医药生物行业GLP-1器械篇：注射笔为自我给药利器，减重催生翻倍市场空间

Industry Rating - The industry rating is "Stronger than the Market" (maintained) [1] Core Views - Injection pens are a key tool for self-administration of drugs and a core cost component of GLP-1 drugs [3] - The market space for injection pens is expected to double due to the demand for weight loss, with a total market size exceeding 40 billion yuan by 2030 [3] - Injection pens are composed of a cap, cartridge holder, cartridge (with rubber stopper), needle, and mechanical device, presenting opportunities in production and OEM, as well as in the rubber stopper industry [3] - The global GLP-1 market is expanding rapidly, driven by weight loss indications, with significant demand for related devices [8] - Domestic manufacturers are expected to see a surge in injection pen demand by 2025 as GLP-1 drugs enter mass production [8] Injection Pens - Injection pens are primarily used for self-administration and are a core cost component of GLP-1 drugs [6] - The global GLP-1 market is growing rapidly, with significant demand for injection pens driven by weight loss indications [8] - The market for injection pens is expected to reach 26.4 billion yuan by 2030, with a total market size exceeding 40 billion yuan [16] - Global supply of injection pens is limited, with domestic manufacturers rapidly expanding and securing large orders [18] - Ypsomed, a global leader in injection pen OEM, has seen steady growth and holds a strong patent portfolio [22] Rubber Stoppers - Rubber stoppers are widely used in pharmaceutical packaging, with the global market expected to reach 10 billion USD [27] - Film-coated rubber stoppers are replacing conventional rubber stoppers due to their superior barrier properties and ability to maintain drug quality and safety [27] - Domestic penetration of film-coated rubber stoppers is low compared to developed countries, but demand is expected to grow due to higher drug quality requirements and the development of high-end biologics [27] - The global market for film-coated rubber stoppers is expected to grow from 3.34 billion yuan in 2021 to 4.06 billion yuan in 2025 [27] Beneficiary Companies - Meihao Medical: A leader in precision medical devices, with a strong position in liquid silicone rubber technology and a growing injection pen OEM business [37] - Hualan Biological: A domestic leader in pharmaceutical rubber stoppers, benefiting from the increasing penetration of film-coated rubber stoppers and the demand for GLP-1 drugs [40]