Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 35.9 Billion | USD 58.6 Billion | 7.4% | 2021 |
FrequentlyAsked Questions
The increasing prevalence of diabetes is predicted to foster market growth. In recent years, the incidence of diabetes has risen dramatically. In 2021, according to International Diabetes Federation, around 537 million persons aged 20 to 79 are affected by diabetes. By 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Diabetes necessitates the administration of injectable drugs on a daily or weekly basis. Due to such a frequent need for drug administration in diabetic patients, injector pens emerged as the best solution.
According to the Zion Market Research report, the global injection pen market was worth about 35.9 (USD billion) in 2021 and is predicted to grow to around 58.6 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 7.4 percent.
Asia Pacific is estimated to contribute a major share of the global injection pen market during the forecast period. The rising incidence of diabetes, advantageous reimbursement scenarios, and an expanding number of awareness campaigns are all contributing to the Asia Pacific injection pens market's high share. In addition to this, developing healthcare infrastructure and growing acceptance of biosimilars are also adding up to the growth of the market in this region.
Eli Lilly and Company, Sanofi, Becton, Dickinson and Company, Ypsomed Holding AG, Novo Nordisk A/S, Sun Pharmaceutical Industries Ltd., Pfizer, AstraZeneca plc, F. Hoffmann-La Roche Ltd., and Merck KGaA, among others are some of the dominant players that are operating in the global injection pen market.
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