Market Trends of Global Self-injection Device Industry
This section covers the major market trends shaping the Self-Injection Device Market according to our research experts:
Pen Injectors are Expected to Cover a Larger Market Share over the Forecast Period
Pen injectors are used for the subcutaneous delivery of biopharmaceuticals. Although they are also administered by professionals, they are primarily used for self-administration by the patient. First developed to replace vials and syringes for the treatment of diabetes with insulin, such injection devices have been an important part of drug-delivery devices for a long time.
According to the International Diabetes Federation Diabetes Atlas Tenth edition 2021, in 2021, around 537 million adults all over the world were found to have diabetes; with the numbers projected to grow to 643 million by 2030 and 783 million by 2045. Moreover, diabetes prevalence has been rising more rapidly in middle- and low-income countries. Hence, the worldwide increase in the number of diabetes cases causes an increase in the use of patient self-injection devices, which helps in the easier self-administration of insulin rather than visiting a hospital for the everyday dose. Thus, the studied market segment is expected to grow further in the future.
Owing to the rising cases of diabetes in recent years, there have been several product launches focused on pen injectors, that help diabetic patients administer their daily dose of insulin efficiently. For instance, in November 2021, Innovation Zed, novel diabetes management technologies developer launched the InsulCheck DOSE technology which will enter the market in 2022. Thus, product approval by the key players is increasing the adoption of pen injectors, which is expected to boost the growth of the market segment over the forecast period.
Thus, the segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Dominate the Market over the Forecast Period
The North American region is expected to hold a major share of the market. The increasing prevalence of chronic diseases in the region is a major factor contributing to the market growth over the forecast period.
According to the American Cancer Society's 2022 report, over 1.9 million new cancer are expected to be recorded in the United States in 2022. Also, as per the same source, the risk of having cancer rises dramatically as one gets older, and in the United States, 80% of cancer patients are 55 or older, with 57% being 65 or older. Thus, the growing geriatric population is expected to have a significant positive impact on the growth of the studied market. Further, according to the International Diabetes Federation's report of December 2021, about 32.2 million people were living with diabetes in the United States in 2021, and this number is estimated to increase to 36.3 million by 2045, and this increase in the diabetes patient pool is expected to drive demand for injectables which will boost growth in the injectable drug delivery devices market in the United States.
With the growing demand for effective therapeutics for chronic diseases, the company activities such as product launches, mergers and acquisitions, partnerships, and strategic collaborations are expected to augment growth in the studied market in the country. For instance, in December 2021, NuGen Medical Devices received approval from Health Canada for its needle-free injection system and accessories, also known as InsuJet. Such activities boost the market growth over the forecast period.
