Healthcare sector is already underway towards revolution with competition amid key players getting intense and growing aggression to develop devices that sync well with latest connected devices. Similarly, injection pen is one of the crucial innovations in the field of drug delivery. Market Research Future estimated that the Global Injection Pen Market Growth would attain a CAGR of 6.5% during the forecast period 2017-2023.
Manufacturers recognizing the importance of advanced drug delivery devices, increased investment in digital and healthcare analytics are some of the modern trends that might spur the growth of the global injection pen market. Consumers inclination on personalized and smart products has led to increased demand insights for injection pens. Rapid scaling and sophisticated service offering by the service providers have also helped to uphold the growth of the global market. Moreover, growing prevalence of chronic diseases such as osteoporosis and diabetes are anticipated to drive the global injection pen market. Changing lifestyle, unhygienic food consumption, and a growing number of patients who require daily dose of insulin are some of the factors that are of root disease outbreak, leading to increased numbers in patients.
Big technology players and venture capitalists are bringing high-tech product architectures that are creating lucrative opportunities for the healthcare industries.
Industry leaders are rapidly shifting from the beta test and experiments to full-fledged product building. These leading giants include the Novo Nordisk, Ypsomed, Sanofi, Owen Mumford, F. Hoffman-La Roche, Jiangsu Delfu Medical Device Co. Ltd., Pfizer, Becton Dickinson and Company, Biocon Ltd., Haselmeier, Merck, AstraZeneca, Eli Lilly, and Novartis.
Biocorp, healthcare connected device maker has launched a cap for pen injectors that is internet-connected and transmit dosage information to a mobile app. The company stated that it is in talks with Sanofi’s diabetes care platform for negotiations. Its smart sensor cap, named Mallya is the only connected device with injections pens that is accessed to attain the accuracy requirements to achieve CE Class IIb classification by EU regulators. Earlier, in 2016, Companion Medical based in San-Deigo got FDA clearance for the wireless-enabled smart insulin pen, named Inpen
The rise in R&D activities in drug delivery is anticipated to play a major role in uplifting the growth graph of the global injection pen market during the forecast period.
The global injection pen market is broadly classified based on factors such as type, product, therapy, and end-user.
Based on type, the global injection pen market is bifurcated into disposable injection pens and reusable injection pens.
By product, the global market is segmented into pen needles and insulin pens.
Moreover, the global injection pen market is also segmented based on various therapies such as diabetes, fertility, growth hormone therapy, and osteoporosis.
The end-user segment is classified as home care, hospital, and clinics.
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The Americas dominate the global injection pen market and are expected to maintain its influence during the forecast period. The leading position of the region in the global market is attributed to high adoption rate of injection pens and growing awareness of the drug delivery devices. Existence of leading market giants in Canada and the U.S. is encouraging the growth of the pen injection market in the region.
Following the Americas, Europe has a leading role in the global market, owing to burgeoning diabetics. Growing cases of diabetes have forced manufacturers to develop effective and convenient ways to handle the disease, as diabetes requires day-to-day administration of insulin injections. Thus, feasibility of self-managing the disease has boosted the demand for injection pen in region.
Moreover, the Asia Pacific is an emerging region with immensely growing population; the ratio of patient population with chronic is high. Rise in the figures of diabetics and increased healthcare expenditure has stimulated the growth of the global injection pen market.
The Middle East has the lowest share in the global injection pen market; however, upcoming healthcare investments led by some industrial players is expected to spur the growth rate of the regions.