Injectable pens market is anticipated to exhibit lucrative growth over the forecast period as a consequence of increasing incidences of diseases such as diabetes and arthritis, increasing geographical reach by market players, high demand for safer drug delivery devices and advanced drug delivery devices are the factors that are expected to drive the market during the forecast period.
Conventional method of injecting drugs such as syringes and vials are rapidly being replaced by various new methods such as pen devices and injection pumps that are more convenient and flexible. Injectable pens has significant applications in management of various chronic diseases majorly- diabetes, arthritis, osteoporosis, growth hormone deficiency, and arthritis. Increasing prevalence of these devices has a direct impact on injectable pens demand.
Most of the pen injectors available today are reusable. These pens require replacement of only needles and cartridges and they can be used for longer time making them cost effective. Additionally, high demand for measures to reduce needlestick injuries and presence of wide network of distribution of international players are few factors attributing towards the growth of the market.
Some of the key players in the injectable pens market are Owen Mumford Ltd., Eli Lilly and Company, GlaxoSmithKline plc, Mylan N.V., AstraZeneca, Novo Nordisk, Sandoz Inc, and Sanofi.
Key players are adopting strategies such as mergers & acquisitions and product launch & enter into partnerships to strengthen their position in the market. For instance, in October 2017, Eli Lilly and Company announced the launch of Humalog Junior KwikPen in the U.S. for the treatment of diabetes.
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