Injection Pen Market: Analysis By Type, By Therapy, By End User, By Region Size & Forecast with Impact Analysis of COVID-19 and Forecast up to 2028

The global injection pen market in 2022 was valued at US$39.10 billion. The market is expected to be worth US$59.68 billion in 2028. Injection pens are pre-filled, advanced, specially designed syringes utilized for self-administration of medication in several treatments and chronic conditions. These pens can inject hormones or drugs in small amounts into the patient's body for the treatment of targeted diseases. Injection pen is a good substitute for traditional injection methods, that is portable, accurate, flexible, easy to use, and convenient to dispense.

As chronic diseases become increasingly widespread worldwide, necessitating long-term treatment, injection pen emerges as a more efficient and convenient option for drug administration. Therefore, the surging prevalence of various chronic diseases is one of the main factors that would drive the demand for injection pens in the forthcoming years. The market is expected to grow at a CAGR of approx. 7.24% during the forecasted period of 2023-2028.

Market Segmentation Analysis:

By Type: The report identifies two segments on the basis of type: Disposable Injection Pen and Reusable Injection Pen. Among the types, Disposable segment dominated the market. Infusion pumps are commonly used for nutrient and drug delivery. Disposable pens contain a prefilled insulin cartridge and are thrown away after just one use. The segment represented a sizeable portion of the market, attributable to the convenience and ease of use offered by these injection pens. Because they are pre-filled and ready to use, disposable pens do not require the user to load them with medication. Also, because they are portable and simple to discard after use, disposable pens are frequently preferred by people who travel or need several injections during the day. The safety associated with disposable needles and the prevention of blood-borne diseases are the major factors that have driven the demand for disposable injection pens across the globe.

By Therapy: The report provides the bifurcation of the injection pen market into six segments on the basis of therapy: Diabetes Therapy, Growth Hormone Therapy, Fertility Therapy, Autoimmune Disease Therapy, Cancer Therapy, and Others. Due to the growing prevalence of diabetes along with the daily need for the consumption of insulin dose and increased R&D activities, the diabetes therapy segment lead the market in 2022. However, other therapies are projected to be the fastest-growing segment. Other therapies involve migraine, and osteoporosis, among other diseases. With a migraine self-injection pen, an individual can self-administer migraine medication by inserting it into the tissue beneath the skin. On administration, these pens can be either preventative, carrying medicine to lessen the frequency and severity of migraine episodes, or acute, providing medication to relieve migraine headaches. Such noteworthy developments are expected to increase the overall demand for self-injection pens among individuals, hence boosting the segment’s growth throughout the forecast period.

By End User: The report identifies three segments on the basis of end user: Home Care, Hospitals & Clinics, and Others. The home care segment held the largest market share in 2022, driven by rising trend of self-medication, growth in the prevalence of chronic diseases that require daily injectable medications, upsurge in consumer expenditure on healthcare, and growing adoption of innovative drug delivery devices among the patients to manage diseases by staying at home. Furthermore, factors such as the rising number of FDA approvals of prefilled injection pens for at home usage, and the increasing base of the old-age population are also expected to drive the segment’s growth.

By Region: In the report, the global injection pen market is divided into five regions: North America, Europe, Asia Pacific, South & Central America, and Middle East and Africa. North America accounted for the largest share in the global injection pen market in 2022. Because of the increasing burden of chronic diseases, the rising requirement for safe and efficient medicine administration, the region's increased R&D activities, and the existence of many significant injection pen market participants, North America, and Europe are projected to be major markets over the forecast period.

The Asia Pacific region is expected to be the fastest-growing market, because of growing consumer awareness regarding injection pens, increasing use of innovative injection pen technologies, upsurge in healthcare spending in the region. Also, the rise in the number of government measures to support diabetes control and the accessibility of reasonably priced insulin has steered the demand for injection pens in the region.

Market Dynamics:

Growth Drivers: The market has been growing over the past few years, due to factors such as the surging prevalence of chronic diseases, increasing use of insulin pens, upsurge in healthcare expenditure, escalating geriatric population, and functional benefits offered by injection pens. Diseases such as diabetes, osteoporosis, cardiovascular diseases (CVDs), and multiple sclerosis require daily injectable drug administration. Injection pen is an optimum option for patients suffering from chronic diseases as the frequency of drug administration is high. Resultantly, the burgeoning prevalence of chronic diseases has led to a greater focus on injection pen technologies to effectively handle the growing patient pool and increase patient compliance with therapies, fueling the demand for injection pens.

Challenges: However, some challenges are also impeding the growth of the market such as needle stick injuries & misuse of injection pens, and shifting preference for alternative drug delivery modes.

Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as an upswing in patent expiry of biologics, escalating number of regulatory approvals, research and development proficiencies along with technological advancements, and rapid innovations in recent years. Furthermore, an upsurge in the public-private funding for target research activities, rising demand for chronic disease treatments using advanced drugs, and rising product innovations and development owing to technological advancements worldwide are predicted to extend profitable opportunities for the market players in the forecast period.

Impact Analysis of COVID-19 and Way Forward:

The COVID-19 pandemic had no substantial impact on the injectable pen market. The continuous concerns over the spread of COVID-19 infection have considerably accelerated patient interest in injection pens for various drug administration. Patients who were already using injection pens for a range of medications continued to use them throughout the pandemic. However, movement restrictions, restricted borders, and a decline in overall trade impacted the injection pen supply chain. Moreover, patients with COVID-19 infection who received treatment are more likely to acquire diabetes, thus, supporting the market development over the forecasted period.

Competitive Landscape:

The global injection pen market is highly competitive and consists of global as well as several regional players. The key players of the global injection pen market are:

• Sanofi S.A.
• Eli Lilly and Company
• Novo Nordisk A/S
• Becton Dickinson and Company
• AstraZeneca Plc
• F. Hoffmann-La Roche AG
• Merck KgaA
• TEVA Pharmaceutical Industries Limited
• Novartis AG
• Sulzer Ltd. (Haselmeier)
• GSK Plc
• Pfizer Inc.
• Owen Mumford Ltd.

Collaborations, new product development, investments connected to growing capabilities, mergers and acquisitions, partnerships and agreements, and investments in research and development are just a few of the major strategies used by the players.