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The injection pen market size is estimated to grow by USD 25.51 billion at a CAGR of 8.13% between 2023 and 2028. Factors driving the market growth are high-value biological products, such as monoclonal antibodies and peptides, which need to be injected due to their size and sensitivity. The injections target areas such as immuno-oncology, diabetes, and autoimmune diseases. Globally, healthcare authorities and governments are concentrating on minimizing healthcare expenditure, improving the quality of life, and reducing the number of hospital visits. Thus, the rising adoption of biologics and the increasing preference for self-injectable drugs will boost product innovation in injectable therapies, thereby creating growth opportunities for injection pens and driving the global market during the forecast period.
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The market is characterized by a range of factors influencing its growth and dynamics. Chronic diseases such as diabetes, osteoporosis, cardiovascular disease (CVD), and multiple sclerosis drive the demand for efficient drug delivery solutions. Technological advancements have led to the development of alternative drug delivery modes like injector pens and needle-free devices, offering patients greater convenience and precision. Regulatory approvals and reimbursement policies play a crucial role in market penetration, especially in developing regions where healthcare infrastructure is evolving. Government support initiatives further boost the adoption of medical devices such as injector pens. Insurance companies like CVS Caremark are key stakeholders influencing the market through coverage and reimbursement policies. The Patent expiry of biologics has paved the way for biosimilars, enhancing competition and affordability in the market.
The market share growth by the growth hormone segment will be significant during the forecast period. Growth hormone deficiency in humans causes the body's ability to grow to slow down or pause. Usually, patients with human growth hormone deficiency are identified in the age group of 2-3 years old. The majority of people will have human growth hormone deficiency since birth; however, this condition can also be caused by other medical conditions or injuries. The human growth hormone deficiency is expected to drive the need for injection pens for effective treatment to regain the body's ability to grow.
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The growth hormones segment was valued at USD 11.57 billion in 2018. Currently, the pool of patients affected by Turner syndrome and Noonan syndrome has massively expanded, which has led to increasing demand for effective growth hormone treatment methods and hormone drugs for the treatment of the indications mentioned above. Such factors are expected to increase the need for growth hormone injection pens during the forecast period, which, in turn, is anticipated to drive the market during the forecast period.
Disposable pens contain a prefilled insulin cartridge and are thrown away after just one use. Furthermore, disposable injection pens can be used to administer small doses of insulin, which is important for some patients, such as children with type-1 diabetes. In addition, technological advances in pens that allow connectivity with Bluetooth-enabled devices will contribute to segment during the forecast period. For example, in February 2023, Phillips-Medisize launched a disposable injection pen with the features of a Bluetooth-enabled smart device. Such developments are expected to drive the disposable segment of the market in focus during the forecast period.
Reusable injection pens are globally used by patients with diabetes. A reusable injection pen contains a replaceable injection cartridge, which can be used multiple times by just replacing the cartridge. The reusability of these devices makes them cost-effective. Furthermore, reusable injection pens are significantly easier to use compared with other injection pens. Thus, such factors will boost segment as well as the market during the forecast period.
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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. The market in North America is anticipated to grow at a moderate rate due to the presence of the US and Canada, which are important revenue contributors to the market in the region. The presence of key market players in the market in North America has also been driving the market in the region.
Moreover, many players have launched in North America, bolstering the market. Moreover, the presence of financial incentives and schemes can help in reducing the cost burden for patients. This is expected to increase the adoption rate in North America during the forecast period, thereby driving the regional market.
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
F. Hoffmann La Roche Ltd.: The company offers different types of injection pens for Diabetes care.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is driven by several key factors. Chronic diseases like diabetes, osteoporosis, cardiovascular disease (CVD), and multiple sclerosis are major drivers, increasing the demand for efficient drug delivery solutions. Technological advancements have led to the development of alternative drug delivery modes such as injector pens and needle-free devices, enhancing patient compliance. However, challenges like needle anxiety, misuse of injection pens, and poor reimbursement scenarios hinder market growth. Overcoming these challenges requires regulatory approvals, government support, and innovative solutions to improve patient experience and safety.
The growing prevalence of diabetes cases is the key factor driving market. Diabetic patients can often manage their blood sugar levels through physical activities, controlled diet, and medications. Diabetic patients have increased health risks such as cardiovascular disorders, vision loss, kidney failure, and amputation. In most cases, before the onset of diabetes, prediabetes sets in. This is considered a serious health condition wherein the blood sugar levels are higher than normal but not high enough yet to be diagnosed as type 2 diabetes.
For instance, according to The World Bank Group, in 2022, 10.7% of the population aged 20-79 years in the US had diabetes. Diabetes cases in developed regions like North America and Europe have increased due to a sedentary lifestyle and unhealthy diets among the population. Thus, the growing diabetic prevalence is increasing the need for treatment measures. This is expected to boost the market in focus during the forecast period.
Increasing injection pen product launches by market players is the primary trend shaping the market. Major market players are especially focusing on various strategies, such as new product launches, to broaden their landscapes and garner large market shares. The market has the presence of international and local players. New product launches help companies strengthen their product offerings and enhance diversification in supporting the end-users.
For example, in February 2023, Phillips-Medisize launched a disposable injection pen with the features of a Bluetooth-enabled smart device. Similarly, in September 2022, Terumo India announced the launch of FineGlide, a sterile pen needle for patients requiring regular insulin injections in India. Such factors will drive the global market during the forecast period.
Stringent government regulations regarding injection pens and product recalls is a challenge that affects the market. Regulatory agencies have set a stringent regulatory framework for medical devices. Failure to comply with regulations and laws could have an adverse effect on the market as it can affect the introduction of new products.
Moreover, injection pens may lead to some side effects, which, in turn, may result in product recall. Any product that fails to meet the regulations results in recalls, which hamper the sales volume, thereby negatively affecting the market during the forecast period.
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The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their strategies.
Global Market Customer Landscape
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
Autoinjectors Market: Autoinjectors Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, UK, Germany, Canada, China - Size and Forecast
Pharmaceutical Cartridges Market: Pharmaceutical Cartridges Market by Material, Capacity, and Geography - Forecast and Analysis
Polybutylene Terephthalate Market: Polybutylene Terephthalate Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Germany, India, UK - Size and Forecast
The market is experiencing significant growth due to various factors such as the increasing prevalence of chronic diseases like cancer, cardiovascular disease (CVD), and multiple sclerosis. Technological advancements have led to the development of alternative drug delivery modes such as injector pens and automated injection pens, which offer ease of use, precision, and safety for patients. Moreover, government support, regulatory approvals, and reimbursement policies are driving the adoption of these devices, especially in developed countries with aging populations and high healthcare spending.
Moreover, needle anxiety and needle-stick injuries have propelled the demand for needle-free devices and alternative methods for drug delivery. Insurance companies like CVS Caremark are increasingly covering these devices, enhancing their affordability and accessibility. The market is also influenced by patent expiry of biologics, leading to the emergence of biosimilars and increased competition. Home-care settings and hospital clinics are major areas of deployment for injectable pen technologies, catering to a large patient pool and improving treatment adherence. Initiatives by organizations like the World Health Organization to raise awareness about insulin pens and diabetes management have further contributed to the rapid adoption of these devices worldwide.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.13% |
Market growth 2024-2028 |
USD 25.51 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.54 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 44% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
AstraZeneca Plc, Becton Dickinson and Co., Biocon Ltd., Eli Lilly and Co., F. Hoffmann La Roche Ltd., Gan and Lee Pharmaceuticals Co. Ltd., Gerresheimer AG, GlaxoSmithKline Plc, Harro Hofliger GmbH, Haselmeier GmbH, Jiangsu Delfu medical device Co. Ltd., Merck KGaA, Novartis AG, Novo Nordisk AS, Owen Mumford Ltd., Pfizer Inc., Sanofi, Solteam Electronics Co LTD., Viatris Inc., and Ypsomed Holding AG |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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