Injection Pen Market Size (2021-2031) and Regional Overview
The injection pen market size is projected to reach US$ 74.20 billion by 2031 from US$ 42.70 billion in 2023. The market is expected to register a CAGR of 7.14% in 2023–2031. Primary factors driving the market growth are rising prevalence of chronic disorders such as, cancer, diabetes, stroke, heart disease and arthritis and increase in strategic developments. However, presence of alternate drug delivery devices and inadequate reimbursement policies are restricting the market growth.
Injection Pen Market Analysis
An injector pen, also called a medication pen, is a device that is used to inject medication under the skin. Injector pens are designed to make injectable therapy easier and more convenient for patients, aiming to increase patient adherence. Given the additional work involved in administering an injection and the possibility of an adverse reaction to self-injecting medication, this is particularly troublesome with injectable treatments.
Injection Pen Market Overview
A few prevalent and expensive long-term health issues are influenced by societal behavioural shifts and the aging population. The World Health Organization (WHO) projects that by 2026, 57% of people would have a chronic lifestyle condition. Given that developing nations are predicted to have a population increase, emerging markets will be particularly heavily hit. People are more likely to lead sedentary lifestyles as a result of the rapid urbanization, which contributes to obesity and diabetes. One of the main issues facing world health in the twenty-first century is diabetes. The International Diabetes Federation (IDF) estimates that there were roughly 46 million diabetics in North America in 2019 and that figure is expected to rise to 62 million by 2045.
The disease prevalence has increased by almost 35% within the anticipated time frame. In addition, many chronic illnesses like multiple sclerosis, osteoporosis, and cardiovascular diseases necessitate repeated medication administration for illness management. The World Health Organization (WHO) reports that cardiovascular problems account for over 17.9 million fatalities annually, making them the leading cause of death. It is becoming the new norm for injectable drug delivery across a sizable patient base worldwide. Injection pens are widely utilized in home healthcare settings, which contributes to their market growth. Additionally, a large patient population may use them with little training and no ongoing help from healthcare experts.
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Injection Pen Market: Strategic Insights
Market Size Value in US$ 37,261.35 Million in 2021 Market Size Value by US$ 60,332.97 Million by 2028 Growth rate CAGR of 7.14% from 2022 to 2028 Forecast Period 2022-2028 Base Year 2021
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Injection Pen Market: Strategic Insights
Market Size Value in | US$ 37,261.35 Million in 2021 |
Market Size Value by | US$ 60,332.97 Million by 2028 |
Growth rate | CAGR of 7.14% from 2022 to 2028 |
Forecast Period | 2022-2028 |
Base Year | 2021 |
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Speak to AnalystInjection Pen Market Drivers and Opportunities
Adoption of Strategic Growth Development by Major Players for Injection Pen Products Favors Market
The presence of multiple market players is a defining feature of the injection pen market. Market participants employ a variety of tactics, including new product releases, regional growth, and technology improvements, to grow their market share. The industry participants are beginning to accept injection pens more because of their growing involvement in ongoing innovation and technical advancements. Prominent firms make R&D investments to create cutting-edge technologies and increase profits.
A few key developments related to injection pen are mentioned below:
- In May 2022, the FDA authorized Lilly's Mounjaro injectable in May 2022 as the first and only glucagon-like peptide-1 (GLP-1) receptor agonist and glucose-dependent insulinotropic polypeptide (GIP) injection for the management of adult type 2 diabetes. Six doses of Mounjaro are available: 2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg. It is packaged in Lilly's renowned auto-injector pen, which has a hidden needle already attached.
- In January 2022, SHL Medical and Innovation Zed teamed up to provide linked pen injector solutions . It introduced InsulCheck DOSE, a linked add-on gadget that upgrades conventional pen injectors into intelligent tools to assist in the tracking of treatment plans.
- In November 2021, In order to boost the uptake of a connected add-on for disposable insulin pens, Sanofi and Roche teamed up to collaborate in France. The partners will work together to create a scientific education program for pharmacists and doctors.
- In September 2021, a new deal on the Mallya Smart Sensor with Novo Nordisk FlexTouch insulin pens was signed. Further solidifying BIOCORP and Novo Nordisk's cooperation. Immediately attached to Novo Nordisk FlexTouch insulin pens is a smart sensor known as Mallya. Patients utilizing FlexTouch pens will be able to record and capture daily insulin injection data with Mallya, including insulin units and the date and time the medication was administered. The agreement states that Novo Nordisk would begin selling Mallya commercially in Japan in the first half of 2023.
Therefore, all the above-mentioned key developments are driving the growth of injection pen market.
Increasing Biologics Patent Expiry and Use of Biosimilars – An Opportunity in Injection Pen Market
Many chronic illnesses, including diabetes, multiple sclerosis, and cancer, are being treated with biologics. These medications are one-of-a-kind in their own right, and the companies who make and sell them are granted 20 years of patent protection. Due to the fact that the majority of patents have either expired or are about to expire, other market participants have started to introduce biosimilars, or their own versions of these medications.
In comparison to the original biologics, biosimilars—low-cost generic medications that are favoured by the government and insurance companies—have become extremely popular in recent years. The prominent market players are promoting the adoption of biosimilars, which further creates the demand for injection pens for its administration. As per AJMC, a total of forty biosimilars were approved and twenty-five new biosimilars were launched in the US till December 2022. Additionally, due to the rapid response, injectables have been used extensively, which has increased demand for injection pens for safety.
In addition, the producers of injection pens are continuously offering instruction on how to use them correctly to prevent complications like needle stick injuries and hypoglycaemia, which is anticipated to further expand the market for injection pen. For instance, Noble, a Aptar Pharma company is the global leader in the medical device training solution which improves the patient experience and outcomes by developing patient-centric drug delivery training devices including injection pen, autoinjector, prefilled syringe and others. Therefore, increased use of biosimilars, patent expiry and increased use of injectables for drug administration are likely to create ample opportunity for the growth of injection pen market in the coming years.
Injection Pen Market Report Segmentation Analysis
Key segments that contributed to the derivation of the injection pen market analysis are type, therapy, and end user.
- Based on type, the injection pen market is divided into disposable injection pens and reusable injection pens. The disposable segment held a higher market share in 2023.
- Based on therapy, the market is segmented into diabetes, growth, autoimmune diseases, fertility, hormone therapy, cancer, and other therapies.
- In terms of end user, the market is segmented into hospitals and clinics, home care, and others
Injection Pen Market Share Analysis by Geography
The geographic scope of the injection pen market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In North America, the Injection Pen market is currently experiencing exponential growth during the forecast years. The US market dominates the global injection pen market in 2023 As per the American Diabetes Association, 37.3 million Americans (or 11.3% of the total population) were diagnosed with diabetes in 2019. Type 1 diabetes affects around 1.9 million people in the US, 244,000 of whom are children and teenagers. Moreover, almost 1.4 million Americans receive a diabetes diagnosis each year. The Centers for Disease Control and Prevention estimate that 88 million adults in the US have prediabetes in 2020, accounting for 34.5% of the adult population. By 2022, almost 30 million Americans will have diabetes, and about 7 million of them will need daily insulin, according to Yale researchers.
There is an increase in demand for infertility treatment in the US. For instance, according to the CDC, in 2019, in the US, 9% of men and 10% of women aged 15 to 44 reported infertility problems. The prominent players are introducing novel products to meet the growing demand for injection pens globally. For instance, Merck KGaA offers a prefilled, ready-to-use pen to administrate GONAL-f for treatment of infertility. Thus, the rise in cases of diabetes and infertility problems and innovative product launches by key players are driving the injection pen market in the US.
Injection Pen Market Report Scope
Injection Pen Market News and Recent Developments
The Injection Pen market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In May 2022, FDA approves Lilly's Mounjaro injection, the first and only GIP (glucose-dependent insulinotropic polypeptide) and GLP-1 (glucagon-like peptide-1) receptor agonist for the treatment of adults with type 2 diabetes. Mounjaro will be available in six doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, 15 mg) and will come in Lilly's well-established auto-injector pen with a pre-attached, hidden needle that patients do not need to handle or see. (Source: FDA)
Injection Pen Market Report Coverage and Deliverables
The “Injection Pen Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
Injection Pen Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
Injection Pen Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
Injection Pen market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
Injection Pen Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, Therapy, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the injection pen market in 2023
The rising prevalence of chronic disorders is the major factors fuelling the market growth of injection pens over the years.
Technological advancements and healthcare waste reduction are likely to remain a key trend in the market.
Eli Lilly and Co, Novo Nordisk AS, Owen Mumford Ltd., Sanofi SA, Merck KGaA, Haselmeier GmbH, Gerresheimer AG, Becton Dickinson and Co., AstraZeneca Plc, Teva Pharmaceutical Industries Ltd
The market is expected to register a CAGR of 7.14% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.