The injection pen market is projected to reach US$ 60,332.97 million by 2028 from US$ 37,261.35 million in 2021; it is estimated to register a CAGR of 7.14% from 2022 to 2028.
An injection pen is a medical device used for incorporating medicine under the skin with the help of needle. The product was first used in 1980s. Injection pen is one of the best alternatives over the daily syringes. The products are designed for individuals with poor vision, limited skill, self-medication in certain condition and others. At present, injection pens are majorly used for insulin administration. Sometime injection pens are also referred as insulin pen. These injection pens have surpassed the sales of vials for insulin administration to treat diabetes type 2.
The injection pen market is segmented into type, therapy, end user, and geography. By geography, the injection pen market is broadly divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The report offers insights and in-depth analysis of the market, emphasizing on parameters such as market trends, technological advancements, and market dynamics, along with the analysis of the competitive landscape of the world's leading market players.
Injection Pen Market -
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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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Lucrative Regions for Injection pen Market
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Market Insights
Growth in Strategic Developments
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 November 2021, Sanofi and Roche partnered to work together in France to increase the adoption of a connected add-on for disposable insulin pens. The partners will jointly develop a scientific educational program aimed at physicians and pharmacists.
- In September 2021, BIOCORP and Novo Nordisk strengthened their partnership with a new agreement on Mallya Smart Sensor with Novo Nordisk FlexTouch insulin pens. A smart sensor called Mallya attaches directly to Novo Nordisk FlexTouch insulin pens. With Mallya, patients using FlexTouch pens will be able to capture and record daily insulin injection data, which includes insulin units, as well as date and time of the drug administration. Based on the agreement, Novo Nordisk will be commercializing Mallya in Japan from the first half of 2023.
- 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 injection pen market.
Increase in Biologics Patent Expiry and Use of Biosimilars
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 injection pen market. 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 are likely to create ample opportunity for the growth of injection pen market in the coming years.
Technological Advancements and Healthcare Waste Reduction
Various market players are operating globally and striving hard to acquire a significant market share. There has been a notable growth in the use of injection pen for the treatment of various chronic disorders such as cancer, diabetes, cardiovascular disorders, and multiple sclerosis. Increase in home healthcare has further propelled the demand for injection pens. This has boosted the technological advancement in the injection pens. The manufacturers are focused on developing the next generation smart insulin pen for the delivery of metered insulin dosage. For instance, Medtronic plc launched InPen integrated with real-time Guardian Connect CGM data. InPen is the first and only FDA-cleared smart insulin pen on the market for people on multiple daily injections (MDI). This integrated system provides real-time glucose readings alongside insulin dose information giving users everything they need to manage their diabetes in one view. Rather than switching between apps, users can see all the required information in real time in one view, making it easier to make smarter dosing decisions to manage their sugar levels. Furthermore, the use of artificial intelligence will be the game changer, as it will keep a track of dose, date, and timing of drugs or insulin, which will be beneficial in a long term and helpful for the treatment and management of various conditions.
Conventional syringes used for the delivery of insulin and other injectables can be painful and uncomfortable for the patient on daily basis, and it also generate huge quantity of healthcare waste. Around 73% of insulin waste is associated with the use of conventional technology. With the use of injection pen, this waste is reduced to 3.6%, making a huge difference. Therefore, technological advancement and rising demand in the reduction of healthcare wastage are among the injection pen market trends.
Therapy-Based Insights
Based on therapy, the global injection pen market is segmented as diabetes therapy, growth hormone therapy, autoimmune diseases therapy, fertility therapy, cancer therapy, and Other Therapies. The diabetes therapy segment held the largest share of the market in 2021. The other therapies segment is expected to grow at the highest CAGR during the forecast period. Other therapies involve migraine therapy. Migraine is a neurological condition causing moderate to severe headaches. For instance, migraine is common, affecting 39 million individuals in the US and 1 billion people globally, as per the estimates published in Healthline Media UK Ltd press. Therefore, with a migraine self-injection pen, an individual can self-administer migraine medication by inserting it into the tissue beneath the skin. These pens on administration can either be preventive, containing medication to reduce the frequency and severity of migraine attacks, or acute attacks that help alleviate migraine headaches. Such notable developments will accelerate the overall demand for self-injection pens among individuals, fueling market growth during the forecast period.
Injection pen Market, by Therapy – 2021 and 2028
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Product launches and mergers and acquisitions are the highly adopted strategies by the players operating in the global injection pen market. A few of the recent key product developments are listed below:
- 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.
- In September 2021, BIOCORP and Novo Nordisk strengthened their partnership with a new agreement on Mallya Smart Sensor with Novo Nordisk FlexTouch insulin pens. A smart sensor called Mallya attaches directly to Novo Nordisk FlexTouch insulin pens. With Mallya, patients using FlexTouch pens will be able to capture and record daily insulin injection data, which includes insulin units, as well as date and time of the drug administration. Based on the agreement, Novo Nordisk will be commercializing Mallya in Japan from the first half of 2023.
Injection Pen Market - Segmentation
Based on type, the injection pen market is segmented into disposable injection pens and reusable injection pens. By therapy, the market is classified into diabetes, growth hormone therapy, autoimmune diseases, fertility, cancer, and others. In terms of end user, the market is divided into hospitals and clinics, home care, and others. Based on geography, the injection pen market is divided into North America (the US, Canada, Mexico), Europe (France, Germany, the UK, Italy, Spain, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific), the Middle East & Africa (Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa), South & Central America (Brazil, Argentina, and the Rest of South & Central America).
Injection Pen Market - Company Profiles
- 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
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
An injection pen is a medical device used for incorporating medicine under the skin with the help of a needle. The product was first used in medical history in the 1980s. An injection pen is one of the good alternatives to the daily syringe. The products are designed for individuals with poor vision, limited skill, self-medication in a certain condition, and others. At, present products are majorly used for insulin administration. Sometimes injection pens are also referred to as Insulin pens. These products surpassed in sales for insulin administration for diabetes type 2 patients compared with vials in the United States. The product is also used to administer the drug hormonal therapy, for cancer and arthritis.
Key factors that are driving the growth of the market are the increasing prevalence of chronic disorders like Diabetes, Cancer, Arthritis, Hormonal disorders, and others. In addition, the growing adoption of technologies fuels the growth of the market. However, risks, complications, and injecting errors associated with an injection pen is expected to restrict the market growth during the forecast period.
The Injection Pen market is anticipated to grow around 7.2% CAGR amid the forecast period 2022-2028.
North America held the highest market share in 2021.
Asia Pacific is projected to be the fastest-growing region in the global market.
The costs of the Injection Pen are much higher, and they may cost US$ 6–60, or more, per type. The cost may also differ from product-to-product types.
The List of Companies - Injection Pens Market
- Novo Nordisk A/S
- Novartis AG
- Eli Lilly
- Merck KGaA
- Wilhelm Haselmeier GmbH & Co. KG
- Astrazeneca
- F.Hoffman-La-Roche
- BD
- Pfizer
- Teva Pharmaceutical Industries Ltd.
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- 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.
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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.
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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.
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- 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.
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