Report : Asia-Pacific Injection Pen Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Disposable Injection Pens and Reusable Injection Pens), Therapy (Diabetes, Growth Hormone Therapy, Autoimmune Diseases, Fertility, Cancer, and Others Therapy), and End User (Hospitals and Clinics, Home Care, and Others)
At 7.5% CAGR, the Asia-Pacific Injection Pen Market is speculated to be worth US$ 17,161.96 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific injection pen market was valued at US$ 11,116.23 million in 2022 and is expected to reach US$ 17,161.96 million by 2028, registering an annual growth rate of 7.5% from 2022 to 2028. Increase in biologics patent expiry and use of biosimilars and increase Technological Advancements and Healthcare Waste Reduction in strategic developments are the critical factors attributed to the Asia-Pacific injection pen market expansion.
Biologics are widely developed for treating chronic disorders such as cancer, multiple sclerosis, and diabetes. These drugs are unique in their own way and manufacturers own patents of 20 years for manufacturing and distributing such drugs. As most of the patents are either expired or on the verge of expiry, other market players have begun launching their own version of such drugs, i.e., biosimilars. Biosimilars (generic drugs that are low priced and are preferred by the government and insurance companies) have gained tremendously traction over the past few years over the original biologics. The pharmaceutical market players are promoting the adoption of biosimilars, which further creates the demand for injection pens for its delivery. As per AJMC, a total of 40 biosimilars were approved and 25 new biosimilars were launched in the US till December 2022. Furthermore, there has been significant use of injectables on a large scale owing to prompt response, thus generating the demand for injection pens for safe.
Furthermore, the manufacturers of injection pen are constantly providing training for the proper use of injection pens to avoid associated danger such as needle stick injuries and hyperglycemia which are further expected to create opportunities for Asia-Pacific injection pen market. Therefore, increased use of biosimilars, patent expiry and increased use of injectables are likely to create ample opportunity for the growth of injection pen market in the coming years.
On the contrary, presence of alternate drug delivery devices and inadequate reimbursement scenario hurdles the growth of Asia-Pacific injection pen market.
Based on type, the Asia-Pacific injection pen market is segmented into disposable injection pens and reusable injection pens. The disposable injection pens segment held 72.4% market share in 2022, amassing US$ 8,050.67 million. It is projected to garner US$ 12,494.86 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on therapy, the Asia-Pacific injection pen market is segmented into diabetes therapy, growth hormone therapy, autoimmune diseases therapy, fertility therapy, cancer therapy, and others. The diabetes therapy segment held 53.7% market share in 2022, amassing US$ 6,825.45 million. It is projected to garner US$ 9,274.73 million by 2028 to expand at 7.6% CAGR during 2022–2028.
Based on end user, the Asia-Pacific injection pen market is segmented into hospitals & clinics, home care and others. The home care segment held 57.3% market share in 2022, amassing US$ 6,372.37 million. It is projected to garner US$ 11,925.56 million by 2028 to expand at 7.7% CAGR during 2022–2028.
Based on country, the Asia-Pacific injection pen market is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. Our regional analysis states that China captured 31.0% market share in 2022. It was assessed at US$ 8,050.67 million in 2022 and is likely to hit US$ 12,494.86 million by 2028, exhibiting a CAGR of 7.9% during the forecast period.
Key players dominating the Asia-Pacific injection pen market are AstraZeneca Plc, Becton Dickinson and Co, Eli Lilly and Co, Gerresheimer AG, Haselmeier GmbH, Merck KGaA, Novo Nordisk AS, Owen Mumford Ltd, Sanofi SA, and Teva Pharmaceutical Industries Ltd among others.
- In 2019, Medtronic and Novo Nordisk have Entered into Agreement to Provide Integrated Digital Solutions for People with Diabetes. This collaboration develops solutions to enable dosing data from Novo Nordisk smart insulin pens to be shared with Medtronic continuous glucose monitoring devices.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: email@example.com