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Injection pen's utilized to administer human growth hormone (HGH) is a success among the older generation. This will be a growing demand for an injection system that can be done without a long needle and syringe. As more individuals grow older, there will be a demand for home treatment of HGH deficiency, which used to be addressed at a clinic. Many of the players involved in the manufacture of injection pen have been looking to enhance their line-up in the future. Demand is good in Japan where the volume of individuals using HGH supplementation therapy follows only the United States. The volume of individuals in Japan undergoing HGH replacement therapy stands at around 30,000. Sales are likely to increase if additional physicians in Japan start prescribing growth hormone injections to older people who want to retard the effects of aging.
The market for injection pens is influenced by the need for equipment that enables self-administration of insulin or other medication. A mobile healthcare system has contributed to a rise in chronic conditions, particularly diabetes, which results in an increase in the number of patients administering insulin injections daily. The general diabetes prevalence rate increased from 5% (1980) to 8% (1998) and is likely to go up to as much as 12% by 2023. This will be followed by multiple sclerosis and cancer, which are expected to have prevalence rates of 3.3 million and 14 million respectively by 2020, representing immense growth opportunities for this market. Currently, over 30 million individuals across the globe have multiple sclerosis and over 1 million individuals are diagnosed with cancer each year.
As estimated by the American Cancer Society, an estimated 1.7 million Americans will be diagnosed with all cancers combined this year alone. This increase is caused by population aging and lifestyle factors like obesity, physical inactivity, a poor diet or smoking. The rising rate of diabetics has prompted a rise in demand for self-injectors over the standard syringe. A user of an insulin pen enjoys less pain from subcutaneous injection versus intramuscular or intravenous injection administered by healthcare providers or parents in very young children. In addition, this convenient piece of equipment prevents accidental needlestick injury so characteristic of syringe use. Therefore, adoption of injection pens is on the rise, traditionally viewed as a safer option to syringes.
Moreover, the rise of biologics has witnessed a sharp spike in demand for generic injection pens. As per IMS Health, a worldwide information and technology firm that specializes in offering data and analytical applications to the healthcare sector, pharmaceutical firms invested around $322 billion on research & development (R&D) in 2018. The biotechnology industry is likely to see tremendous growth boost from 15% in 2013 to 23% in 2020. Biologic drugs are the cause of the increase in injections pen market since these drugs possess quicker time-to-marketing attribute compared to small molecule drugs that involve synthesis & purification processes. Furthermore, it adheres to a single dose regimen that lowers associated costs in comparison to multiple doses of small molecule drug therapies. For example, Enbrel is biologic therapy applied for the treatment of arthritis and other long-term inflammatory diseases. The medication is administered subcutaneously or through an injection on once or twice-weekly bases with improved convenience versus daily injections of insulin, which have the consequence of repeated health care professional’s visits.
Since there is increased use of their ease & precision and safety features with wider adaptation, the injection pens' demand is predicted to rise moderately through the forecasting horizon. The market is expected to be led by authentic pharmaceutical firms & generic injectables and biologics showing tremendous growth opportunities in developed markets like North America and Europe throughout the forecast period. Increased R&D spending will stimulate small molecule drug manufacturers towards developing new drugs, which will encourage the use of injection pens.
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Some of the key players in the injection pens market are
The North America injection pen market is anticipated to grow at a CAGR of 5.4% over the forecast period. The market growth can be driven by the rising incidence of diabetes and growing demand for self-injection devices. North America is anticipated to lead the global injection pen market in terms of revenue over the forecast period.
The U.S. Food and Drug Administration issued a safety alert today alerting that fake pen-shaped injectors for delivering the cancer medication Avastin contain no active drug ingredients, rather than genuine medicine taken by millions of patients annually. The agency reported that this is not the first case of counterfeits using pens, which are favoured by oncologists as they are convenient for them to administer their patients with medications. During this two-year time frame from January 2008 to February 2010, FDA has already found over 30 various forms of counterfeit pens with potentially dangerous or ineffective treatments in at least 11 nations including: Argentina, Brazil, India and Mexico.
More and more individuals are entering the market with spurious products and hijacking the glitz of authentic products. This can result in severe issues for manufacturers who produce these products for medical reasons and not for business reasons. Counterfeits can have poisonous chemicals or none that results in terminally of patient's condition which will surely impact him/her in the long term.
The objective of the report is to present comprehensive analysis of Global Injection Pen Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
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20 Mar 2023
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