The global insulin pens market size is expected to reach USD 27 Billion in 2021 and register a revenue CAGR of 7.8% during the forecast period. 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.
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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.
Market Dynamics:
Driver: Technological advancements in insulin infusion devices are driving insulin pens market growth
Digital health solutions are becoming more common for managing chronic diseases, especially in treatment of diabetes. However, healthcare payers need evidence to help them judge the value of the new digital technologies. Smart insulin pens can track how much insulin is delivered and combine this data to continuously monitor glucose levels, helping diabetics take care of themselves and respond to the need for patients to be more involved in their treatment. Innovative technologies, such as smart insulin pens, caps, and virtual platforms, help patients and healthcare professionals overcome the challenges of insulin treatment, inadequate insulin injection and titration, and dosing errors. If clinical trials demonstrate long-term cost-effectiveness of such innovative gadgets, their use may rise even more. The widespread use of the Internet of Things (IoT) (sensors embedded in devices and things) and expansion of digital health technology have resulted in a period of fast innovation in medical care. Adding sensors or technical capabilities to insulin pens to modernize them for the current therapeutic process has become a specialized sector, with many companies building their respective systems or devices. The two most common types are pens having refillable insulin cartridges and wireless connection capabilities, as well as a sensor for monitoring insulin administration. Other companies are working on removable insulin pen sensors, including a cap or a gadget that attaches to the pen’s side. These two technologies are aimed at currently produced insulin pens (pens with refillable cartridges/disposable pens) and indicate geographic insulin pen use preferences.
Restraint: Anxiety attributed to injection pain is a key factor restraining revenue growth
Insulin is the most effective therapeutic option for controlling hyperglycemia but diabetic patients face a variety of challenges, including intervention with everyday life, financial restrictions, and public embarrassment for starting and maintaining insulin therapy. Consequently, tackling these obstacles with innovative and effective methods for insulin administration is vital for preventing diabetes-related problems. In medical settings, anxiety over blood and needles is common, and in several cases, it inhibits a patient’s ability to endure medically essential therapy. A propensity to suffer discomfort and fear of passing out during injections was associated with anxious responses to venipuncture and an evaluation of needle phobia. Needle stick injuries pose a threat to millions of healthcare workers. Surgeons, emergency department personnel, laboratory personnel, and nurses are the healthcare workers most susceptible to needle stick injuries, which can significantly raise the risk of contracting hospital-acquired diseases. Needles are unavoidable in healthcare, and needle stick injuries continue to occur even though every hospital has protocols for needle management and disposal, as well as the most modern design of needles with safety in mind. The majority of needle stick injuries are the result of unsafe procedures and carelessness on the part of medical professionals. These factors are expected to impede revenue growth of the market over the forecast period.
COVID-19 Analysis:
The COVID-19 pandemic had a moderate impact on the expansion of the market for insulin pens. This was primarily attributable to the increase in diabetic patients during the forecast period. This is particularly important given that diabetics are susceptible to morbidity and mortality rates to the virus. As a result of the pandemic, many people have lost their jobs, making it difficult for patients to afford costly diabetes care supplies such as insulin pens. On the other hand, the pandemic has increased demand for online sales, with many users preferring home delivery of products such as insulin pens as well as other diabetes care products in order to minimize exposure to the virus while adhering to social distancing norms.
Key Takeaways
Usage Type Insights:
Based on usage type, the global insulin pens market is segmented into prefilled pens and reusable pens. The prefilled pens segment revenue is expected to register a steady revenue growth rate during the forecast period. Patients who find it difficult to administer cartridges on reusable pens, or people who have busy schedules and do not want to change cartridges, will benefit from portable and easy management methods.
The reusable pens segment revenue is expected to register a moderate growth rate during the forecast period. An insulin cartridge is put into the pen’s delivery chambers in reusable pens. This gives patients more freedom e.g., if their prescription changes, they can switch insulin kinds without having to purchase another pen, and it might be less expensive than using prefilled pens. A reusable pen is designed for extended usage in addition to being sturdy and simple to use. The individual usage of pen devices reduces the danger of infection. NovoPen 3, Autopen pen, Humapen, Wosulin, and Optipen, are examples of such reusable (durable) pens. The Humapen MEMOIR features a memory that allows patients to store and review their past 16 insulin dosages, including priming doses, especially if they are on multiple mealtime doses. Reusable insulin pens are more exact in terms of meeting international requirements for dose accuracy and come with extra features such as auditory and tactile feedback during dosage dialing to aid in uncomplicated management and reduce the risk of human error during handling.
Product Type Insights:
Based on product type, the global insulin pens market is segmented into traditional insulin pumps and smart insulin pens. The traditional insulin pumps segment revenue is expected to register a steady revenue growth rate during the forecast period. It can help diabetics maintain their blood sugar more comfortably. These devices provide insulin dosages at particular times. Insulin pumps are more flexible in many ways than insulin pen injections. Insulin pumps do not have to be constant, and methods of insulin administration can be changed at any time. The pumps regularly deliver insulin, which results in fewer injections. They are a great option for children or those who have difficulty remembering insulin levels. For some people, an insulin pump is easier to inject with an insulin pen since it is attached to the body. An insulin pump is another treatment for type 1 diabetes in young people. A pump can provide a consistent supply of insulin, especially for youngsters and those who may struggle to comply with an insulin injection routine.
The smart insulin pens segment is expected to register a rapid revenue growth rate during the forecast period. A smart insulin pen is a reusable injector pen equipped with an intuitive smartphone application that can assist diabetics in managing insulin administration more effectively. This intelligent system calculates and monitors dosages and gives useful notifications, reminders, and reports. They could be an attachment for an existing insulin pen or a reusable pen that utilizes prefilled cartridges rather than vials or disposable pens. Intelligent insulin pens are a constantly expanding market since they are often more cost-effective, simple to use, and offer several advantages, such as calculating each dosage based on the current blood sugar level, carbohydrate levels, meal size, active insulin, and settings given by the doctor.
End-use Insights:
Based on end-use, the global insulin pens market is segmented into homecare settings, hospital & clinics, and ambulatory surgical centers. The homecare settings segment is expected to register a moderate revenue growth rate during the forecast period. Using insulin pens at home saves money on hospital or clinic fees, visits, and waiting time. They are extremely portable, tiny in size, and can be utilized at any time and in any place. As a result of increased user-friendliness and device accessibility, insulin users have opted for self-care diabetes management choices.
The hospital & clinics segment is expected to register a steady revenue growth rate during the forecast period. The use of insulin pens rather than vials and syringes can provide various benefits for hospitalized patients, including increased satisfaction among patients and health care professionals, enhanced safety, and cost savings.
Regional Insights:
Based on regional analysis, the insulin pens market in Asia Pacific is expected to register a rapid revenue growth rate during the forecast period due to large number of people who suffer from diabetes and growing public awareness of the disease Furthermore, worldwide merchants are expanding their company in Asia Pacific and providing high-end diabetic care items, which is the primary reason driving revenue growth. Increased diabetes incidence and product innovation are expected to drive revenue growth of the insulin pen market. After China, India has the world’s second-highest population of diabetic adults. This is attributed to an aging population, urbanization, and sedentary lifestyles, all of which contribute to reduced physical activities, obesity, and weight increase. Furthermore, to focus on new product improvements, firms such as Novo Nordisk, Sanofi, and Roche are providing assistance to diabetes patients through different digital diabetes care initiatives. These programs attempt to give individualized advice on illness and lifestyle management, as well as the use of insulin pens while adhering to security, regulatory, and quality standards.
The market in North America accounted for a significant revenue share in 2021 as the number of diabetes patients rise, it is imperative that insulin pens are utilized properly, expanding diabetes population and convenience of technologically improved devices. During the forecast period, the number of insulin pens estimated to be sold is projected to increase gradually. A 4 mm pen needle injected at a 90° angle results in great needle depth penetration, minimizing the risk of intramuscular injections, according to technical advances in needle design. New-generation pen needles have also been associated with higher patient satisfaction and simplicity of use, with most patients preferring shorter needles. The design of the pen needle hub also promotes adequate injection force.
The market in Europe accounted for a rapid revenue share over the forecast period owing to growth in the number of diabetes patients, presence of important players, and expansion of R&D activities in the region’s healthcare sector. For instance, Emperra GmbH, which is located in Germany, is enhancing the functionality of its product system by releasing the world’s first Bluetooth insulin pen. The new ESYSTA BT pen is connected with a Bluetooth link and sends administered insulin dosages straight to the digital blood glucose diary of the patient.
Competitive Landscape
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.
Initiatives taken by companies are driving revenue growth of the market, for instance:
- On 2 March 2022, Novo Nordisk introduced the first intelligent insulin pen for NHS patients. Novo Nordisk has made its smart insulin pens available in the U.K., providing individuals with diabetes who are treated by the National Health Service access to devices that can monitor and record dose information.
- On 16 November 2021, Biocon Biologics and Viatris announced the launch of Interchangeable SEMGLEE (insulin glargine-yfgn) Injection and Insulin Glargine (insulin glargine-yfgn) Injection to help control high blood sugar in adult and pediatric population with type 1 diabetes and adults with type 2 diabetes
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country-level and provides analysis of the market trends in each of the sub-segments from 2022 to 2030. For this study, Reports and Data have segmented the insulin pens market based on product, usage type, end-use, and region:
Insulin Pens Market Report Scope
Segments covered By Product Outlook, Usage Type Outlook, End-use Outlook, Regional Outlook
By Product Outlook
Traditional Insulin Pumps
Smart Insulin Pens
By Usage Type Outlook
Prefilled pens
Reusable pens
By End-use Outlook
Homecare settings
Hospital & clinics
Ambulatory Surgical Centers
Regional scope
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
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