Manufacturers in Injection Pen Market Aimed at Improving Diabetes Care to Propel Constant Design Advances, By 2030 Global Valuation to Climb to US$ 6 Bn: TMR
- Focus on safety and efficacy of insulin administration in homecare settings has shaped new product development avenues, prevalence of diabetes key stimulant for R&D
- Parenteral delivery systems gain traction across wide range of diseases, pressing need for advancing delivery success
ALBANY, N.Y., May 10, 2021 /PRNewswire/ -- Injection pens have become the standard-of-care for self-administered insulin therapy for diabetes for both type-1 and type-2 diabetes. The trend has been a major driver for evolution of the injection pen market across the globe. Ease-of-use, patient-friendliness, safety in dosage regulation, inter alia, are some of the key anchors for the wide preference among patients and physicians. Progress across all key design elements have led to access to injection pens with remarkable device functionality and usability, not just in insulin delivery but range of other drugs. Thus, the injection pen market has seen an array of injection pens for parenteral delivery of MAb formulations, hormones, peptides, and proteins to meet the needs of patients with rheumatoid arthritis, autoimmune diseases, and obesity.
The delivery device technologies have come a long way, expanding the horizon for revenue generation. Clocking a moderate CAGR during the forecast period of 2020 – 2030, the injection pen market is expected to touch the valuation of US$ 6 Bn by the period-end
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Key Findings of Injection Pen Market Study
- Insulin Pen Injection Delivery Success Key Focal Point in Diabetes Care
Injection pens have gained a striking preference over manual vials and syringes among patients who need routine intramuscular and subcutaneous injections. Their use in insulin delivery has become widely accepted among diabetes for proper metabolic control. Industry players who hold stakes in the insulin pen market are increasingly capitalizing on the rising adoption of self-administered insulin therapy practices for improving the standard of care. The attitudes of patients on insulin pen use for various other chronic conditions has advanced substantially, alongside constant advancements in the techniques used. Coupled with this, governments in Europe and the U.K. have been supporting the adoption of in-home devices for the management of chronic conditions, with parenteral drug delivery being the cornerstone.
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- Global Health Emergencies Arising Out of Diabetes Propel Strides
Diabetes mellitus is viewed as global health emergency of the current century, with high prevalence among aged adults. A great deal of this has to do with fatal medical problems diabetics are vulnerable to, arising out of the high risk of infection development. Per a finding published in an article in the NCBI, in the U.S. alone, the percentage of population with diabetes mellitus is projected to climb by 54% from 2015 to 2030. Thus, there is a growing need for updating practices for diabetes therapy management in developed as well as developing world to combat the morbidity. The focus is expected to spur R&D in the injection pen market.
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- Manufacturers Aim at Multiple Design Elements for Innovation
Over the years, design advancements in injection pens pertain to needle and bevel design, needle length selection by the patient, a range of aspects that fall under needle-tissue interactions. Relentless focus by medical companies to improve the deice usability, accuracy, and consistency shaped product development avenues.
Injection Pen Market: Key Driving Factors and Avenues
- Growing awareness about the benefits of insulin pens in diabetes management in the developing world bolstering demand
- High prevalence of diabetes mellitus is a key driver for growth
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Injection Pen Market: Key Players
Medical device manufacturers and prominent pharmaceutical companies operating in the injection pen market are leaning on making extensive evaluations of all key design parameters. They have been keen on meeting the various regulatory parameters to expedite approvals. Various players have benefitted from the growing awareness about the safety and efficacy of their products.
Some of the players well-anchored in injection pen market are Becton, Dickinson and Company, AstraZeneca, Haselmeier, Owen Mumford, Sanofi, F. Hoffman-La Roche, and Eli Lilly Company.
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