| Company | Historical Revenue ~2015 (in original currency) | Recent Annual Revenue & Year (most recent) |
| Novo Nordisk | Dkk 90,000 million (2015 net sales) | DKK 219,000 million (2023) |
| Sanofi | €36,000 million (2015 net sales) | €41,4–42,0 billion (2024) |
| Eli Lilly | $19,9 billion (2015 revenue) | $44-48 billion (2024 estimated) |
| BD (Becton Dickinson) | $7,8 billion (2015 revenue) | $20 billion (FY 2024) |
Novo Nordisk is a global healthcare company headquartered in Denmark, primarily focused on diabetes care, obesity, hemophilia, and rare diseases. It has built strong leadership in insulin and GLP-1 therapies, and continues to expand into adjacent areas such as cardiovascular and renal disease.
GLP-1 / obesity drugs (e.g. Ozempic, Wegovy)
Insulins (e.g. Tresiba, NovoRapid)
Rare disease / haemophilia treatments (e.g. Esperoct)
Market leadership in diabetes and obesity therapies
Deep R&D pipeline in adjacent indications
Strong brand, scale, and global distribution
Entered a licensing deal with biotech Omeros for a MASP-3 inhibitor (zaltenibart) in rare disease space
Undertook global restructuring and cost cuts (job reductions) to maintain competitiveness
Investing in internal development of next-generation metabolic and rare disease assets
Intense competition in GLP-1 / obesity space (e.g. from Eli Lilly)
Price pressures, reimbursement and regulatory scrutiny
Managing scale, cost base, and maintaining R&D productivity
Novo Nordisk dominates through its leadership in metabolic disease therapy (diabetes + obesity) and its strong innovation engine.
Sanofi is a large French multinational pharmaceutical company with operations in specialty care, vaccines, and consumer health. It pursues both branded pharmaceutical products and vaccines, as well as newer biologics and specialty care areas.
Vaccines (through Sanofi Pasteur)
Specialty immunology / rare disease biologics
Diabetes / cardiovascular medicines
Diversified across vaccines, specialty pharma, and consumer health
Global reach and strong manufacturing footprint
Established regulatory experience and infrastructure
Engaged in partnerships in immunology, rare disease biologics
Focused on pipeline reshaping by divesting less strategic parts, investing in high-growth areas
Strategic alliance and licensing deals to bolster its biologics portfolio
Patent cliffs on older drugs
Competition from biosimilars in biologic space
Pricing pressure, especially in developed markets
Sanofi’s strength is its diversified portfolio across vaccines, specialty and general pharma, allowing resilience against individual market swings.
Eli Lilly is a U.S.–based pharmaceutical company known for strong innovation in diabetes, neuroscience, oncology, and lately obesity / metabolic disease. It has gained high visibility with its GLP-1 / obesity drugs.
Mounjaro, Zepbound (GLP-1 / dual agonists)
Oncology / immunology biologics
Treatments in neuroscience (Alzheimer’s etc.)
Rapidly growing flagship metabolic products
Strong R&D and clinical development execution
Ability to scale commercial operations globally
Aggressive expansion in obesity / metabolic space with new launches
Licensing deals and collaborations to support pipeline and expansion
Investments in manufacturing and international expansion
Regulatory, safety, and reimbursement scrutiny on novel metabolic therapies
Competition from other GLP-1 / novel drugs
Scaling global market access and distribution
Eli Lilly’s recent surge has been powered by its breakthrough metabolic / obesity pipeline, which positions it as a rising star in that domain.
BD is a leading global medical technology company specializing in medical devices, instrument systems, diagnostics, and biosciences. It supplies critical products for drug delivery, diagnostics, and laboratory equipment.
Syringes, needles, and drug delivery systems
Diagnostic systems and testing instruments
Biosciences tools and laboratory supplies
Strong presence in essential medical devices with recurring demand
Broad portfolio and deep customer relationships in hospitals and labs
High quality and regulatory track record
Recent financial reports show solid performance, investment in growth segments
Strategic partnerships with pharmaceutical firms for delivery device co-development
Continuous upgrades in precision instrumentation and diagnostics
Pricing pressure and cost control in medical device sector
Regulatory and reimbursement pressures
Supply chain constraints and raw material volatility
BD dominates in the medical-device & delivery space through trusted, high-quality devices and broad global reach in hospitals, clinics, and labs.
Ypsomed is a Swiss company specializing in drug delivery systems and autoinjectors, especially for self-administration of biologics and injectables (e.g. insulin pens). It focuses on user-friendly, high-precision delivery devices.
Autoinjectors and pen injectors
Wearables and connected delivery systems
Contract development & manufacturing of devices
Deep expertise in pen / injector design and patient usability
Strong reputation in precision engineering
Flexibility and ability to partner with pharma companies
In its full-year 2024/25, its delivery systems business generated CHF ~501 million
It is transitioning by divesting non-core units (e.g. diabetes care business) to sharpen focus
Entering new partnerships for connected, smart injection systems
Intense competition from global medical device firms
Regulatory and qualification burdens for medical combination products
Managing transition and divestments while sustaining growth
Ypsomed’s edge comes from its specialized know-how in self-injection device design and its ability to align closely with pharma clients’ needs.
Gerresheimer is a German company focusing on glass and plastic primary packaging solutions for the pharma and life sciences sectors, including vials, cartridges, and delivery systems.
Glass vials, syringes, cartridges
Plastic containers and specialty packaging
Injectable drug delivery systems (e.g. pen injectors)
Leading expertise in containment and packaging for sensitive biologics
Scale in glass and specialty materials
Long-term customer relationships with pharma manufacturers
It cut its 2025 guidance due to weak demand in end markets
Facing regulatory scrutiny from German financial regulator (BaFin) over accounting practices
Continues to serve as a supplier to major GLP-1 & biologic pen systems
Demand fluctuations in end markets (e.g. cosmetics, pharma)
Accounting & governance controversies
Margin pressures and input cost volatility
Gerresheimer’s dominance comes from being a trusted supplier of critical pharmaceutical packaging and its ability to provide high-integrity containment for biologics.
West Pharmaceutical Services (West) is a U.S. company that designs and manufactures components and systems for injectable drug delivery, including stoppers, seals, and self-injection systems.
Elastomeric stoppers and seals
Prefillable syringes and cartridges
Self-injection device systems and combination solutions
Specialty in high-integrity container closure systems
Capability to develop integrated delivery systems
Strong R&D and regulatory support for combination devices
In 2024, West reported organic net sales growth and growth in self-injection device platforms
Collaboration agreements with pharma to design custom delivery systems
Ongoing innovation in high-value biologic delivery systems
High regulatory burden for combination products
Competition from other packaging and device providers
Cost pressures for materials, manufacturing, and quality
West’s dominance lies in its ability to combine container closure integrity with advanced drug delivery device know-how.
Stevanato is an Italian company specializing in primary packaging (vials, cartridges, syringes) and advanced drug delivery technologies. It supports pharmaceutical and biotech firms with integrated solutions.
Glass vials and cartridges
Prefillable syringes and drug delivery systems
Inspection, filling, and assembly services
Strong vertical integration and technical expertise
Ability to provide turnkey solutions from packaging to delivery
Reputation for precision and quality
It supports biopharma clients in advanced delivery device development
Continuous expansion of capacity to serve biologics and high-growth markets
Strategic investments in automation and inspection capabilities
Capital intensity and high fixed costs
Competitive pressures in packaging / device markets
Regulatory and quality compliance burden
Stevanato’s strength is its ability to offer integrated, high-precision packaging and device services tailored to biotech customer needs.
Nipro is a Japanese company with broad interests in medical devices, pharmaceuticals, and diagnostics. In the drug delivery domain, it is known for needles, syringes, and related devices.
Needles, syringes, and infusion systems
Diagnostic devices, medical equipment
Pharmaceutical manufacturing
Diversified across devices, pharma, diagnostics
Strong domestic presence in Asia and regulatory familiarity
Long history and stable operations
Investing in advanced drug delivery and diagnostic technologies
Strategic partnerships in Asia for distribution and development
Expanding globally in device business
Strong competition from global medical device firms
Pressure on device margins and cost management
Keeping innovation pace in delivery systems
Nipro’s strength is its diversified platform in medical devices and pharmaceuticals combined with regional reach and legacy in medical device markets.
Aptar Pharma (a division of AptarGroup) specializes in drug delivery, offering a range of devices such as metered dose inhalers, pumps, nasal and injectable delivery systems. It is known for both consumer and pharmaceutical applications.
Metered dose inhalers (MDIs) and spray pumps
Nasal spray devices
Injectable drug delivery systems, prefilled syringes, auto-injectors
Broad device technologies across inhalation, nasal, injectables
Innovation capabilities and customization for pharma clients
Global manufacturing and regulatory support
In its 2024 results, Aptar reported strong growth in its pharma solutions business
Licensing and co-development of novel delivery systems with pharma
Investments in capacity and product pipeline for next-gen delivery
Competitive device market with many rivals
Need to keep up with regulations, especially for combination products
Pressure to reduce cost while maintaining high performance
Aptar Pharma’s dominance comes from its comprehensive device portfolio and ability to partner with pharmaceutical firms for tailored, scalable drug delivery solutions.
The global pen injectors market size is calculated at US$ 43.9 billion in 2024, grew to US$ 46.65 billion in 2025, and is projected to reach around US$ 79.37 billion by 2034. The market is expanding at a CAGR of 6.34% between 2025 and 2034.
Market Expansion: Key players are expanding their market and are launching their products in various countries. As the cases of diabetes are rising in developing countries, a lot of key players are going to invest or launch products in countries with growing cases of diabetes.
For instance,
The phases involved in pen injector research and development (R&D) include concept conception, prototype construction, and market research. The next step is detailed design, which includes usability engineering and material selection. Thorough testing for performance, safety, and accuracy comes next, and then process validation and regulatory filing.
Companies: Becton Dickinson (BD), Novo Nordisk, Ypsomed, and Owen Mumford, alongside device manufacturers such as Nemera and Gerresheimer.
A stable and sanitary medication formulation is placed inside a pen injector. Attaching a fresh, sterile needle to the device's reservoir and giving it a "prime shot" to eliminate any air is the last step in the dose preparation process. Before injecting, the user dials the precise dosage.
Companies: Becton Dickinson (BD), Novo Nordisk, Ypsomed, and Owen Mumford, alongside device manufacturers such as Nemera and Gerresheimer.
Digital platforms that provide training and support, dedicated phone lines for enquiries, financial assistance programmes, and instructional papers on how to use and store the device are all examples of patient support services for pen injectors.
Companies: Novo Nordisk, Eli Lilly, and Pfizer
In August 2025, at Trividia Health, our top goal is to provide a variety of solutions easily accessible so that people may successfully manage their diabetes. According to Jonathan Chapman, President and CEO of Trividia Health, the TRUEplus 5-Bevel Pen Needles' registration as a product in the UK gives medical professionals the opportunity to provide patients affordable, high-quality pen needles to help control their diabetes.
