At 6.9% CAGR, the Europe Injection Pen Market is projected to be worth US$ 16,749.04 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the Europe injection pen market was valued at US$ 11,194.60 million in 2022 and is expected to reach US$ 16,749.04 million by 2028, registering an annual growth rate of 6.9% from 2022 to 2028.  Increase in strategic developments and Rising prevalence of chronic disorders are the critical factors attributed to the Europe injection pen market expansion.                

The injection pen market is characterized by the presence of various market players. To increase their market share, market players take up various strategies such as product launches, regional expansion, and technological advancements. Injection pens are more involved in continuous innovation and technological advances, leading to increased acceptance among industry players. Leading players invest in R&D to develop advanced technologies and gain more revenue.

A few recent developments related to injection pen are mentioned below:

In May 2022, FDA approved Lilly's Mounjaro injection, the first and only glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) receptor agonist for the treatment of type 2 diabetes in adults. Mounjaro is available in six doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) and comes in Lilly's well-established auto-injector pen with a pre-attached, hidden needle.

In January 2022, SHL Medical’s partnered with Innovation Zed for connected pen injector solutions. It launched InsulCheck DOSE, a connected add-on device that transforms traditional pen injectors into smart solutions to support the monitoring of disease management regimen.

In May 2021, Lilly collaborated internationally with leading diabetes technology companies to integrate connected insulin pen solutions for people with diabetes. The company signed strategic international agreements with four companies—DexCom, Inc.; Glooko Inc.; myDiabby Healthcare; and Roche—to advance connected solutions and streamline care for people suffering from diabetes.

Therefore, all the above-mentioned recent developments are driving the growth of Europe injection pen market.

On the contrary, presence of alternate drug delivery devices and inadequate reimbursement scenario hurdles the growth of Europe injection pen market.    

Based on type, the Europe injection pen market is segmented into disposable injection pens and reusable injection pens. The disposable injection pens segment held 71.1% market share in 2022, amassing US$ 7,959.18 million. It is projected to garner US$ 11,975.29 million by 2028 to expand at 7.0% CAGR during 2022–2028.  

Based on therapy, the Europe 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 53.1% market share in 2022, amassing US$ 5,938.85 million. It is projected to garner US$ 8,938.71 million by 2028 to expand at 7.1% CAGR during 2022–2028.  

Based on end user, the Europe injection pen market is segmented into hospitals & clinics, home care and others. The home care segment held 54.8% market share in 2022, amassing US$ 6,134.76 million. It is projected to garner US$ 9,298.96 million by 2028 to expand at 7.2% CAGR during 2022–2028.

Based on country, the Europe injection pen market is segmented into Germany, UK, France, Italy, Spain, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 25.1% market share in 2022. It was assessed at US$ 2,809.13 million in 2022 and is likely to hit US$ 4,040.89 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.

Key players dominating the Europe 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.

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