The global insulin pens market size is expected to reach USD 27 Billion in 2022 and register a revenue CAGR of 8.2% during the forecast period.
- This was primarily attributable to the increase in diabetic patients during the forecast period.
- The prefilled pens segment revenue is expected to register a steady revenue growth rate during the forecast period.
- The reusable pens segment revenue is expected to register a moderate growth rate during the forecast period.
- The traditional insulin pumps segment revenue is expected to register a steady revenue growth rate during the forecast period.
- The smart insulin pens segment is expected to register a rapid revenue growth rate during the forecast period.
- The homecare settings segment is expected to register a moderate revenue growth rate during the forecast period.
- The market in North America accounted for a significant revenue share in 2022.
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Report Scope of the Insulin Pens Market:
|The market size value in 2022||USD 27.00 Billion|
|CAGR (2023 – 2032)||8.2%|
|The Revenue forecast in 2032||USD 53.52 Billion|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The market revenue growth is primarily attributable to increasing prevalence of diabetes across all age groups, as well as increased investments in R&D. Technological advancements in insulin infusion systems are one of the growing trends in the industry worldwide. Furthermore, obesity, aging, and increasing number of patients with diabetes owing to a sedentary lifestyle are one of the major factors influencing revenue growth of the market. It is considered that obesity is a key factor in the growth of diabetes in humans. Diabetes is an important and constantly increasing health concern in the global population; consequently, the development of smart insulin pens is required for safe and effective administration of insulin to diabetics. Insulin pens have become increasingly popular in recent years. High demand for the product is due to surge in diabetes patients and growing affordability of insulin pens. Additionally, these pens administer an exact and straightforward distribution function of optimum dose, which is increasing its demand.
According to the American Diabetes Association, insulin pens make insulin administration more convenient since they integrate the drug and syringe into a single compact device. In contrast to syringes, insulin pens are prefilled with insulin, including premixed insulins. Numerous manufacturers provide insulin pens that are color-coded and designed differently so users can tell at a glance that, which type of insulin they are using. This makes administration quicker than syringes and vials, and they are also portable. In addition, some newer models have a digital application to aid in recalling the date and amount of the last insulin injection.
According to the International Diabetes Foundation, by the end of 2022, around 537 million people aged 20-79 are expected to have diabetes. It is expected that the number of diabetics would increase to 643 million by 2030 and further 783 million by 2045. Injectable such as insulin and glucagon-like peptide-1s is the most effective therapies (GLP-1s). According to the World Health Organization (WHO), chronic illnesses such as diabetes will account for nearly three-quarters of all deaths worldwide, or 71% of all fatalities worldwide. Every year, chronic illnesses cause about 15 million deaths aged between 30 to 69, 85% of these premature deaths occur in low- and middle-income countries. Increase in such incidence is creating a need for effective therapeutical devices, which is driving revenue growth of the insulin pens market.
Advancements in technology have resulted in the development of smart insulin pens. These pens can record the time and quantity of insulin delivered and can be connected with data from intermittently scanned or real-time Continuous Glucose Monitoring (CGM). From the standpoint of the patient, smart insulin pens provide extra benefit of gathering data on insulin administration. In Sweden, giving smart insulin pens to a group of T1D patients who were already using CGM resulted in improved glycemic control, less time in hypoglycemia, and reduced missed bolus injection doses. The use of smart insulin pens resulted in a substantial increase in the amount of bolus insulin administered daily, but the basal insulin dose remains the same. During the virtual 81st Annual Scientific Sessions of the American Diabetes Association, for example, Medtronic revealed clinical data on their new smart insulin pens with an integrated continuous glucose monitor. Using data-driven diabetes management, patients with diabetes, particularly non-pumpers, can better regulate blood sugar levels and reduce hypoglycemia by combining the InPen with a CGM. Medtronic introduced InPen on 12 November 2020, shortly after acquiring its original manufacturer, Companion Medical. Insulin producers such as Novo Nordisk, Eli Lilly, and Sanofi, have either developed their original systems and products or partnered with industry startups to develop embedded smart insulin pen devices that are identical to their existing products. Such initiatives are driving revenue growth of the market.
Competitive landscape of the global insulin pen market is fragmented with many key companies operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major companies in the market include Novo Nordisk A/S, Sanofi S.A., Smiths Medical, Biocon Limited, Pendiq GmbH, Berlin-Chemie AG, Nipro Medical Corporation, Eli Lily and Company, Insulet Corporation, and Emperra GmbH E-Health Technologies.
Insulin Pens Market Segmentations:
|By Product||By Usage Type||By End-use||Regional scope|
|Traditional Insulin Pumps
Smart Insulin Pens
Hospital & clinics
Ambulatory Surgical Centers
Middle East & Africa
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