Injection Pen Market size is set to grow by USD 25.51 billion from 2024-2028, Rising prevalence of chronic diseases boost the market, Technavio

NEW YORK, July 31, 2024 /PRNewswire/ -- The global injection pen market size is estimated to grow by USD 25.51 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.13% during the forecast period. Rising prevalence of chronic diseases is driving market growth, with a trend towards significant rise in demand for insulin pens. However, side-effects of injection pens poses a challenge. Key market players include 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.

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Market Driver

Injection pens have revolutionized insulin therapy for people with diabetes, offering several advantages over traditional syringes and vials. These devices are easy to use, making them suitable for older adults and children. With small and thin needles, they alleviate needle phobia and fear of pain. Injection pens come with prefilled and pre-set insulin levels, saving time and providing accuracy. Many patients prefer disposable pens for their convenience and ease of use. For specific patient groups, such as children with type-1 diabetes and insulin-sensitive patients, injection pens are the ideal choice due to their ability to deliver precise half-unit doses. For instance, the LUXURA HD pen by Eli Lilly delivers accurate and precise insulin doses. The use of injection pens has increased patient confidence in administering insulin and improved compliance and adherence to treatment regimens. These factors have driven market growth for injection pens during the forecast period. 

The injection pen market is experiencing significant growth due to the rising prevalence of chronic diseases such as diabetes, osteoporosis, cardiovascular disease, multiple sclerosis, and cancer in the geriatric population. Regulatory approvals for new injector pens and needle-free devices continue to drive market expansion. Reimbursement scenarios remain a challenge in some regions, but government support and insurance company collaborations are helping to address this issue. Technological advancements, including Bluetooth technology and automated injection pens, are improving patient compliance. Biosimilars and developing regions, including emerging economies, are also contributing to market growth. Companies like Medtronic Plc are leading the way with innovative products like the InPen. Despite these positives, challenges such as poor reimbursement scenarios, needle anxiety, and needle-stick injuries persist. The market is expected to continue growing during the forecast period, with disposable and reusable pens, medical devices like needles, syringes, plungers, insulin, drug cartridges, and growth hormones all playing key roles. 

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Market Challenges

• Injection pens are widely used medical devices for delivering medication, particularly for chronic conditions like diabetes and multiple sclerosis. However, they come with potential side effects that can impact their adoption. Common injection site reactions include redness, swelling, itching, and pain. Multiple sclerosis patients using injection pens face additional risks, such as severe hepatic injury and anaphylaxis. Other allergic reactions include dyspnea, bronchospasm, tongue edema, skin rash, and urticaria. These side effects may discourage patients from continuing use and opt for alternative treatments with fewer side effects. Consequently, the injection pen market growth may be hindered due to these associated health risks during the forecast period.
• The injection pen market is experiencing significant growth due to the increasing prevalence of chronic diseases like diabetes and cancer in wealthy nations with aging populations. Automated injection pens offer medical professionals and patients ease of use, precision, and safety in medication delivery. However, affordability remains a challenge for some, particularly for disposable insulin pens and pen needles. Major players in the market include insulin pens, with insulin dosage enhancements and simplicity of use as key advantages. The prevalence of diabetes, kidney failure, blindness, stroke, and cardiovascular illnesses, leading to death worldwide, necessitates rapid adoption of these devices. Hospitals and pharmacies are driving the market, with government initiatives and healthcare infrastructure investments further fueling growth. Diabetes patients, especially those with disposable income and consumer knowledge, are the primary consumers. Safety and affordability are ongoing concerns, with ongoing enhancements to address these challenges. The World Health Organization emphasizes the importance of access to these devices for managing chronic diseases.

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Segment Overview 

This injection pen market report extensively covers market segmentation by 

1. Product 
• 1.1 Growth hormone
• 1.2 Diabetes
• 1.3 Fertility
• 1.4 Osteoporosis
• 1.5 Others
2. Type 
• 2.1 Disposable injection pen
• 2.2 Reusable injection pen
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Growth hormone- Human growth hormone deficiency, a condition that impairs natural growth in some individuals, particularly those identified in the pediatric age group, is a significant driver for the injection pen market. This condition, which can be present at birth or caused by medical conditions or injuries, affects the ability of the body to produce enough human growth hormone. The expanding pool of patients with Turner and Noonan syndromes, which are common causes of human growth hormone deficiency, is fueling the demand for effective treatment methods and growth hormone drugs. The injection pen is an essential tool for administering these treatments, making it a crucial component of the market growth during the forecast period.

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Research Analysis

The injection pen market is experiencing significant growth due to the rising prevalence of chronic diseases such as diabetes, osteoporosis, cardiovascular disease (CVD), multiple sclerosis, and cancer. Regulatory approvals for new injector pens and technological advancements, including needle-free devices, are driving innovation in the market. However, poor reimbursement scenarios and needle anxiety remain challenges. Developing regions offer opportunities for growth, but governments and insurance companies must provide support to ensure affordability and accessibility. Key factors include medical device components such as needles, syringes, plungers, insulin, drug cartridges, and biosimilars. Needle-stick injuries are a safety concern, and governments and companies are working to mitigate risks. The market is expected to continue expanding, with a focus on patient compliance and improving the user experience.

Market Research Overview

The injection pen market is witnessing significant growth due to the rising prevalence of chronic diseases such as diabetes, osteoporosis, cardiovascular disease (CVD), multiple sclerosis, and cancer in the geriatric population. Regulatory approvals and government support for the use of injector pens in home-care settings and hospitals & clinics are driving market growth. Technological advancements, including needle-free devices, Bluetooth technology, and automated injection pens, are enhancing patient compliance and ease of use. However, poor reimbursement scenarios and needle anxiety are challenges limiting market growth. Developing regions and emerging economies offer significant opportunities for market expansion during the forecast period. Key factors fueling market growth include the increasing patient pool, treatment adherence, and the convenience, precision, and safety of injector pens. Major players include insulin, drugs, medical device companies, insurance companies, and governments. Affordability and safety remain major concerns for patients and healthcare providers alike.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Growth Hormone
• Diabetes
• Fertility
• Osteoporosis
• Others
• Type
• Disposable Injection Pen
• Reusable Injection Pen
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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