Report Overview

Global Insulin Pen Market Outlook and Trends

The Global Insulin Pen market was around USD 4300 million in 2019 and is projected to reach worth USD 7800 million by 2026 at a CAGR of 8.8% during the projection period 2020-2026. The key factors propelling the Global Insulin Pen Market's are the rising incidence of diabetes, increasing geriatric population, and growing adoption of Insulin Pens over the conventional syringes and vials. With technological advancements, Insulin Pens are developed with advanced features allowing the recording of insulin dosages and time logs. The purpose of creating a smart Insulin Pen is to prevent extra dosages, keep a systematic record of dosage, and convert dosage data into computer-based reports.   

The growth has been noticed in demand for Insulin Pen due to its portability, usability, precise dosage measure, and less pain infliction than injection. The usage of Insulin Pens has increased across all countries, irrespective of their developmental stage significantly. The high market potential is perceived in developing countries due to the increasing diabetic population. These factors are expected to drive the global demand for the Insulin Pen. Nevertheless, the factors restraining the market growth are the high cost of Insulin Pens and the availability of substitutes to Insulin Pens. 

Global Insulin Pen Market: Overview

Strict glycemic control benefits in reducing complications and mortality in patients with diabetes and, a significant improvement has been noticed in the number of patients reaching the target glycemic control. It has been possible due to advances in medical science since the discovery of insulin. Insulin has been the backbone of type 1 diabetes therapy and the majority of type 2 diabetic cases. Still, there are several barriers to insulin therapy that need to be addressed. One of the most significant barriers is the use of a conventional insulin delivery process, which continues to be time-consuming, inconvenient, cumbersome, and to some extent, painful also. Insulin dosing via syringe is linked with a high risk of dosage errors, with as many as 80% of patients taking an incorrect dosage of insulin via the needle. Insulin remains the mainstay in the treatment of diabetes. 

One of the most significant barriers to insulin therapy is using a conventional insulin delivery system, which remains time-consuming, inconvenient, cumbersome, and painful. Insulin dosing via syringe is linked with a considerable risk of dosage errors. The modern pen devices have numerous advantages over conventional insulin delivery technique. The user-friendliness and comfort of injection make the initiation of insulin easier. The efficiency of the use of Insulin Pens and the flexibility of including insulin injections into a busy lifestyle improves diabetes control effortlessly while maintaining the quality of life for diabetic patients. Reusable and prefilled pens are also available in the market.

Growth drivers

Rising incidence of diabetes

The incidence of diabetes is rising significantly worldwide. The prevalence of hypertension, obesity, pre-diabetic symptoms, alcohol consumption, urbanization, and decreased consumption of fruits and vegetables contributes to the increasing prevalence of type 2 diabetes.

Easier to use

The patients used syringes and needles for a long time. The healthcare industries and experts were in the process of finding a better way to inject insulin into the body, which is cheaper, less harmful, and more comfortable. Today, several people use Insulin Pens more as compared to vials and syringes. Insulin Pens are more relaxed, less painful, and straightforward to store and to transport. They effectively combine vial and syringe features and allow greater accuracy in the dose & easier dosage administration. 

Restraint

High Cost

The procurement cost of Insulin Pens is higher than that of vials and syringes, although a higher acquisition cost may be negated by lower health care utilization rates and fees. As outpatients, most patients incur an incremental out-of-pocket expense for the use of Insulin Pens instead of vials and syringes. Some outpatients also lack insurance coverage for pens or have a higher copayment for cells than vials and syringes.

Global Insulin Pen Market Segmentation

Product Type

Based on Product Type, the Global Insulin Pen Market is segmented into Disposable and Reusable. Reusable Insulin Pen is expected to dominate during the forecast period because it is growing demand as it can be used again, and will cost less than the disposable type Insulin Pen. These factors are expected to help the Global Insulin Pen Market to grow. An insulin cartridge is inserted into the pen's delivery chamber in reusable pens, making it more versatile for patients as they don't need to buy another pen for different dosages. The reusable cells are built for long service life leave negligible chances of infection.

By Application

Based on the Application, the Global Insulin Pen Market segmented into Type 1 Diabetes, Type 2 Diabetes. Type 2 Diabetes is expected to grow at a significant rate during the forecast period. Initially, oral medicine, physical exercises, and weight loss help control the disease; most people with type 2 diabetes still need to take insulin by injection. They are scared of injection, but oral medicine to pen-based insulin injection is smooth for a patient, driving its more usage among patients. The preloaded Insulin Pens increasingly substitute insulin syringes. 

Global Insulin Pen Market: Regional Insights

Based on Region, The global Insulin Pen Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the Global Insulin Pens Market during the projected period due to the high prevalence of diabetes and substantial healthcare spending on the treatment of diabetes. Technological advancements in the Insulin The pen is also expected to boost the adoption of Insulin Pens in the North American Region.

Europe is expected to register a significant CAGR due to the patients increasing shift to self-care rather than dependence. Because of the larger number of diabetic patients, Asia Pacific is expected to experience a comparatively higher CAGR. Major industry players are also planning to introduce intensive consumer penetration strategies to contribute to increased acceptance of Insulin Pens in the Region during the projected period.

Competitive Landscape

The leading companies of Insulin Pen Market are Owen Mumford, Ltd., Novo Nordisk A/S, Companion Medical, Berlin-Chemie Ag, Pendiq Gmbh, Emperra GmbH E-Health Technologies, Eli Lilly and Company, Ypsomed Ag, Sanofi, Biocon. and other prominent players.

Recent Development

Ø  March 2020: Sanofi, the vaccines global business unit of Sanofi, and Translate Bio, a clinical-stage messenger RNA (mRNA) therapeutics the company, will collaborate to develop a novel mRNA vaccine for COVID-19. This collaboration leverages an existing agreement from 2018 between the two companies to develop mRNA vaccines for infectious diseases.

Ø  July 2019: Owen Mumford, a global leader in medical devices, announces an exclusive agreement with Osaka-based NIPRO CORPORATION to distribute UniSafe®, supporting the growing focus safety innovative and established Japanese healthcare market.

Scope of the Report

By Product Type

Ø  Disposable

Ø  Reusable

By Distribution Channel

Ø  Online Pharmacies

Ø  Hospital Pharmacies

Ø  Retail Pharmacies

Ø  Diabetes Clinics

By Application

Ø  Type 1 Diabetes

Ø  Type 2 Diabetes

By Region:  

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and estimate the Global Insulin Pen Market size in terms of value.

Ø  To sift through the market segmentation and estimate the market size, in terms of value, based on the region, segmenting the Global Insulin Pen Market into five areas, namely, North America, Europe, Asia Pacific, Rest of the World, and their leading countries.

Ø  To outline, categorize and project the Global Insulin Pen Market based on product type, distribution channel, application, and region.

Ø  To examine competitive developments in products and devices used for administration, application, and distribution channels within the Global Insulin Pen Market.

Ø  To highlight market dynamics such as drivers, restraints, opportunities, and challenges and their impact.

Ø  To provide a detailed competitive landscape, including major players, their strategic profiles, and market shares.

Business Questions Answered by the Report:

Ø  How will the market drivers, restraints, and opportunities affect the market dynamics?

Ø  What will be the market size in terms of value and volume and market statistics with a detailed classification?

Ø  Which segment dominates the market or region, and which one will be the fastest-growing, and why?

Ø  Who are the key players in the market, and what is their share?

Ø  What is the strategy adopted by key players, and how does it affect the existing and new players?

Customization Scope for the Client:

Client satisfaction is our first and last priority, and that is why BlueWeave Consulting offers customization as per its specific needs. The following customization options are available for the report:

Ø  Additional Company Information

Ø  Detail Analysis of five additional companies

Ø  Additional country analysis

Ø  Detailed segment analysis