Injection Pen Market - Global Industry Analysis

Injection Pen Market By Therapy (Osteoporosis, Growth Hormone, Diabetes, Cancer, Auto-immune Diseases, Fertility, and Other Therapies), By Product Type (Reusable Injection Pens and Disposable Injection Pens), By End-User (Hospitals & Diagnostic Clinics and Home-care Settings), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028

Published Date: 29-Apr-2022 Category: Medical Device Report Format : PDF Pages: 180 Report Code: ZMR-3374 Status : Published

The global injection pen market registered a revenue growth of USD 35.9 billion in 2021 and is projected to reach around USD 58.6 billion by 2028.

Description

Industry Prospective:

The global injection pen market registered a revenue growth of USD 35.9 billion in 2021 and is projected to reach around USD 58.6 billion by 2028. During this period the market is expected to grow with a compound annual growth rate (CAGR) of approximately 7.4 percent. This report study analyzes the injection pen market’s drivers, restraints/challenges, and their impact on the demands during the forecast period. Moreover, key growth opportunities that will strongly support the growth of the market are also covered in this report.

Injection Pen Market: Overview

An injection pen is used to deliver drugs to the patient's body. Patients can stick to their treatment plans with the aid of injectable pens. This procedure has aided in the improvement of the patient's quality of life as well as the lowering of healthcare costs. The injection pen approach is widely utilized as a self-management therapy option for diabetes and multiple sclerosis, and it is widely used as a drug delivery system by prominent pharmaceutical companies.

COVID-19 Impact:

The COVID-19 pandemic had no substantial influence on the market for injectable pens. During the pandemic, patients who were already utilizing injectable pens for various medicines continued to do so. However, owing to movement limitations, blocked borders, and a drop in overall commerce, the supply chain for injection pens was interrupted. Patients who were infected with COVID-19 and got therapy had a greater chance of developing diabetes. As a result, if the incidence of diabetes rises, so will the demand for injectable pens in the forthcoming years.

Injection Pen Market: Growth Drivers

The increasing prevalence of diabetes is predicted to foster the market growth

In recent years, the incidence of diabetes has risen dramatically. In 2021, according to International Diabetes Federation, around 537 million persons aged 20 to 79 are affected by diabetes. By 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Diabetes necessitates the administration of injectable drugs on a daily or weekly basis. Due to such a frequent need for drug administration in diabetic patients, injector pens emerged as the best solution. For injectable drug delivery devices, injection pens are becoming the new norm. Because of their simplicity, dependability, and ability to be directly taken by the patients without the assistance of a physician, their popularity has skyrocketed. As a result of the rising incidence of diabetes and other chronic diseases, more attention is being paid to injectable pen technologies in order to efficiently manage the expanding patient pool and improve patient adherence to treatments. All such factors have led to an increase in demand for injection pens, thereby boosting the global injection pen market growth.

Global Injection Pen Market

Injection Pen Market: Restraints

Growing preference for alternative modes of drug delivery may hinder the growth of the market.

Injection pen devices are not the only option. Needlestick fear and injury are the biggest deterrents to using injection pens. As a result, there are a variety of needle-free devices that have an extra benefit: they do not cause needle phobia, which is a major obstacle to the widespread use of injectable drug therapies. The discomfort associated with daily injections and the necessity of long-term therapy are the main causes of non-complacence in both children and adults. Insulin pen treatment has also been linked to hyperglycemia in certain individuals due to the inability to control the dosage. As a result of their capacity to execute automatic insulin suspension and reduce the danger of hypoglycemia, there has been a change in treatments that deal with diabetes in Europe shifting from insulin pens to insulin pumps. In addition to this, oral insulin administration is favored in developing nations such as Brazil, China, and India because it is simple to use, acceptable, safe, cost-effective, and practical.

Injection Pen Market: Opportunities

High demand for biosimilars to generate ample opportunities for the market during the estimated period.

Biosimilar has seen a considerable surge in demand as a result of their reduced costs when compared to their patented equivalents. Many biologic compounds' patents are about to expire, which will increase demand for biosimilars. Biosimilars and generics are preferred by insurance companies and governments. As many injectables used to treat chronic diseases are biologics, the expiration of patents and rising backing from governments and insurance companies present a chance for the injection pens market to flourish during the projected period. Additionally, the emergence of smart inject pens is also likely to fuel the global injection pen market growth.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Injection Pen Market: Challenges

The lack of trained professionals for innovative delivery methods pose major challenge for market expansion

Inadequate training and learning for the use of innovative delivery methods like injectable pens lead to incorrect use, which puts personnel and patients at risk. In a hospital context, such procedures may have an impact on the use of injectable pens. Furthermore, because the strength of insulin in the injection pen fluctuates, there is a risk of overdosing if the dose strength is not taken into account. Patients neglected to remove the inside cover of a conventional insulin pen needle, resulting in no insulin being given, according to the ISMP's National Medication Errors Reporting Program (MERP). Patients have also been reported to be using normal pen needles without removing the inner needle cover, according to the FDA.

Injection Pen Market: Segmentation

The global injection pen market is classified based on therapy, product type, end-user, and region. Based on the therapy, the global market is split into osteoporosis, growth hormone, diabetes, cancer, auto-immune diseases, fertility, and other therapies. By product type, the market is divided into reusable injection pens and disposable injection pens. The end-user segment is divided into hospitals & diagnostic clinics and home-care settings.

Recent Developments

  • In March 2022, Novo Nordisk launched its first smart insulin pens. The NovoPen Echo Plus and NovoPen 6 are insulin self-injection pens that collect data such as how much and when insulin is injected, then upload the data to an app through near-field communication (NFC) link so that healthcare professionals and patients may examine it.
  • In April 2021, Roche Diabetes Care France and BioCorp unveiled the smart insulin pen device Mallya in France.

Injection Pen Market: Regional Landscape

Asia Pacific to rule the global market during the forecast period

Asia Pacific is estimated to contribute a major share of the global injection pen market during the forecast period. The rising incidence of diabetes, advantageous reimbursement scenarios, and an expanding number of awareness campaigns are all contributing to the Asia Pacific injection pens market's high share. In addition to this, developing healthcare infrastructure and growing acceptance of biosimilars are also adding up to the growth of the market in this region. North America is estimated to account for a significant share of the market owing to the increase in the adoption of injection pens in homecare settings and the growing prevalence of chronic diseases. Europe is also expected to hold a substantial share in the market.

Injection Pen Market: Competitive Landscape

Eli Lilly and Company, Sanofi, Becton, Dickinson and Company, Ypsomed Holding AG, Novo Nordisk A/S, Sun Pharmaceutical Industries Ltd., Pfizer, AstraZeneca plc, F. Hoffmann-La Roche Ltd., and Merck KGaA, among others are some of the dominant players that are operating in the global injection pen market.

Global injection pen market is segmented as follows:

By Therapy

  • Osteoporosis
  • Growth Hormone
  • Diabetes
  • Cancer
  • Auto-immune Diseases
  • Fertility
  • Other Therapies

By Product Type

  • Reusable Injection Pens
  • Disposable Injection Pens

By End User

  • Hospitals & Diagnostic Clinics
  • Home-care Settings

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

Injection pens are specially designed injection used to inject a small amount of hormone or drugs into the patient body for the treatment of various diseases. As compared to conventional injections, injection pens are easy to use and are portable. The small needle has also decreased the amount of pain which have provided larger social acceptability among people. Injection pens are easy to use and provide accuracy with regards to the quantity of injectable, especially for diabetes patient. Injection pens are mostly used by diabetes patient for injecting insulin. Its ergonomic designs have also increased its usage and popularity among people. 

One of the major factors driving the growth of the injection pen market over the forecast period is the increased prevalence of chronic diseases such as diabetes, rheumatoid arthritis, and others. As per the America Diabetes Association 2015 report, there were around 30.3 million people in America who were suffering from diabetes that is almost 9.4% of the American population. Increased use of home health care has also increased the demand for easy instruments for the administration of drugs on a daily basis, thus increasing the popularity of injection pen market. Moreover, major players involved in the injection pen market are constantly working for various technological developments which are also expected to increase the demand of the injection pen market over the forecast period. However, alternative modes of drug delivery and poor reimbursement policies in the developing countries are expected to hamper the growth of the injection pen market.

Global Injection Pen Market

The injection pen market is segmented into type, therapy, and end user. Based on the type, the injection pen market is classified into disposable and reusable pens. Disposable injection pen segment is expected to grow significantly. Based on therapy, the injection pen market is segmented into growth hormone therapy, osteoporosis, fertility, diabetes, and other therapies. Since the injection pens are widely used in diabetes, this segment is expected to experience a rapid growth. Based on the end user, the injection pen market is fragmented into home care and hospitals. Home care segment is expected to dominate over the forecast period.

Injection pen market is regionally segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the injection pen market over the forecast period which is closely followed by Europe. The Asia Pacific is expected to grow significantly due to the presence of developing economies. Latin America and the Middle East & Africa are expected to grow at a considerable rate over the forecast period.

Some of the major players of injection pen market include Sanofi, Eli Lilly and Company, Merck & Co., Inc., Becton, Dickinson and Company (BD), Biocorp Production SA, F.Hoffman-La Roche Ltd., AstraZeneca PLC, Novo Nordisk, Pfizer, Owen Mumford Ltd., Ypsomed Holding AG, Novartis, Wilhelm Haselmeier GmbH & Co. KG, and others.  

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FrequentlyAsked Questions

The increasing prevalence of diabetes is predicted to foster market growth. In recent years, the incidence of diabetes has risen dramatically. In 2021, according to International Diabetes Federation, around 537 million persons aged 20 to 79 are affected by diabetes. By 2030, the overall number of diabetics is expected to reach 643 million, and by 2045, it will reach 783 million. Diabetes necessitates the administration of injectable drugs on a daily or weekly basis. Due to such a frequent need for drug administration in diabetic patients, injector pens emerged as the best solution.

According to the Zion Market Research report, the global injection pen market was worth about 35.9 (USD billion) in 2021 and is predicted to grow to around 58.6 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 7.4 percent.

 

Asia Pacific is estimated to contribute a major share of the global injection pen market during the forecast period. The rising incidence of diabetes, advantageous reimbursement scenarios, and an expanding number of awareness campaigns are all contributing to the Asia Pacific injection pens market's high share. In addition to this, developing healthcare infrastructure and growing acceptance of biosimilars are also adding up to the growth of the market in this region.

 

Eli Lilly and Company, Sanofi, Becton, Dickinson and Company, Ypsomed Holding AG, Novo Nordisk A/S, Sun Pharmaceutical Industries Ltd., Pfizer, AstraZeneca plc, F. Hoffmann-La Roche Ltd., and Merck KGaA, among others are some of the dominant players that are operating in the global injection pen market.

 

 

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