Injection Pen Market Research Report and Outlook by 2028

The injection pen market is projected to grow from US$ 37,261.35 million in 2021 to US$ 60,332.97 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.14% from 2022 to 2028.

The rise in chronic diseases and advancements in strategic initiatives are significant factors propelling this market forward. Conversely, the presence of alternative drug delivery systems and insufficient reimbursement policies pose challenges to market expansion.

An injection pen is a medical apparatus designed to deliver medication subcutaneously using a needle. This device was first introduced in the 1980s and has emerged as a preferable option compared to traditional syringes. Currently, injection pens are predominantly utilized for insulin delivery, often referred to as insulin pens. These devices have overtaken the sales of insulin vials for managing type 2 diabetes.

The increasing elderly population and shifts in lifestyle contribute to several prevalent and expensive long-term health issues. The World Health Organization (WHO) estimates that by 2026, chronic lifestyle diseases will affect 57% of the population. Developing nations are expected to experience the most significant impact due to rapid population growth. Urbanization trends have led to more sedentary lifestyles, resulting in higher rates of obesity and diabetes. Diabetes has become one of the most pressing global health challenges of the 21st century. According to the International Diabetes Federation (IDF), the number of individuals with diabetes in North America was approximately 46 million in 2019, with projections suggesting an increase to 62 million by 2045, marking a 35% rise over this period. Additionally, other chronic ailments such as osteoporosis, cardiovascular diseases, and multiple sclerosis necessitate regular medication for effective management. The WHO reports that cardiovascular diseases are the leading cause of mortality, accounting for nearly 17.9 million deaths annually. Injection pens have become the standard for delivering injectable medications to a vast patient demographic worldwide. Their ease of use requires minimal training and does not necessitate constant healthcare professional supervision, which has led to their widespread adoption in home healthcare settings, further boosting market growth.

Moreover, the injection pen market features a variety of key players. To enhance their market presence, these companies employ strategies such as launching new products, expanding into new regions, and advancing technology. Continuous innovation and technological improvements in injection pens have led to greater acceptance among industry stakeholders. Major companies are investing in research and development to create cutting-edge technologies and increase their revenue streams.

Recent advancements in the injection pen sector include:

- In May 2022, the FDA approved Lilly's Mounjaro injection, the first glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) receptor agonist for treating type 2 diabetes in adults. Mounjaro is available in six dosages (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) and is delivered via Lilly's established auto-injector pen with a concealed needle.

- In January 2022, SHL Medical partnered with Innovation Zed to develop connected pen injector solutions, launching InsulCheck DOSE, a device that converts traditional pen injectors into smart solutions for monitoring disease management.

- In November 2021, Sanofi and Roche collaborated in France to promote the adoption of a connected add-on for disposable insulin pens, developing a scientific educational program for healthcare professionals.

- In September 2021, BIOCORP and Novo Nordisk expanded their partnership with a new agreement regarding the Mallya Smart Sensor, which attaches to Novo Nordisk FlexTouch insulin pens, allowing patients to track their daily insulin injections, including dosage and timing. Novo Nordisk plans to commercialize Mallya in Japan in the first half of 2023.

- In May 2021, Lilly formed international collaborations with leading diabetes technology firms to integrate connected insulin pen solutions, signing agreements with DexCom, Inc.; Glooko Inc.; myDiabby Healthcare; and Roche to enhance connected solutions for diabetes care.

These developments are significantly contributing to the growth of the injection pen market.

Type-Based Insights

The global injection pen market is categorized into disposable and reusable injection pens. In 2021, the disposable injection pen segment dominated the market and is anticipated to experience a higher CAGR from 2022 to 2028. The most commonly available injector systems include multi-dose injector pens, prefilled syringes, and autoinjectors. Innovative prefilled syringes and injector pens simplify the administration of parenteral medications, alleviating the need for patients to carry syringes and vials for regular or emergency use. The advantages of injector pens include enhanced safety, convenience, reduced medication handling, minimized dosage errors, and improved sterility and stability. Disposable injection pens are utilized until the drug cartridge is empty, after which the entire unit is discarded. For diabetic patients, insulin pens offer a convenient method for insulin administration by combining the medication and syringe into a single device. Some insulin pens are designed to be disposable, allowing patients to dispose of them after use. These factors contribute to the robust growth of this segment, thereby driving overall market expansion during the forecast period.

Therapy-Based Insights

The injection pen market is also segmented by therapy, including diabetes therapy, growth hormone therapy, autoimmune disease therapy, fertility therapy, cancer therapy, and other therapies. The diabetes therapy segment held the largest market share in 2021, while the other therapies segment is expected to grow at the highest CAGR during the forecast period. This segment includes migraine therapy, a neurological condition that affects approximately 39 million individuals in the US and 1 billion people globally, according to Healthline Media UK Ltd. Self-injection pens for migraine treatment allow individuals to administer medication subcutaneously, either for preventive measures or to alleviate acute migraine attacks. Such advancements are likely to drive the demand for self-injection pens, further propelling market growth.

End User-Based Insights

The injection pen market is divided into hospitals & clinics, home care, and other segments. The hospitals segment accounted for the largest market share in 2021, while the home care segment is projected to register the highest CAGR of 7.4% during the forecast period (2022-2028). Self-injection pens in home care settings offer a cost-effective solution for managing various diseases. They are increasingly preferred for new and subcutaneous drug administration. Self-injection pens enhance the quality of care from the patient's perspective, providing flexibility in treatment timing and location, which significantly reduces therapy costs. Consequently, medical device manufacturers are innovating products to address a wide range of health issues. For instance, BD's self-injection pens offer flexible manufacturing, drug compatibility, seamless integration, and reduced risks for users. These factors are driving growth in this segment, with hospitals continuing to play a significant role in the market, a trend expected to persist in the coming years.