There's a little white ball inside the injector that acts as a backflow preventer, keeping the water from the plumbing from traveling back up to the IpH pump. Did you have one of those snorkel sets as a kid with a ping pong ball in the snorkel that would seal off the snorkel when you went under water, to keep you from sucking in the pool? It works a little like that, only not by gravity, but by the water pressure. So the injector should work fine in any orientation.
That said, while the IpH installation instructions don't specifically say to orient it vertically, they do show a picture of one mounted vertically. So I mounted mine vertically. You have room to do the same, if you want to play it safe.