Global Injection Pen Market to reach USD 68.0 billion by 2025. Global Injection Pen Market valued approximately USD 33.0 billion in 2016 is anticipated to grow with a healthy growth rate of more than 9.5% over the forecast period 2018-2025. The method of inserting drugs in your body is changing day by day.
The drug delivery industry is readily shifting from conventional methods towards the more convenient methods such as injectable pens and drug delivery pumps owing to their various benefits. The conventional disposable devices have a fixed life. However, injectable pens and drug delivery pumps have a feature of loading cartridges & needles from time to time which is different from traditional method and is resulting into higher demand from end-user industries.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries.
According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
The injectable pens and drug delivery pumps are also cost-effective. Further, the convenience & ease of usage of injection Pen are boosting the market demand. The biotechnology and pharmaceutical industries are adopting the modern method of inserting drugs. The major market players aim to introduce the revolutionary ways of drug delivery system which is targeted toward the end user ease such as less maintenance, higher volume, and thinner needles.
Based on the product segment, the market is divided into disposable, reusable and others. Among these, the reusable injector segment has the largest share in the market. Companies such as Novo Nordisk A/S & Eli Lilly are the main driver of the reusable market.
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Based on the application segment, the market is segmented into diabetes, anaphylaxis, osteoporosis, growth hormone deficiency, and arthritis. The diabetes segment dominated the market owing to high demand for safer insulin delivery devices provided by many companies. This segment has also witnessed tremendous growth because of the major technological advancement in the sector.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product:
§ Disposable
§ Reusable
§ Others
By Application:
§ Diabetes
§ Insulin
§ Non- Insulin
§ Anaphylaxis
§ Osteoporosis
§ Growth hormone deficiency
§ Arthritis
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By Regions:
§ North America
o U.S.
o Canada
§ Europe
o UK
o Germany
§ Asia Pacific
o China
o India
o Japan
§ Latin America
o Brazil
o Mexico
§ Rest of the World
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.”
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