Injection Pens Market Likely to Hit US$ 6 Bn by 2030, Says Fact.MR

Injection pen manufacturers are pushing towards product development efforts for reusable offerings and designs to minimize the risk of needlestick injuries among end users.
DUBLIN 2, Ireland - Nov. 27, 2020 - PRLog -- 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.

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.

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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.

Competition Landscape

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.

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