The incidence of diabetes is rising as poor lifestyle choices remain prevalent across the world. Insulin pens are widely adopted solution for administering treatment to diabetes patients. Considering this, Forecasts sales of insulin pen to total US$ 30,407 MN in 2021.
Rising at a CAGR of 4.4% between 2021 and 2031, insulin pen market value is forecast to reach US$ 46,906.4 MN by 2031. Insulin pens for type 2 diabetes patients will contribute to over 70% of insulin pen sales through 2031. Demand in this category is expected to rise at a CAGR of above 4%.
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Key Points Covered in Insulin Pen Market Study
- Market estimates and forecast 2016-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Conditions
- COVID-19 Impact on Insulin Pen Market and How to Navigate
- Recommendation on Key Winning Strategies
The sales of insulin pens have grown at a 3.9% CAGR between 2016 and 2020. Insulin pens are designed for the people who suffered from Type 1 or Type 2 diabetes.
For the treatment of Type 1 and Type 2 diabetes various products are used like reusable insulin pen, disposable insulin pens, smart insulin pen caps, and insulin pumps. These pens are gaining popularity because they ensure easy administration of medication, while maintaining higher accuracy of dosages.
The demand for insulin pens also will rise on account of increasing healthcare spending in developed countries. Emerging markets, especially large markets such as India and China, have significant untapped potential. This will present attractive opportunities for the market to capitalize on. Future Market Insights expects the global insulin pen market to rise at 4.4% CAGR between 2021 and 2031.
How will Technological Advancements Affect Insulin Pen Sales Growth?
In the case of insulin pens, advancements in technology and use of advanced designs are preferred over conventional methods of administering insulin such as syringes and needles. The use of smart phone and internet technologies are being integrated with insulin pen offerings. It makes the process faster and accurate.
Emerging market players are engrossed in developing advanced devices including smart pens and smart insulin caps that can be connected through mobile technologies. E- Commerce is gaining popularity in the last few years owing to the prominence of the internet.
Also, the COVID-19 pandemic has created a scenario in which e-commerce is preferred due to the social distancing rules. Thus, online availability of diabetes management systems for provides great opportunities for market growth.
What is the Impact of the COVID-19 Crisis on the Insulin Pen Market?
The COVID-19 pandemic moderately impacted the growth of the insulin pen market. This was mainly attributed to the rising number of diabetes patients in the world during the period. This is especially important as diabetics are vulnerable to morbidity and mortality from the virus.
Many people lost their jobs due to pandemic, which has led in difficulty for the patients to adopt expensive diabetes management products like insulin pens.
Also, on the other hand, pandemic has enhanced the demand of online sales, with many users preferring home delivery of the products like insulin pens and other diabetes care products to avoid exposure to the virus while following social distancing guidelines.
How are Reusable Insulin Pens Contributing to Revenue Generation?
Reusable insulin pens are displaying a high growth potential in the coming years. It is projected to grow at CAGR of 4.1% in the near future with revenue totalling US$ 16,810.0 Mn for 2020.
Insulin pens are widely used by the diabetes patients instead of conventional syringe and needle owing to ease of administration superior accuracy.
What is the Market Share of Type 2 Diabetes?
Type 2 diabetes solutions will continue to dominate the market during the forecast period and are expected to hold around 70% of the market share through the end of 2031. Higher number of type 2 cases and investments into associated research drives growth.
What is the Scope of Growth for Online Sales?
Despite hospital pharmacies currently leading the market, online sale have displayed significant scope for growth in the insulin pen market with a 5.7% CAGR in the forecast period.
The Insulin Pens market is analysed and market size information is provided by regions (countries). Segment by Application, the Insulin Pens market is segmented into North America, Europe, China, Japan, Southeast Asia, India and Other Regions.
- Novo Nordisk
- Owen Mumford
- Allison Medical
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Insulin Pen Market by Category
By Product Type:
- Reusable Insulin Pen
- Refillable Pens
- Bluetooth Connected Smart Insulin Pen
- USB Connected Smart Insulin Pen
- Disposable Insulin Pens
- Smart Insulin Pen Caps
- Insulin Pump
- Type 1
- Type 2
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinic/Center
Key Questions Answered in the Report
How much is the global insulin pen market worth?
The global insulin pen market is estimated to be worth over US$ 30 Bn by 2021.
What is the demand outlook forecast for the insulin pen market?
The global insulin pen market is forecasted to surpass US$ 46.9 Bn by the end of 2031.
What was the last 5 year CAGR exhibited by the insulin pen market?
Between 2016 and 2020, the insulin pen market grew at a 3.9% CAGR.
What is the share of top 5 players in the insulin pen market?
Novonordisk A/S, Sanofi, Medtronic Plc, Eli Lilly, and Diamesco Co. Ltd. are leading companies, accounting for 59.9% of the global market.
Who are the top 5 countries driving demand for insulin pens?
The U.S., Canada,Germany, the U.K., and China are the top countries reflecting consistently high demand.
What is the North America insulin pen market outlook?
North America is a leading market accounting for 62.8% of the global value share in 2021.
At what rate will the insulin pens sales increase in Europe?
The Europe market for insulin pens is projected to grow at a 3.7% CAGR through the assessment period.
Which countries are key producers of insulin pens?
The U.S., Denmark, and France are leading producers of insulin pens.
Which companies are key exporters of insulin pens?
NovoNordisk A/S, Sanofi, Eli Lilly, Diamesco Co., Ltd., BigFoot Biomedical, Inc, Medtronic plc, Emperra GmbH E-Health Technologies, YpsoMed AG, and DUKADA Aps are the top exporters of insulin pens.
What are the key statistics of the insulin pen market in China and Japan?
China and Japan account for 4.4% and 3.4% of the global insulin pens market in 2021.
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