Injection Pen Market Forecast to 2028 - Global Analysis by Type (Disposable Injection Pens and Reusable Injection Pens), Therapy (Diabetes, Growth Hormone Therapy, Autoimmune Diseases, Fertility, Cancer, and Other Therapies), and End User (Hospitals and C

Disposable Segment to Account for Larger Share in Injection Pen Market During 2022-2028

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According to the research study titled "The Injection Pen Market Forecast to 2028 - Global Analysis - by Type, Therapy, and End User,"" the market is expected to grow from US$ 37,261.35 million in 2021 to US$ 60,332.97 million by 2028; it is expected to register a CAGR of 7.14% from 2022 to 2028. The report highlights the key factors driving the market growth and prominent players with their developments in the market.

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Growth of Strategic Developments

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The injection pen market is characterized by the presence of various market players. To increase their market share, market players take up various strategies such as product launches, regional expansion, and technological advancements. Injection pens are more involved in continuous innovation and technological advances, leading to increased acceptance among industry players. Leading players invest in R&D to develop advanced technologies and gain more revenue.

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A few recent developments related to injection pen are mentioned below:
In May 2022, FDA approved Lilly's Mounjaro injection, the first and only glucose-dependent insulinotropic polypeptide (GIP) and glucagon-like peptide-1 (GLP-1) receptor agonist for the treatment of type 2 diabetes in adults. Mounjaro is available in six doses (2.5 mg, 5 mg, 7.5 mg, 10 mg, 12.5 mg, and 15 mg) and comes in Lilly's well-established auto-injector pen with a pre-attached, hidden needle.

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In January 2022, SHL Medical's partnered with Innovation Zed for connected pen injector solutions. It launched InsulCheck DOSE, a connected add-on device that transforms traditional pen injectors into smart solutions to support the monitoring of disease management regimen.

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In November 2021, Sanofi and Roche partnered to work together in France to increase the adoption of a connected add-on for disposable insulin pens. The partners will jointly develop a scientific educational program aimed at physicians and pharmacists.

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In September 2021, BIOCORP and Novo Nordisk strengthened their partnership with a new agreement on Mallya Smart Sensor with Novo Nordisk FlexTouch insulin pens. A smart sensor called Mallya attaches directly to Novo Nordisk FlexTouch insulin pens. With Mallya, patients using FlexTouch pens will be able to capture and record daily insulin injection data, which includes insulin units, as well as date and time of the drug administration. Based on the agreement, Novo Nordisk will be commercializing Mallya in Japan from the first half of 2023.

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In May 2021, Lilly collaborated internationally with leading diabetes technology companies to integrate connected insulin pen solutions for people with diabetes. The company signed strategic international agreements with four companies-DexCom, Inc.; Glooko Inc.; myDiabby Healthcare; and Roche-to advance connected solutions and streamline care for people suffering from diabetes.

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Therefore, all the above-mentioned recent developments are driving the growth of injection pen market.

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Market Opportunities

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Increase in Biologics Patent Expiry and Use of Biosimilars

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Biologics are widely developed for treating chronic disorders such as cancer, multiple sclerosis, and diabetes. These drugs are unique in their own way and manufacturers own patents of 20 years for manufacturing and distributing such drugs. As most of the patents are either expired or on the verge of expiry, other market players have begun launching their own version of such drugs, i.e., biosimilars. Biosimilars (generic drugs that are low priced and are preferred by the government and insurance companies) have gained tremendously traction over the past few years over the original biologics. The pharmaceutical market players are promoting the adoption of biosimilars, which further creates the demand for injection pens for its delivery. As per AJMC, a total of 40 biosimilars were approved and 25 new biosimilars were launched in the US till December 2022. Furthermore, there has been significant use of injectables on a large scale owing to prompt response, thus generating the demand for injection pens for safe.

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Furthermore, the manufacturers of injection pen are constantly providing training for the proper use of injection pens to avoid associated danger such as needle stick injuries and hyperglycemia, which is expected to further create opportunities for injection pen market. For instance, Noble, a Aptar Pharma company is the global leader in the medical device training solution which improves the patient experience and outcomes by developing patient-centric drug delivery training devices including injection pen, autoinjector, prefilled syringe and others. Therefore, increased use of biosimilars, patent expiry, and increased use of injectables are likely to create ample opportunity for the growth of injection pen market in the coming years.

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Based on type, the injection pen market is bifurcated into disposable and reusable injection pen. In 2021, the disposable segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. By therapy, the market is segmented as diabetes therapy, growth hormone therapy, autoimmune diseases therapy, fertility therapy, cancer therapy, and other therapies. The other therapies segment held the largest market share in 2021 and is likely to continue its dominance during the forecast period. In terms of end user, the market is divided into hospital & clinics, home care, and others. The home care segment held the largest market share in 2021 and will likely continue its dominance during the forecast period.

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Eli Lilly and Co, Novo Nordisk AS, Owen Mumford Ltd, Sanofi SA, Merck KGaA, Haselmeier GmbH, Gerresheimer AG, Becton Dickinson and Co, AstraZeneca Plc, and Teva Pharmaceutical Industries Ltd. are among the leading companies operating in the global injection pen market.

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Based on geography, the global injection pen market is primarily segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and South & Central America. The North America injection pen market is further segmented into the US, Canada, and Mexico. The Europe injection pen market is sub segmented into Germany, the UK, France, Italy, Spain, and the Rest of Europe. The Asia Pacific injection pen market is sub segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The injection pen market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The South & Central America injection pen market is sub segmented into Brazil, Argentina, and the Rest of South & Central America.

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