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Injection Pen Global market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The injection pen market size is expected to see strong growth in the next few years. It will grow to $85.75 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.” - The Business Research Company
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Featuring the rise of the prevalent diseases such as diabetes and arthritis, the injection pen market has witnessed a robust growth in recent years, growing from $53.79 billion in 2023 to an impressive $58.57 billion in 2024 at a compound annual growth rate CAGR of 8.9%. The historical growth is largely attributed to the increasing need for diabetes management, patient preference for injection pens, reduced needle phobia, improved dosage accuracy, and a growing aging population.
What Are the Projected Figures for Injection Pen Market Size And Growth Rate?
Looking forward, the injection pen market size is set to see a significant growth in the near future, projected to reach a notable $85.75 billion in 2028 at a CAGR of 10.0%. Several factors such as escalating diabetes prevalence, rising biologics and biosimilars, increasing need for personalized medicine, growing demand for home healthcare, and emerging markets are expected to serve as critical stimulants for this robust growth. It's also important to note that major trends like smart injection pens, digital health integration, wearable devices, improved user interface, and autoinjector compatibility would shape the landscape of the future injection pen market.
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What Are the Key Market Drivers for the Injection Pen Market?
Major drivers for the injection pen market growth stand primarily as alarming global diabetes prevalence and accompanying necessity for its effective management. The International Diabetes Federation IDF projects that by 2040, the global diabetic population would reach about 640 million. In emerging countries like India, about 69 million diabetics are expected to rise to 100 million by 2030. Combined with other factors such as an increase in the size of the obese population, physical inactivity, unhealthy eating habits, and advancing age, this significant rise in diabetes and arthritis populations globally is bound to fuel the growth of the injection pen market.
Which Major Companies Are Operating in the Injection Pen Market?
The injection pen market is populated with leading companies like Novo Nordisk A/S, Ypsomed Holding AG, Sandoz Inc., Eli Lilly and Company, Merck KGaA, AstraZeneca plc, F. Hoffmann-La Roche Ltd., Owen Mumford Ltd., Sulzer Ltd., Sun Pharmaceutical Industries Ltd., Pfizer Inc., Lupin Ltd., Wockhardt Ltd., AptarGroup Inc., Novartis AG, Gerresheimer AG, SHL Medical AG, Boehringer Ingelheim International GmbH, Nemera France SA, Companion Medical Inc., Jiangsu Delfu Medical Devices Co. Ltd., Haselmeier GmbH, GlaxoSmithKline plc., Stat Medical Devices Inc., DuPont de Nemours Inc., Emperra GmbH E-Health Technologies, Biocon Limited, Becton Dickinson and Company, Mylan N.V., Terumo Corporation, West Pharmaceutical Services Inc., Bespak Europe Ltd., Mitsubishi Gas Chemical Company Inc., Nipro Corporation, Zogenix Inc., Consort Medical plc. Progressive and aggressive, these key industry players are constantly innovating and exploring new avenues in technology, gearing up to stay competitive and shape the future forecast period of the injection pen market.
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How Is the Injection Pen Market Segmented?
The injection pen market is segmented as:
1 By Product Type: Disposable Injection Pens, Reusable Injection Pens
2 By Therapy: Diabetes, Fertility, Osteoporosis, Growth Hormone Therapy, Other Therapies
3 By End Users: Home Care, Hospital & Clinics.
In terms of regional insights, North America accounted for the largest market share in the injection pen market in 2023, with the report including an analysis of other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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