PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565711
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565711
Injection Pen Market size was valued at USD 39,980.33 Million in 2023, expanding at a CAGR of 7.90% from 2024 to 2032.
An injection pen is a medical device used to deliver medication via a needle. It is made for ease of use, often by patients themselves, and typically contains a pre-measured dose of medication. Injection pens are commonly used for the treatment of chronic conditions like diabetes, where insulin is administered, or for conditions that require frequent injections such as multiple sclerosis, rheumatoid arthritis, and certain allergies.
Injection Pen Market- Market Dynamics
Rising prevalence of chronic disorders and demand for biologics is expected to propel market demand
One of the major drivers is the global increase in diabetes cases, requiring regular insulin injections. The International Diabetes Federation estimates millions of cases worldwide, leading to higher demand for insulin injection pens. Several conditions like rheumatoid arthritis, multiple sclerosis, and psoriasis also rely on biologic therapies that are frequently administered via injection pens. Thus, increasing need for biological therapies is also boosting market growth.
Biologic drugs are being increasingly used for conditions like cancer, autoimmune diseases, and rare genetic disorders. Many of these medications are administered via injection pens. Also, the rise of biosimilars like biologic drugs is expanding the injection pen market growth as more cost-effective options become available. Supportive initiatives aimed at increasing awareness about chronic diseases and available treatments, particularly diabetes management, have contributed to the increased adoption of injection pens. Regulatory bodies like the FDA and EMA have been approving an increasing number of biologic therapies that rely on injection pen delivery. Additionally, pharmaceutical companies are investing in research and development, leading to new product launches that further expand the market.
Injection Pen Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 7.90% over the forecast period (2024-2032)
Based on Type segmentation, the disposables segment was predicted to show maximum market share in the year 2023, owing to their ease of use & convenience.
Based on Therapy segmentation, diabetes therapy segment was the leading Therapy in 2023, due to high prevalence of diabetes.
Based on End User segmentation, hospital & clinics segment was the leading End User segment in 2023, due to high demand for Injection Pens in clinical & hospital treatment in chronic diseases.
On the basis of region, North America was the leading revenue generator in 2023, due to the rising awareness and supportive government initiatives.
The Global Injection Pen Market is segmented on the basis of Type, Therapy, End User, and Region.
The market is divided into two categories based on Type: disposable and reusable. The disposables segment dominates the market. The reusable segment is estimated to grow at a significant rate as rising emphasis in sustainability in biologics is fueling segment growth.
The market is divided into five categories based on Therapy: diabetes therapy, osteoporosis, obesity, fertility, and others. The diabetes therapy segment dominates the market. In North America and Asia Pacific, recently there has been a significant rise in diabetes patients which is majorly supplementing market growth.
The market is divided into three categories based on End User: hospital & clinics, home-care settings, and others. The hospital & clinics segment dominates the market and is expected to maintain its high dominance during the forecast period. Injection pen devices are widely used for diagnosis of chronic disorders like diabetes and arthritis which spur segment growth.
Injection Pen Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds the largest market share in the global injection pen market. North America has a high incidence of diabetes, arthritis, and other chronic conditions that require injectable medications. The Centers for Disease Control and Prevention (CDC) reports millions of adults in the U.S. live with these conditions. Asia Pacific has seen a significant increase in cases of diabetes and autoimmune diseases, especially in countries like China and India. The IDF estimates that China and India together account for over one-third of global diabetes cases.
The Injection Pen market is significantly competitive and made up of small & large sized market players. Companies are collaborating with tech firms to enhance smart pen features, enabling tracking and reminders. Several new companies and startups are looking to gain FDA approvals for new injection devices, which can significantly impact market dynamics. Thus, the market is expected to continue growing as more innovative solutions are developed, focusing on patient-centric designs and digital health integration.
In June 2024, Novo Nordisk launched smart insulin pens called NovoPen Echo, Novo Pen 6 in the UK market.
In April 2024, Eli Lily & Company acquired the manufacturing facility of Nexus Pharmaceuticals to expand their reach.