Growing Incidence of Chronic Diseases Leading to Increasing Need for Injection Pens for Medication Administration: Fact.MR Report

ROCKVILLE, MD, UNITED STATES, June 5, 2024 /EINPresswire.com/ -- According to the latest updated study by Fact.MR, rising use of injection pens as an effective alternative to traditional needle and vial methods will help the global market reach a valuation of US$ 46.72 billion in 2024. The injection pen market has been projected to increase at a CAGR of 7.2% from 2024 to 2034.

Growing demand for injectable pen technologies for the treatment of chronic diseases, including osteoporosis and diabetes, is widening the market opportunities for manufacturers across regions. Their popularity as an effective alternative to the traditional needle method is well-suited for market growth.

Chronic conditions, which require regular dosing are driving demand for injection pens across regions. Convenience, safety, precision, and ease of use are key features of automated injection pens, which are driving their demand. Injection pen manufacturers are working to minimize patients' pain during injections and improve patient comfort.

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Key Takeaway from Market Study

Global sales of injection pens are estimated at US$ 46.72 billion in 2024. The global injection pen market is forecasted to reach a value of US$ 93.4 billion by 2034-end.

The market is has been forecasted to expand at a CAGR of 7.2% from 2024 to 2034. North America is expected to account for a share of 36.7% of global market revenue by the end of 2034.

Worldwide demand for reusable injection pens is estimated to increase at a CAGR of 7.3% and reach a value of US$ 57.87 billion by 2034-end. Sales of injection pens in South Korea are projected to rise at a CAGR of 7.1% from 2024 to 2034.

“Rising preference for self-administration of medications and high prevalence of diabetes are increasing the demand for injection pens for offering visual and audible feedback confirming dose delivery,” says a Fact.MR analyst.

Presence of Leading Market Players in the United States

Sales of injection pens in the United States are projected to rise at a CAGR of 8.6% and reach US$ 32.74 billion by 2034-end. The presence of some key manufacturers of injection pens in the country is anticipated to positively impact demand for injection pens while offering some advanced solutions. In addition, a growing number of chronic diseases is also driving demand for injection pens there.

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Key Market Players

Novo Nordisk A/S, Sun Pharmaceutical Industries Ltd., Medtronic plc, Braun Medical, Becton, Terumo Medical Corporation, Ypsomed AG, Dickinson and Company, Owen Mumford Ltd., Hoffmann-La Roche Ltd., Sanofi, AstraZeneca, Merck, and Eli Lilly and Company are some of the leading manufacturers of injection pens.

Competitive Landscape

Companies operating in the global market are concentrating on expanding their footprints across regions through collaborations around the world. Multiple companies are incorporating acquisitions, mergers, and partnerships to strengthen their presence across regions. In addition, new product developments, maintaining product quality, and strengthening systems used for product supply are helping them secure a position for themselves.

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