Injection pens have emerged as one of the most user-friendly and effective treatment alternative to address a broad spectrum of medical conditions, including diabetes, rheumatoid arthritis, obesity, and insulin deficiency.
High Prevalence of Diabetes to Boost Demand for Injection Pens
Injection pens have emerged as one of the most user-friendly and effective treatment alternative to address a broad spectrum of medical conditions, including diabetes, rheumatoid arthritis, obesity, and insulin deficiency. At present, injection pens are extensively used by over half of the patient population suffering from insulin-related problems– a factor that is expected to drive the global injection pen market in the upcoming years. In addition, as manufacturers operating in the current market landscape continue to focus on improving the design parameters of their injection pens, the demand is further expected to grow at a promising rate in the near future.
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Some of the key pointers on which injection pen manufacturers are closely working on include ease of cartilage replacement, injection convenience, insulin-dose setting dial use, and prominence of audio clicks. While these factors are anticipated to improve the performance and quality of insulin injection pens, the demand is expected to move in the upward direction around the world. The rise in the number of individuals suffering from diabetes and the growing adoption of injection pens, particularly in home care settings, are primary factors expected to propel the demand for injection pens during the forecast period.
At the back of these factors, along with the launch of user-friendly, cost-efficient, and sleek injection pens, the global injection pen market is expected to reach US$ 6 Bn mark by the end of 2030.
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Significant Rise in Demand for Insulin Pens to Aid Market Growth
Over the past few years, insulin pens have garnered immense popularity around the world and as per current observable trends, insulin pens are rapidly replacing conventional manual vial and syringes that are used for insulin injections. Key factors that are currently driving the demand for insulin pens include ease of use, user-friendliness, and high accuracy in insulin delivery. In addition, the availability of insulin pens in durable or pre-filled designs wherein an interchangeable insulin cartridge is used, and the availability of a range of insulin formulations are some of the other factors that are expected to fuel the growth of the global injection pen market. Moreover, as increasing number of manufacturers continue to introduce insulin pens with color codes to enable patients to distinguish between various insulin formulations, patient pen-selection errors have reduced considerably. While these factors are projected to play a key role in driving the sales of insulin pens in the forthcoming years, the rise in the prescription of injection pens around the world will provide an impetus for growth of the global injection pen market.
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Insulin pens are extensively used as an insulin delivery device in several regions of the world, including Europe. The adoption of insulin pens in the U.S. is relatively lower than the aforementioned region largely due to the lack of awareness and the significantly high prescription costs of insulin cartridges in comparison with insulin vials.
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Need of Injection Pens for Range of Medical Conditions to Bolster Market Growth
Insulin pens have garnered immense popularity around the world, mainly in Japan, Europe, the U.K., and some countries of the Asia Pacific. Insulin pens are increasingly being used to treat diabetes in these regions and the trend is expected to continue over the course of the forecast period. While injection pens are expected to play a key role in the treatment of diabetes and insulin-related problems, injection pens are increasingly being used to deliver medication to patients suffering from rheumatoid arthritis. The ease of grip provided by injection pens and in performing self-injection procedures has driven the adoption of injection pens over the past few years– a trend that is likely to continue during the forecast period. This is anticipated to drive the injection pen market in the near future.
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Demand for Injection Pens to Remain Steady amid COVID-19 Pandemic
While the COVID-19 pandemic has impacted the growth of a range of industrial sectors, including oil & gas, automotive, consumer goods, and electronics, the healthcare sector is increasingly being burdened with the mounting number of COVID-19 patients across the world. In addition, as research and development activities are in full swing to discover a vaccine for the novel coronavirus, the demand for injection pens is anticipated to grow at an exponential rate upon the arrival of the vaccine. While the adoption of injection pens is expected to increase in 2021 as a vaccine delivery device for the COVID-19 disease, their demand to manage other health conditions is expected to remain steady. Thus, the injection pen market is anticipated to not be impacted by the ongoing pandemic.
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