Injection pen manufacturers are pushing towards product development efforts for reusable offerings and designs to minimize the risk of needlestick injuries among end users.
ROCKVILLE, MD / ACCESSWIRE / November 4, 2020 / The injection pens market is projected to reach US$ 6 Bn valuation by the end of the period of projection in 2030. The coronavirus pandemic is likely to significantly boost the global demand for injection pens, owing to the numerous treatments currently being used to control the pandemic. In addition, manufacturers are also likely to leverage the potential application of injection pens to administer covid-19 vaccines, which could provide a highly lucrative opportunity for the short term.
“In addition to the widespread prevalence of chronic ailments, developments by manufacturers such as automated needle injection, the integration of needle safety devices, electronics, and smaller dosing capabilities is estimated to boost the market in the near future,” says the Fact.MR report.
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Injection Pens Market – Key Takeaways
- Reusable injection pens are estimated to remain the largest and fastest growing segment, owing to high demand arising from cost-efficiency characteristics.
- Injection pens with variable dosage application capabilities are expected to support gain demand in the long term with high potential in cancer and hepatitis treatments.
- Injection pens for diabetes will remain predominant in the industry, displaying fast growth on the back of steadily increasing patient numbers.
- Asia Pacific is reflecting relatively fast growth, led by China and India with government investments into modernization of healthcare infrastructure, for a vast population base.
Injection Pens Market – Driving Factors
- The steady replacement of conventional injection methods such as vials and syringes for a range of chronic ailments is a key driver.
- Rising geographical penetration of market leaders, and integration of advance, safe drug delivery mediums will benefit long term market prospects.
Injection Pens Market – Constraints
- Limitations in terms of the types of drug formulations compatible with injection pens is key challenge to market participants.
- Higher cost in comparison to conventional vial and syringe alternatives, and issues with drug wastage is a major concern.
Anticipated Market Impact by Coronavirus Outbreak
The short-term impact of the worldwide coronavirus pandemic has been highly positive on the injection pen market. A number of manufacturers have pushed plans to expand production of prefilled pens in the case when the coronavirus vaccine is developed. The demand for injection pens for a number of drug formulations required for covid-19 treatment, and for other critical chronic diseases, will sustain strong growth through the assessment period.
On the other hand, the delay in treatments for elective health issues and reduced clinical trials for solutions to a number of diseases has limited the scope of application to an extent. Uncertainty over the duration and severity of the pandemic remains a concern during this period.
Explore the global injection pens market with 65 figures, 26 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5212/injection-pen-market
Leading manufacturers in the injection pens market include but are not limited to AstraZeneca, F.Hoffman-LaRoche, BD, Novo Nordisk, Haselmeier, Gerresheimer AG, Merck Group, owen Mumford, Sanofi, and Eli Lilly and Company.
Top players in the injection pens market are increasingly invested in expanding their product portfolios in a fairly competitive market, with new offerings in compliance with regulatory standards.
For instance, Theratechnologies Inc. has revealed its efforts towards the development of a multi-dose injection pen with the company’s tesamorelin F8 formulation for the treatment of non-alcoholic steatohepatitis. Haselmeier has unveiled the D-Flex range of disposable injection pen systems for subcutaneous self-administration processes. Also, Teva UK has released a new prefilled injection pen for self-administered migraine treatment.
More on the Report
The FACT.MR’s market research report provides in-depth insights on injection pens market. The market is scrutinized according to type (reusable and disposable), indication (diabetes, growth hormone therapy, autoimmune, and others), and distribution channel (hospital pharmacies, retail pharmacies, and online pharmacies) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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