The Global Insulin Pen Market is estimated to reach USD 43.63 Billion by 2027, according to a new report by Reports and Data. This can be mainly associated with the rising predominance of diabetes in different age groups along with developing R&D ventures, which are boosting the growth of the market further. Technological improvements in insulin infusion devices are one of the growing trends in the market globally. One of the principal factors leading to the growth of the market is the rising number of people with diabetes due to obesity, aging, and unhealthy lifestyles. Obesity is believed to be a significant factor influencing the growth of diabetes in individuals.
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Diabetes is a prominent health condition that is rapidly increasing in prevalence among the world population. Therefore, the adoption of smart insulin pens is necessary for safe and effective control of insulin for people who have diabetes. Insulin pens have earned popularity in current years. The demand is due to the rapidly rising number of diabetic patients, and the cost-effectiveness of insulin pens. Furthermore, the accurate and simple delivery function of appropriate dosing adds to the demand.
Nevertheless, some limitations are there that can restrain market growth. For instance, two types of insulin cannot be mixed in an insulin pen, which leads to more number of injections. The crucial factors that drive the growth of the market include lower cost of insulin pumps, growing diabetic population, and painless injections. The other benefit of the device is that it can be used by people with visual or motor skills impairments easily.
North America accounted for the largest market share of 33.5% by 2019. As the number of diabetic patients has increased, it has become necessary that insulin pens are used correctly. The growing diabetic population and the convenience of technologically advanced devices are the key factors contributing to the rising growth of the market in North America. The sale of units of Insulin Pens is expected to rise steadily during the forecast period.
Further key findings from the report suggest
- Insulin Pen is a type of insulin injection device that contains a refill in pen. The way to operate it is to insert a specific refill filled with insulin, fix the needle, and pull off the needle cover. The operation is highly convenient.
- Insulin pens make the process of measuring the dosage easier as the number of shots is pre-set along with the dosage. It ensures that the exact insulin levels are maintained according to the patient’s requirements. Insulin pens offer the service that they need when compared to the bottle and syringe.
- The rising predominance of diabetes in different age groups is an essential factor encouraging the growth of the insulin pen market globally. Additionally, developing R&D ventures are advancing the market. However, concerns related to the usage of infusion pen and stringent laws governing new product developments are restraining the growth of the market.
- Smart Insulin Pens segment is expected to witness the highest CAGR of 8.4% during the forecast period.
- The prefilled insulin pen market under the Usage segment is expected to grow with the highest CAGR of 8.3% during the forecast period.
- Although some pens need users to insert a cartridge inside before use, most of the pens come prefilled with insulin and are disposable. Users only have to be sure to check the round to confirm the absence of bubbles.
- The home-care setting of the End-use segment accounted for the highest CAGR of nearly 46.19% in 2019. The use of insulin pens at home saves on the hospital or clinic fees, visiting costs, and waiting time. They are compact, portable, and can be used anywhere at any given time. Thus, higher user-friendliness and greater access to the device have made insulin users opt for self-care diabetes control options.
- The leading players are primarily focused on developing new technologies to meet user requirements. Various companies are also involved in numerous mergers & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Emerging economies, such as India and China, will contribute to the growth of the market in the Asia Pacific region, which is expected to grow at a CAGR of 8.1% through the forecast period. This growth is attributed to the rise in the number of people who have diabetes and increasing awareness among individuals. Also, global merchants are growing their business in the Asia Pacific region and are rendering high-end products for diabetes care, which is the principal factor contributing to the growth.
- Key participants include Novo Nordisk, Sanofi, Smiths Medical Asd, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, and Insulet Corporation.
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For the purpose of this report, Reports and Data segments the Global Insulin Pens Market on the basis of Product, End-User, Usage, and Region:
End-User Outlook (Volume, Thousand Units; and Revenue, USD Million; 2017–2027)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home care settings
Product Outlook (Volume, Thousand Units; and Revenue, USD Million; 2017–2027)
- Traditional insulin Pens
- Smart insulin Pens.
Usage Outlook (Volume, Thousand Units; and Revenue, USD Million; 2017–2027)
- Prefilled Insulin Pens
- Smart Insulin Pen Caps
- Reusable Insulin Pen Caps
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Regional Outlook (Volume, Thousand Units; and Revenue, USD Billion; 2017–2027)
- North America
- S.
- Europe
- France
- K.
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East & AfricaTop of Form
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