Pen Injectors Market: Reusable Segment is Projected to Grow at Rapid pace During the Forecast Period
Pen injectors are self-injection medical devices designed for multiple injections of medicines and hormones for patients requiring frequent dosage for long term management of medical conditions such as diabetes. Pen injectors are available in both disposable and reusable forms.
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The ability of self-administration of drugs or medicine is a key factor fueling growth of pen injectors, as it offers advantages such as less visits to hospitals or clinics, low cost, and ease of use. Pen injectors are widely used for the administration of insulin to diabetic patients, administration of growth hormones, and biologic drugs for the management of long lasting chronic disorders.
The global pen injectors market is projected to grow at a rapid pace during the forecast period due to high prevalence and incidence rate of diabetes, rheumatoid arthritis, and growth hormone deficiency. According to the World Health Organization, more than 422 million people were diagnosed with diabetes in 2014 and the prevalence rate has risen from 4.7% in 1980 to 8.5% in 2014. According to the American College of Rheumatology, around 54.4 million people in the U.S. were affected with rheumatoid arthritis and the number is estimated to reach 78 million by 2040.
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Moreover, advances in pen injectors such variable dose pens, large volume injection pens, and development of injector pens for biologic drugs are anticipated to propel the global pen injectors market during the forecast period. Significant rise in adoption of biologic drugs for the treatment of various chronic disorders such as inflammatory bowel disorders, psoriasis, rheumatoid arthritis, and multiple sclerosis presents significant opportunities for the players in the global pen injectors market.
The global pen injectors market can be segmented based on product type, application, distribution channel, and region. In terms of product type, the market can be bifurcated into disposable and reusable. The reusable segment dominated the global market in 2017. However, the reusable segment is projected to grow at rapid pace during the forecast period.
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Based on application, the global pen injectors market can be classified into diabetes, rheumatoid arthritis, osteoporosis, growth hormone deficiency, multiple sclerosis, and anaphylaxis. The diabetes segment is anticipated to dominate the global market from 2018 to 2026 owing to high prevalence of diabetes across the globe and easy availability at low cost. In terms of distribution channel, the global pen injectors market can be divided into hospital pharmacies, retail pharmacies, and online pharmacies.
Geographically, the global pen injectors market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to account for major shares of the global market during the forecast period owing to large population base with diabetes, human growth hormone deficiency, rheumatoid arthritis, and osteoarthritis.
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Moreover, high penetration of pen injectors, new product development, and potential clinical trial pipeline for pen injectors for other medical indications are anticipated to contribute to large share of North America and Europe during the forecast period. The pen injectors market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to high prevalence of diabetes in the highly populous countries such as India and China, rapidly improving health care systems, various initiatives adopted by governments to improve health care, and increase in per capita health care expenditure.
A major shift from reusable pen injectors to disposable pen injectors has been observed in the past few years in emerging countries such as South Korea, India, China, and Singapore. The pen injectors market in Middle East & Africa is likely to witness strong growth during the forecast period.
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Key players operating in the global pen injectors market include Becton, Dickinson and Company, Ypsomed AG, SHL Group, Gerresheimer AG, Elcam Drug Delivery Devices, Gerresheimer AG, Consort Medical, Insulet Corporation, Owen Muford Ltd., Enable Injections, and Elcam Drug Delivery Devices.
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