deficiencies. These devices feature user-friendly designs with adjustable dosage settings, making self-administration easier for patients. Pen injectors offer portability and convenience, enabling patients to administer medications at home or on the go, improving treatment adherence, and enhancing the overall patient experience in modern healthcare.
According to Data Bridge Market Research, the Global Pen Injectors Market accounted for USD 3,500.00 million in 2022 and is expected to reach USD 5,792.48 million by 2030. The market is expected to grow with a CAGR of 6.5% in the forecast period of 2023 to 2030.
“Growing prevalence of patients boosts the market’s growth”
The pen injectors market is experiencing significant growth due to the growing prevalence of patients requiring self-administered medications. With an increasing number of individuals suffering from chronic conditions such as diabetes and autoimmune diseases, there is a rising demand for user-friendly and convenient drug delivery devices such as pen injectors. These devices offer patients a simple and effective way to administer their medications at home, reducing the need for frequent visits to healthcare facilities and improving the overall quality of life for patients.
What restraints the growth of the global pen injectors market?
“High costs associated with research and development (R&D) restraints the market’s growth”
The pen injectors market growth is restrained by the high costs associated with research and development (R&D) of advanced technologies and features. Developing and testing new pen injector designs, materials, and innovations necessitates significant financial investment. Additionally, complying with stringent regulatory requirements for safety and efficacy further adds to the R&D expenses. These high costs may limit the entry of new players and hinder the overall market growth, as manufacturers may find it challenging to recover investments while maintaining competitive pricing.
Segmentation: Global Pen Injectors Market
The global pen injectors market is segmented on the basis of type, dosage, therapy, and end user.
- On the basis of type, the market is segmented into disposable and reusable.
- On the basis of dosage, the market is segmented into fixed and variable.
- On the basis of therapy, the market is segmented into diabetes, anaphylaxis, growth hormone therapy, fertility, arthritis, osteoporosis, and others.
- On the basis of end user, the market is segmented into home care and hospitals and clinics.
Regional Insights: Asia-Pacific is expected to dominate the Global Pen Injectors Market
Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to government initiatives to raise awareness, coupled with expanding research activities, have contributed to the growth of the healthcare sector. Untapped markets, a sizable population, and increasing demand for quality healthcare services have created favorable conditions for the industry's development in the region.
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Recent Developments
- In June 2023, Sanofi, a French pharmaceutical company, has received approval from the European Union to market its product, the Toujeo SoloStar Pens, in the European region.
- In April 2020, Sanofi (France) has received FDA approval for its Dupixent prefilled pen, allowing its use in managing atopic dermatitis, asthma, and chronic rhinosinusitis with nasal polyposis. This user-friendly pen can be conveniently administered at home.
- In January 2019, Merck KGaA has launched Pergoveris, a gonadotropin pen designed for reproductive therapy, in the German market. This injectable pen offers a convenient and effective solution for patients undergoing reproductive treatments.
The Prominent Key Players Operating in the Global Pen Injectors Market Include:
- Novo Nordisk (Denmark)
- Medtronic (Ireland)
- BD (U.S.)
- Sanofi (France)
- Eli Lilly and Company (U.S.)
- Merck KGaA (Germany)
- AstraZeneca (U.K.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Owen Mumford Ltd (U.K.)
- Ypsomed AG (Switzerland)
- Terumo Medical Corporation (Japan)
- B. Braun (Germany)
- Sun Pharmaceutical Industries Ltd (India)
Above are the key players covered in the report, to know about more and exhaustive list of global pen injectors market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Pen Injectors Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
