Injection Pen Market

Global Injection Pen Market Size (2023 to 2028)

The global injection pen market is projected to grow at a CAGR of 5.98% from 2023 to 2028 and be worth USD 51.95 billion by 2028 from USD 38.86 billion in 2023.

MARKET DRIVERS:

The growing prevalence of chronic diseases is one of the key factors driving the injection pen market growth.

The patient population suffering from chronic diseases has been growing rapidly over the last few years and this trend is expected to accelerate further in the coming years. As per the data published by WHO, an estimated 41 million people per year die from chronic diseases. CDC says 6 in 10 adults in the U.S. have at least 1 chronic disease. According to the statistics published by the European Chronic Disease Alliance, 86% of deaths in Europe are due to chronic diseases. Patients suffering from chronic diseases, especially diabetes, multiple sclerosis, rheumatoid arthritis, and others must take regular injections for disease management. Owing to the convenience, ease of use, and reduced pain during injection of injection pens, many chronic disease patients prefer injection pens. The benefits of using injection pens over traditional syringes such as being more convenient and easier-to-use is further make injection pens a suitable option for chronic disease patients as sometimes they take injections several times a day.

The growing aging population worldwide is further fuelling the growth rate of the injection pen market.

As per the data published by United Nations, the worldwide population of 60 years or older is expected to reach 2.1 billion by 2050 and 3.1 billion by 2100, which was 962 million in 2017. With increasing age, the percentage chance of getting diagnosed with chronic diseases increases. The incidence of chronic diseases such as diabetes, osteoporosis, and rheumatoid arthritis is high among the older population compared to the younger population. Similarly, the usage of injection pens is high among aged people. People who are aged and have issues with using traditional syringes and vials use injection pens as an alternative. In addition, the growing demand for convenient and accurate drug delivery options for the elderly is contributing to the injection pen market growth.

The growing preference from patients for injection pens over traditional syringes due to their convenience, ease of use, and reduced pain during an injection is another notable factor contributing to the growth of the injection pen market. Technological advancements are boosting the injection pen market growth. In recent years, increased usage of technological advancements in the manufacturing of injection pens has been noticed to improve the accuracy, reliability, and safety of injection pens. This has also resulted in the increased adoption of injection pens. Technological developments have made injection pens user-friendly, precise, and convenient and they have features such as adjustable dosing, ergonomic designs, and electronic monitoring capabilities. Due to this, the adoption of injection pens in the treatment procedures of diabetes and autoimmune diseases has increased significantly in the recent past and resulting in market growth.

In addition, the growing demand for self-administration of injections, increasing healthcare expenditure, rising adoption of home healthcare and an increasing number of initiatives and funding by several governments to promote the adoption and R&D of injection pens accelerates the injection pen market growth. Furthermore, the growing demand for biologics worldwide, rising emphasis on patient-centric healthcare and rising awareness of needlestick injuries supports the growth rate of the injection pen market.

MARKET RESTRAINTS:

The high costs of injection pens are one of the key factors hampering the market’s growth rate. The complexities associated with the usage of injection pens and the availability of alternative drug delivery systems such as traditional syringes and autoinjectors further hinder market growth. The lack of reimbursement policies for injection pens in some countries and the higher risk of needlestick injuries with injection pens inhibit the market’s growth rate. The stringent regulatory environment for injection pens is another significant obstacle to the growth of the injection pen market.

Impact of COVID-19 on the global injection pen market:

The COVID-19 pandemic has shown a significant negative impact on the injection pen market growth. During the COVID-19 pandemic, supply chains worldwide have been hampered notably and many manufacturers of injection pens have stopped production activities temporarily due to lockdowns and travel bans to curb the spread of the coronavirus. These resulted in the shortage of raw materials used in the manufacturing of injection pens and delays in the manufacturing and distribution of injection pens and hampered the injection pen market. During the COVID-19 pandemic, the adoption of telemedicine and digital healthcare technologies has increased tremendously and reduced the number of hospital visits and admissions, which has further limited the usage of injection pens and resulted negatively in market growth. Likewise, the COVID-19 pandemic has hampered the growth rate of the injection pen market. However, the impact of the COVID-19 pandemic has been diluting gradually over the last few months and the same trend is expected to continue in the coming months. In addition, the manufacturers of injection pens have reinitiated their manufacturing efforts and the global supply chains have been recovering slowly, which is expected to favor the injection pen market to recover quickly and showcase a healthy CAGR during the forecast period.

REPORT COVERAGE:

This research report on the global injection pen market has been segmented and sub-segmented based on type, therapy, end-user & region.

Injection Pen Market – By Type:

• Disposable Injection Pen
• Reusable Injection Pen

Based on type, the disposable injection pens segment is predicted to grow at the fastest CAGR during the forecast period owing to the associated benefits such as cost-effectiveness, more convenience to use and hygienic option for patients. In addition, the growing patient population suffering from chronic diseases that require regular injections majorly drives segmental growth.

On the other hand, the reusable injection pen segment is anticipated to hold a considerable share of the worldwide market during the forecast period. The growth of the segment is majorly driven by the growing demand for eco-friendly and sustainable products. The benefits of reusable injection pens such as flexibility and customization in their dosing schedules are further fuelling the growth rate of the segment.

Injection Pen Market – By Therapy:

• Diabetes
• Growth Hormone Therapy
• Osteoporosis
• Fertility
• Other Therapies

Based on therapy, the diabetes segment is anticipated to witness the fastest CAGR during the forecast period. The segmental growth is majorly driven by the growing diabetic population worldwide, favorable reimbursement policies in many countries for diabetic treatments and rising awareness among patients and healthcare providers regarding the benefits of using injection pens to deliver insulin such as accurate dosing, ease of use, and convenience. In addition, the increasing adoption of technological developments to manufacture effective injection pens and the development of insulin formulations are predicted to fuel the segment’s growth rate during the forecast period.

The growth hormone therapy segment is expected to grow at a notable CAGR during the forecast period owing to the rising prevalence of growth hormone deficiency and related disorders. In addition, increasing awareness about the benefits of growth hormone therapy among patients and healthcare providers and the availability of new formulations further boosts the growth rate of the segment.

The osteoporosis segment is estimated to showcase a healthy CAGR during the forecast period. The growth rate of the segment is attributed to the growing aging population worldwide and the increasing patient population suffering from osteoporosis. The usage of injection pens in the treatment procedures of osteoporosis has seen a spike in recent times. This trend is expected to continue throughout the forecast period and contribute to segmental growth.

Injection Pen Market – By End User:

• Home Care
• Hospitals & Clinics

Based on end-user, the home care segment is predicted to witness the fastest CAGR during the forecast period owing to the growing demand for self-administration drug delivery systems and the rising prevalence of chronic diseases. The segmental growth is further driven by the growing aging population worldwide and the increasing need for frequent injections.

The hospitals and clinics segment is estimated to witness a notable CAGR during the forecast period. The growth of the segment is majorly driven by the rising adoption of injection pen devices by healthcare professionals. The segmental growth can be further attributed to the benefits of injection pens such as improved patient compliance, reduced risk of needle-stick injuries, and reduced healthcare costs associated with hospitalization. The growing patient population suffering from diseases such as chronic diseases, including diabetes, osteoporosis, and cancer fuels the segment’s growth rate.

Injection Pen Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America had the largest share of the worldwide market in 2022 and the domination of North America is expected to continue in the worldwide market throughout the forecast period. The growth of the North American market is primarily driven by the increasing patient population suffering from chronic diseases and the presence of key market participants in North America. In addition, rising demand for self-administration medication delivery devices, rising emphasis on patient safety and the need for accurate dosing fuel the growth rate of the North American market. Furthermore, rising emphasis on reducing healthcare costs, improving patient safety and increasing the number of initiatives from North American countries to promote the adoption of injection pens accelerates the growth of the North American market. The U.S. market had the largest share of the North American market, followed by Canada in 2022 and is expected to continue the same trend throughout the forecast period.

Europe is another potential market for injection pens and is anticipated to witness a notable CAGR during the forecast period. The growth of the European market is driven by the rapid adoption of self-administration medication delivery devices, the increasing patient population of various diseases and the growing demand for innovative drug delivery devices. Factors such as rising emphasis on reducing healthcare costs and the need for efficient and cost-effective treatment options boost the growth rate of the European market. Furthermore, the rising awareness regarding the benefits of injection pens among patients and healthcare providers, the presence of sophisticated healthcare infrastructure and the rising adoption of home healthcare drive the regional market. In 2022, Germany held the major share of the European market followed by the UK and France and the same trend is projected to continue during the forecast period.

APAC is predicted to witness the fastest CAGR during the forecast period and be the fastest regional market worldwide. Factors such as the growing chronic disease patient population, rising aging population, increasing awareness among patients and healthcare professionals and the growing number of initiatives and funding by the governmental and non-governmental organizations to promote the healthcare infrastructure in the APAC countries drive the injection pen market in APAC. The growing healthcare expenditure, rising need to reduce the growing healthcare costs and increasing emphasis on developing affordable and accessible healthcare options further promote the APAC market growth. Japan accounted for the major share of the APAC market in 2022, followed by India and China.

Latin America accounted for a considerable share of the worldwide market in 2022 and is predicted to witness a healthy CAGR during the forecast period. The growth of the Latin American market is driven by the rising adoption of self-administration medication delivery devices, patient preference for at-home treatment options and growing healthcare expenditure. Brazil held the largest share of Latin America in 2022.

The MEA market is estimated to occupy a moderate share of the worldwide market during the forecast period owing to the increasing prevalence of chronic diseases, growing awareness and adoption of self-administration medication delivery devices.

KEY MARKET PLAYERS:

Novo Nordisk, Sanofi, Eli Lilly and Company, Merck, Ypsomed, Astrazeneca, F.Hoffman-La Roche, Becton, Dickinson and Company, Owen Mumford, and Novartis are a few of the noteworthy companies in the global injection pen market profiled in this report.

RECENT MARKET DEVELOPMENTS:

• Owen Mumford created the "Ateria SafeControl" safety pen needle in July 2020, which would assist patients and HCPs in giving medication and reduce insulin error.
• In January 2019, BD (Becton, Dickinson, and Business), a prominent worldwide medical technology company, revealed that their second-generation BD Nano pen needle had received 510(k) clearance from the US Food and Drug Administration allowing for more consistent subcutaneous injection depth.
• Hindustan Syringes & Medical Devices (HMD), one of the world's largest manufacturers of disposable syringes and the world's largest manufacturer of auto-disable syringes, unveiled India's First "Made in India" Dispovan Insulin Pen Needle" to provide better comfort for people with diabetes at the 4th Medical Expo Indore 2018.