Pen injectors are self-injection medical devices designed for multiple injections of medicines and hormones for patients requiring frequent dosage for long term management of medical conditions such as diabetes. Pen injectors are available in both disposable and reusable forms. The ability of self-administration of drugs or medicine is a key factor fueling growth of pen injectors, as it offers advantages such as less visits to hospitals or clinics, low cost, and ease of use. Pen injectors are widely used for the administration of insulin to diabetic patients, administration of growth hormones, and biologic drugs for the management of long lasting chronic disorders.
The global pen injectors market is projected to grow at a rapid pace during the forecast period due to high prevalence and incidence rate of diabetes, rheumatoid arthritis, and growth hormone deficiency. According to the World Health Organization, more than 422 million people were diagnosed with diabetes in 2014 and the prevalence rate has risen from 4.7% in 1980 to 8.5% in 2014. According to the American College of Rheumatology, around 54.4 million people in the U.S. were affected with rheumatoid arthritis and the number is estimated to reach 78 million by 2040. Moreover, advances in pen injectors such variable dose pens, large volume injection pens, and development of injector pens for biologic drugs are anticipated to propel the global pen injectors market during the forecast period. Significant rise in adoption of biologic drugs for the treatment of various chronic disorders such as inflammatory bowel disorders, psoriasis, rheumatoid arthritis, and multiple sclerosis presents significant opportunities for the players in the global pen injectors market.
The global pen injectors market can be segmented based on product type, application, distribution channel, and region. In terms of product type, the market can be bifurcated into disposable and reusable. The reusable segment dominated the global market in 2017. However, the reusable segment is projected to grow at rapid pace during the forecast period. Based on application, the global pen injectors market can be classified into diabetes, rheumatoid arthritis, osteoporosis, growth hormone deficiency, multiple sclerosis, and anaphylaxis. The diabetes segment is anticipated to dominate the global market from 2018 to 2026 owing to high prevalence of diabetes across the globe and easy availability at low cost. In terms of distribution channel, the global pen injectors market can be divided into hospital pharmacies, retail pharmacies, and online pharmacies.
Geographically, the global pen injectors market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are projected to account for major shares of the global market during the forecast period owing to large population base with diabetes, human growth hormone deficiency, rheumatoid arthritis, and osteoarthritis. Moreover, high penetration of pen injectors, new product development, and potential clinical trial pipeline for pen injectors for other medical indications are anticipated to contribute to large share of North America and Europe during the forecast period. The pen injectors market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to high prevalence of diabetes in the highly populous countries such as India and China, rapidly improving health care systems, various initiatives adopted by governments to improve health care, and increase in per capita health care expenditure. A major shift from reusable pen injectors to disposable pen injectors has been observed in the past few years in emerging countries such as South Korea, India, China, and Singapore. The pen injectors market in Middle East & Africa is likely to witness strong growth during the forecast period.
Key players operating in the global pen injectors market include Becton, Dickinson and Company, Ypsomed AG, SHL Group, Gerresheimer AG, Elcam Drug Delivery Devices, Gerresheimer AG, Consort Medical, Insulet Corporation, Owen Muford Ltd., Enable Injections, and Elcam Drug Delivery Devices.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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