Injection Pen Global Market Report 2025

Description

Injection pens are utilized to administer medication beneath the skin. They offer a more convenient and user-friendly method for delivering injectable medications like insulin, thereby enhancing patient compliance. These pens typically comprise a cartridge, a dosage measurement dial, and a disposable needle, providing a simpler, more accurate, and convenient alternative to using a vial and syringe.

The primary categories of injection pens include disposable and reusable variants. Disposable injection pens feature a non-replaceable prefilled cartridge that is discarded after use. On the other hand, reusable injection pens come with a replaceable cartridge that can be swapped out. Injection pens find application in a range of medical purposes, including diabetes, fertility treatments, osteoporosis, growth hormone therapy, and other therapies. They are employed by various end-users, including home care settings, hospitals, and clinics.

The injection pen market research report is one of a series of new reports from The Business Research Company that provides injection pen market statistics, including injection pen industry, global injection pen market size, regional shares, competitors with injection pen market share, detailed injection pen market segments, market trends and opportunities, and any further data you may need to thrive in the injection pen industry. This injection pen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The injection pen market size has grown strongly in recent years. It will grow from $57.05 billion in 2024 to $61.68 billion in 2025 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to increase in need for diabetes management, increased patient preference, reduced needle phobia, improved dosage accuracy, increased aging population.

The injection pen market size is expected to see rapid growth in the next few years. It will grow to $95.12 billion in 2029 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to rising diabetes prevalence, rising biologics and biosimilars, rising need for personalized medicine, need for home healthcare, increasing emerging markets. Major trends in the forecast period include smart injection pens, digital health integration, wearable devices, improved user interface, autoinjector compatibility.

The growth of the injection pen market is being fueled by the increasing prevalence of diseases like diabetes and arthritis. Factors such as the expanding population affected by obesity, sedentary lifestyles, unhealthy dietary habits, and advancing age have contributed to the global rise in diabetes cases. According to the International Diabetes Federation (IDF), it is projected that the global population with diabetes will reach approximately 640 million by 2040. In emerging countries like India, around 69 million individuals have diabetes, and this number is anticipated to climb to 100 million by 2030. Consequently, the surge in diseases like diabetes and arthritis is expected to be a driving force for the injection pen market.

The rising prevalence of obesity is anticipated to drive the growth of the injection pens market in the future. Obesity is a medical condition defined by an excess of body fat that can adversely affect an individual's health. Injection pens are utilized for obesity management, offering precise and adjustable dosing for medications such as insulin and allowing injections in specific areas for individuals with obesity. For example, data from 2022 released by the Centers for Disease Control and Prevention (CDC), a US government agency, shows that 22 states now have an adult obesity prevalence of 35% or higher, an increase from 19 states in 2021. Consequently, the growing prevalence of obesity is fueling the growth of the injection pens market.

Technological advancements represent a notable trend in the injection pen market. Companies in this sector are prioritizing product innovation and the development of efficient delivery systems. These technological strides facilitate precise medication delivery, enhance patient satisfaction and adherence, and improve overall usability. For instance, in September 2022, Medtronic, a US-based medical technology company, introduced InPen integrated with real-time Guardian Connect CGM data. This integrated solution consolidates crucial diabetes management information, including real-time glucose levels and insulin dosing, into a single screen, simplifying decision-making for users.

Major players in the injection pen market are dedicated to introducing innovative products like Wegovy to provide dependable services to customers. Wegovy, administered through an injection pen, is designed for treating patients dealing with obesity and weight loss. In September 2023, Novo Nordisk A/S, a Denmark-based pharmaceutical company, launched Wegovy. This injection pen contains the drug semaglutide, assisting patients in achieving a body weight reduction of approximately 15% when combined with exercise and lifestyle modifications.

In September 2023, Abbott Laboratories, a US-based medical devices company, acquired Bigfoot Biomedical Inc., bolstering its presence in the diabetes care sector with advanced glucose monitoring technology. This strategic move aims to develop user-friendly, cost-effective tools for individuals managing diabetes. Bigfoot Biomedical Inc., headquartered in California, is a medical technology company specializing in smart injection pens.

Major companies operating in the injection pen market include Novo Nordisk A/S, Ypsomed Holding AG, Sandoz Inc., Eli Lilly and Company, Merck KGaA, AstraZeneca plc, F. Hoffmann-La Roche Ltd., Owen Mumford Ltd., Sulzer Ltd., Sun Pharmaceutical Industries Ltd., Pfizer Inc., Lupin Ltd., Wockhardt Ltd., AptarGroup Inc., Novartis AG, Gerresheimer AG, SHL Medical AG, Boehringer Ingelheim International GmbH, Nemera France SA, Companion Medical Inc., Jiangsu Delfu Medical Devices Co. Ltd., Haselmeier GmbH, GlaxoSmithKline plc., Stat Medical Devices Inc., DuPont de Nemours Inc., Emperra GmbH E-Health Technologies, Biocon Limited, Becton Dickinson and Company, Mylan N.V., Terumo Corporation, West Pharmaceutical Services Inc., Bespak Europe Ltd., Mitsubishi Gas Chemical Company Inc., Nipro Corporation, Zogenix Inc., Consort Medical plc

North America was the largest region in the injection pen market in 2024. The regions covered in the injection pen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the injection pen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The injection pen market consists of sales of disposable injection pens and reusable injection pens. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Injection Pen Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on injection pen market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for injection pen ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The injection pen market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
The forecasts are made after considering the major factors currently impacting the market. These include:

The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.

Market segmentations break down the market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:1) By Product Type: Disposable Injection Pens; Reusable Injection Pens
2) By Therapy: Diabetes; Fertility; Osteoporosis; Growth Hormone Therapy; Other Therapies
3) By End Users: Home Care; Hospital And Clinics
Subsegments:
1) By Disposable Injection Pens: Pre-filled Disposable Injection Pens; Single-Use Disposable Injection Pens
2) By Reusable Injection Pens: Refillable Injection Pens; Multi-Use Injection Pens; Rechargeable Injection Pens
Companies Mentioned: Novo Nordisk A/S; Ypsomed Holding AG; Sandoz Inc.; Eli Lilly and Company; Merck KGaA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Product Code: r21657

1. Executive Summary

2. Injection Pen Market Characteristics

3. Injection Pen Market Trends And Strategies

4. Injection Pen Market - Macro Economic Scenario Including The Impact Of Interest Rates, Inflation, Geopolitics And Covid And Recovery On The Market

5. Global Injection Pen Growth Analysis And Strategic Analysis Framework

5.1. Global Injection Pen PESTEL Analysis (Political, Social, Technological, Environmental and Legal Factors, Drivers and Restraints)
5.2. Analysis Of End Use Industries
5.3. Global Injection Pen Market Growth Rate Analysis
5.4. Global Injection Pen Historic Market Size and Growth, 2019 - 2024, Value ($ Billion)
5.5. Global Injection Pen Forecast Market Size and Growth, 2024 - 2029, 2034F, Value ($ Billion)
5.6. Global Injection Pen Total Addressable Market (TAM)

6. Injection Pen Market Segmentation

6.1. Global Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Disposable Injection Pens
Reusable Injection Pens
6.2. Global Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Diabetes
Fertility
Osteoporosis
Growth Hormone Therapy
Other Therapies
6.3. Global Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Homecare
Hospital and Clinics
6.4. Global Injection Pen Market, Sub-Segmentation Of Disposable Injection Pens, By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Pre-filled Disposable Injection Pens
Single-Use Disposable Injection Pens
6.5. Global Injection Pen Market, Sub-Segmentation Of Reusable Injection Pens, By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
Refillable Injection Pens
Multi-Use Injection Pens
Rechargeable Injection Pens

7. Injection Pen Market Regional And Country Analysis

7.1. Global Injection Pen Market, Split By Region, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
7.2. Global Injection Pen Market, Split By Country, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

8. Asia-Pacific Injection Pen Market

8.1. Asia-Pacific Injection Pen Market Overview
Region Information, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.3. Asia-Pacific Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
8.4. Asia-Pacific Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

9. China Injection Pen Market

9.1. China Injection Pen Market Overview
9.2. China Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.3. China Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion
9.4. China Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F,$ Billion

10. India Injection Pen Market

10.1. India Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.2. India Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
10.3. India Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

11. Japan Injection Pen Market

11.1. Japan Injection Pen Market Overview
11.2. Japan Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.3. Japan Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
11.4. Japan Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

12. Australia Injection Pen Market

12.1. Australia Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.2. Australia Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
12.3. Australia Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

13. Indonesia Injection Pen Market

13.1. Indonesia Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.2. Indonesia Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
13.3. Indonesia Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

14. South Korea Injection Pen Market

14.1. South Korea Injection Pen Market Overview
14.2. South Korea Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.3. South Korea Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
14.4. South Korea Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

15. Western Europe Injection Pen Market

15.1. Western Europe Injection Pen Market Overview
15.2. Western Europe Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.3. Western Europe Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
15.4. Western Europe Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

16. UK Injection Pen Market

16.1. UK Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.2. UK Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
16.3. UK Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

17. Germany Injection Pen Market

17.1. Germany Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.2. Germany Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
17.3. Germany Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

18. France Injection Pen Market

18.1. France Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.2. France Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
18.3. France Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

19. Italy Injection Pen Market

19.1. Italy Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.2. Italy Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
19.3. Italy Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

20. Spain Injection Pen Market

20.1. Spain Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.2. Spain Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
20.3. Spain Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

21. Eastern Europe Injection Pen Market

21.1. Eastern Europe Injection Pen Market Overview
21.2. Eastern Europe Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.3. Eastern Europe Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
21.4. Eastern Europe Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

22. Russia Injection Pen Market

22.1. Russia Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.2. Russia Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
22.3. Russia Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

23. North America Injection Pen Market

23.1. North America Injection Pen Market Overview
23.2. North America Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.3. North America Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
23.4. North America Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

24. USA Injection Pen Market

24.1. USA Injection Pen Market Overview
24.2. USA Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.3. USA Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
24.4. USA Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

25. Canada Injection Pen Market

25.1. Canada Injection Pen Market Overview
25.2. Canada Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.3. Canada Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
25.4. Canada Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

26. South America Injection Pen Market

26.1. South America Injection Pen Market Overview
26.2. South America Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.3. South America Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
26.4. South America Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

27. Brazil Injection Pen Market

27.1. Brazil Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.2. Brazil Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
27.3. Brazil Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

28. Middle East Injection Pen Market

28.1. Middle East Injection Pen Market Overview
28.2. Middle East Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.3. Middle East Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
28.4. Middle East Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

29. Africa Injection Pen Market

29.1. Africa Injection Pen Market Overview
29.2. Africa Injection Pen Market, Segmentation By Product Type, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.3. Africa Injection Pen Market, Segmentation By Therapy, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion
29.4. Africa Injection Pen Market, Segmentation By End User, Historic and Forecast, 2019-2024, 2024-2029F, 2034F, $ Billion

30. Injection Pen Market Competitive Landscape And Company Profiles

30.1. Injection Pen Market Competitive Landscape
30.2. Injection Pen Market Company Profiles
- 30.2.1. Novo Nordisk A/S Overview, Products and Services, Strategy and Financial Analysis
- 30.2.2. Ypsomed Holding AG Overview, Products and Services, Strategy and Financial Analysis
- 30.2.3. Sandoz Inc. Overview, Products and Services, Strategy and Financial Analysis
- 30.2.4. Eli Lilly and Company Overview, Products and Services, Strategy and Financial Analysis
- 30.2.5. Merck KGaA Overview, Products and Services, Strategy and Financial Analysis

31. Injection Pen Market Other Major And Innovative Companies

31.1. AstraZeneca plc
31.2. F. Hoffmann-La Roche Ltd.
31.3. Owen Mumford Ltd.
31.4. Sulzer Ltd.
31.5. Sun Pharmaceutical Industries Ltd.
31.6. Pfizer Inc.
31.7. Lupin Ltd.
31.8. Wockhardt Ltd.
31.9. AptarGroup Inc.
31.10. Novartis AG
31.11. Gerresheimer AG
31.12. SHL Medical AG
31.13. Boehringer Ingelheim International GmbH
31.14. Nemera France SA
31.15. Companion Medical Inc.

32. Global Injection Pen Market Competitive Benchmarking And Dashboard

33. Key Mergers And Acquisitions In The Injection Pen Market

34. Recent Developments In The Injection Pen Market

35. Injection Pen Market High Potential Countries, Segments and Strategies

35.1 Injection Pen Market In 2029 - Countries Offering Most New Opportunities
35.2 Injection Pen Market In 2029 - Segments Offering Most New Opportunities
35.3 Injection Pen Market In 2029 - Growth Strategies
- 35.3.1 Market Trend Based Strategies
- 35.3.2 Competitor Strategies

36. Appendix

36.1. Abbreviations
36.2. Currencies
36.3. Historic And Forecast Inflation Rates
36.4. Research Inquiries
36.5. The Business Research Company
36.6. Copyright And Disclaimer