The global pen injectors market is anticipated to exhibit lucrative growth over the forecast period, with the 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 acting as the factors that will be driving the market during the forecast period.
Pen injectors have been designed for patients requiring continued long-term dosage of hormones and medicines for managing conditions such as diabetes. They are available in disposable as well as reusable forms. The number of chronic and acute diseases has been on a constant rise in the past few years, which has led to increased awareness regarding the importance of these devices among the population in emerging economies around the globe. The use of injection pens has yielded high success in terms of improvements in patient convenience during chronic disease management, and this is propelling the current market for pen injectors.
The 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. Pen injectors have significant applications in the management of various chronic diseases majorly- diabetes, arthritis, osteoporosis, growth hormone deficiency, and arthritis. The increasing prevalence of these devices has a direct impact on the demand for pen injectors.
Most of the pen injectors available today are reusable. These pens require replacement of only needles and cartridges and they can be used for a longer time making them cost-effective. Additionally, high demand for measures to reduce needlestick injuries and the presence of a wide network of distribution of international players are few factors attributing towards the growth of the injection pen market.
In terms of region, North America captured the largest market share for the product, with Europe following in second. With 47% of the U.S. population anticipated to be obese by the year 2030 according to the OECD, the region presents a market sizeable opportunity for the product. The Asia Pacific region, meanwhile, is expected to show the fastest growth rate through 2025, with China and India providing lucrative growth opportunities for the product.
Some of the key players in the pen injectors 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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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.