Injection Pen Market Expected to Reach $80,511.51 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Injection Pen Market," The injection pen market size was valued at $ 37,899.00 million in 2021 and is projected to reach $80,511.51 million by 2031, registering a CAGR of 7.8% from 2022 to 2031. An injector pen consists of a chamber or cartridge of medication, a tip to attach a needle, and a piston or plunger to inject the dose. Some pens, include dials to adjust the dose of the injection before each administration. Dials enable accurate dose measuring than traditional vial and syringe administration, especially for low doses of insulin. Some pens may include a cartridge filled with medication which can be replaced when empty to enable reuse of the pen itself, whereas other pens are designed to be disposed of after their prefilled chamber is depleted. Injector pens designed for single use may also be autoinjectors, which do not require the user to press a plunger to inject the dose.  

The key factors that drive the growth of the market are the increase in preference for injection pens by both patients and doctors that has led to the positive shifting of injection pens market trends owing to the inconveniences associated with the traditional syringes.

In addition, rise in the technological advancements in medical devices, and easy availability and access to disposable and reusable injection pen propel the growth of the market. For instance, in December, 2022 the FDA cleared Mallya, a new smart medical device for disposable injector pens that allow users of both insulin and GLP-1 receptor agonist pens to connect the device to a smartphone, to track dosing, date and time of injection, and more.

Moreover, the device’s lifespan is two years before a replacement is needed, and in no way, it changes the way that users operate their insulin pen. The device can be charged via USB and, with average use of three to four injections per day, requires charging once a month. Moreover, the rise in geriatric population and increase in the prevalence of chronic disease boost the growth of the market. Furthermore, surge in investments in R&D activities and rise in government investments on healthcare infrastructure and medical devices are anticipated to drive the injection pen market trends during forecast period.  

However, fear of needle stick injury and availability of alternative drug delivery modes are the major barriers toward the injection pen market growth. Emerging economies such as India, China, Mexico, and Brazil are anticipated to create new opportunities during the forecast period owing to the rise in prevalence of diabetes, multiple sclerosis and rheumatoid arthritis, increase in geriatric population, surge in interest for injection pen for the self-administration of drug, and easy availability of injection pens.    

On the basis of type, the injection pen market is segmented into disposable injection pen and reusable injection pen. In 2021, the disposable injection pen segment accounted for the largest share of the market. The dominance of this segment can be attributed to the advantages offered by disposable injection pens as they are easy to use, portable, hygienic, and cost-effective. They are designed to be single-use, so there is no risk of cross contamination. They are also more precise than syringes, which makes them ideal for delivering accurate doses of medication.   

However, reusable injection pen segment is expected to witness considerable market growth during the forecast period. Owing to continued advancements in reusable injection pen technology and increased productivity by reusable injection pens as they offer great convenience for multiple injections.     

On the basis of therapy, the injection pen market is segmented into diabetes, growth hormone, osteoporosis, fertility and others. In 2021, the diabetes segment accounted for the largest share of the market. The dominance of this segment can be attributed to the rise in the prevalence of type-1 and type-2 diabetes and change in lifestyle such as consuming unhealthy food, sedentary lifestyles and glucagonoma (lack of equilibrium between levels of insulin production and glucagon production).   

However, others segment is expected to witness considerable market growth during the forecast period. Owing to rise in prevalence of cancer, cardiovascular disease and allergic conditions such as eczema and increase in the adoption of injection pens for drug delivery method.     

On the basis of end user, the market is segmented into home-care settings and hospital & clinics. The home-care settings segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to increase in awareness regarding injection pens, rise in disposable income, surge in consumer expenditure on healthcare, and rise in adoption of innovative drug delivery devices among the patients to manage diseases by staying at home.   

However, on the other hand, the hospital & clinic segment is expected to witness considerable market growth during the forecast period, owing to the fact that injection pens are most commonly used in hospitals and clinics because they are easy to use and offer accurate dosing than traditional syringes. They also help prevent needle-stick injuries, which can be a major concern in healthcare settings.   

North America accounted for a majority of the injection pen market share in 2021 and is anticipated to remain dominant during the forecast period. The U.S. has been the biggest contributor to the growth of the injection pens market in North America due to the increase in prevalence of chronic diseases and rise in demand for safe and effective delivery of medications. North America also benefits from the presence of several major players in the injection pens market, such as Sanofi, Eli Lilly, Novo Nordisk, and Becton Dickinson, which have invested heavily in research and development to come up with innovative products.    

Asia-Pacific is expected to register the fastest CAGR during the forecast period. The market growth in Asia-Pacific region is supplemented by the presence of a large patient pool in developing countries and increase in the adoption of strategies like acquisition, product launch, and product approval by key players. For instance, in 2022, Terumo corporation launched FineGlide, a sterile injection pen needle for diabetes patients who require regular insulin injections. 

The key players that operate in the injection pen industry are Eli Lily and Company, Novo Nordisk A/S, Sanofi, Biocon Limited, AstraZeneca, Pfizer Inc, Becton, Dickinson and Company, Ypsomed AG, Novartis AG and Merck KGaA. 

KEY FINDINGS OF THE STUDY  

• By type, the disposable injection pen segment was the highest contributor to the market in 2021.   

• By therapy, the diabetes segment was the highest contributor to the market in 2021.   

• By end user, the home-care settings segment dominated the market in 2021 and is expected to continue this trend during the forecast period.   

• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.