Insulin Pen Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMD2033 | Last Updated On: Jul 01 2022 | Available Formats

> Global Insulin Pen Market Expected to reach at a high CAGR over the forecast period 2022 to 2029 | DataM Intelligence

Global Insulin Pen Market is segmented By Product Type (Traditional Insulin Pen (Cartridges In Reusable Pens, Disposable Pens), Smart Insulin Pen (Bluetooth, USB) ), By Application(Type 1 Diabetes, Type 2 Diabetes), By Distribution Channel(Hospital Pharmacies, Retail Pharmacies, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Insulin Pen Market Share Demand Growth Overview 2022

Insulin Pen Market is expected to grow at a high CAGR of 8.7% during the forecasting period (2022-2029). Insulin pens are the devices used for the administration of insulin among diabetic patients. The ease of use and the accuracy in administration make insulin pen usage high among insulin users.

Market Dynamics

The major driving forces are the rising prevalence of diabetes, increasing awareness related to needlestick injuries, diabetes monitoring and therapeutics for better disease management, the surge in the adoption of connected medical devices, and increasing R&D activities.

The rising prevalence of diabetes is expected to boost the market. For instance, based on Transactions of the Royal Society of Tropical Medicine and Hygiene, in 2018, 336 million people had diabetes in middle and low-income countries. The 8th edition of the IDF Diabetes Atlas 2017 reported that the prevalence of diabetes is expected to increase to 9.9% (95% CI 7.5-12.7%) by the year 2045.

The increasing awareness related to needlestick injuries is expected to boost the market. For instance, needlestick injuries are the primary concern for healthcare providers worldwide. In the US, every year, approximately 8 -10 lac needlestick injuries occur to healthcare workers, and around 1000 of them get contacted with infectious diseases, and 500 to 600 die each year due to these types of injuries. Further, the World Health Organization (WHO) encourages injection safety worldwide through the Safe Injection Global Network (SIGN). It also announced that smart syringes which break after one use should be used for injections by 2020. Thus, the increasing occurrence of these types of needlestick injuries and growing awareness drive the market.

The surge in the adoption of connected devices and accessories to help people using insulin pens is expected to boost the market. For instance, Companion Medical 2016 gained FDA clearance for the first wireless-enabled smart insulin pen called the InPen that can automatically calculate doses, track dosage history and timing, and send data reports to caregivers from a patient’s phone. Also, Dukada Trio is a 'smart cap' that works with Novo and Sanofi insulin pen types and provides a flexible grip for better handling and show time period to avoid accidental double doses. Thus, the increased adoption of connected devices and accessories is driving the market.

However, the availability of alternatives to insulin pens, limitations of insulin pens, and stringent rules for new product development are restraining the growth of the insulin pen market.  Some limitations of the insulin pens include two types of insulin that cannot be mixed in an insulin pen, leading to more injections.

Insulin Pen Market Scope

Metrics

Details

Market CAGR

8.7%

Segments Covered

By Product Type, By Application, By Distributional Channels, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Market Segmentation

The global insulin pen market can be segmented by type into traditional insulin pens and smart insulin pens.

A traditional insulin pen is segmented into cartridges in reusable pens and disposable pens. The traditional insulin pens are expected to boost the market over the forecast period, owing to the rising prevalence of diabetes and several market players that offer technically advanced products. For instance, on August 26, 2018, Julphar signed an agreement with Becton Dickinson to supply disposable insulin pens in the UAE. In 2018, Novo Nordisk launched the NovoPen 6 and NovoPen Echo Plus. They are reusable insulin pens equipped with NFC (Near Field Communication) technology, scanned near, moving the data from the pen to another device. Thus, the launch of technically advanced products by the key players is driving the market.

Smart insulin pens based on connectivity are segmented into Bluetooth and USB. The smart insulin pens segment is expected to grow at a high rate over the period forecast. This is owing to the surge in the adoption of connected devices to tackle the rising prevalence of diabetes. For instance, on August 4, 2016, Emperra GmbH launched the world's first Bluetooth insulin pen on the market, expanding its ESYSTA product system's function. Thus, the increased number of launches of connected devices is driving the market.

The type 1 diabetes segment is expected to boost the market over the forecast period. This is owing to the rising prevalence of type 1 diabetes and the launch of new connected devices to treat them. For instance, in December 2018, the European Commission’s Insulclock project provided a solution to help type 1 diabetes manage its disease. The Insulclock system is attachable to any disposable insulin pen, turning it into a 'smart' connected pen. This can then be used with a mobile application, enabling the patients to know and record the amount automatically and the type of insulin injected, and when the insulin injection took place. Thus, the launch of new connected devices to treat type 1 diabetes is driving the market.

Distribution channels can segment the global insulin pen market into hospital pharmacies, retail pharmacies, and others. Among these, the retail pharmacies segment is expected to dominate the insulin pen market. Retail pharmacies are considered to be the most preferred channel for patients using diabetes insulin pens. Also, the retail pharmacies are among the most go-to places opted by the patients resulting in the high share and growth of the segment in the insulin pen market over the forecast period.

Geographical Analysis

Geographically, the global insulin pen market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

North America was dominating the global insulin pen market in 2018. It is estimated to hold a significant market size over the forecast period (2020-2027) owing to the rising prevalence of diabetes and the development of cost-effective insulin pens by the key players.

The rising prevalence of diabetes in the region is expected to boost the market. For instance, the researchers at the American Diabetes Association estimated that between 2009 and 2034, the global diabetes population will rise from 23.7 million to 44.1 million. Also, the Centre for Disease Control and Prevention reported that in July 2017, around 29 million US adults had diabetes and is responsible for 12% of deaths in the US. Based on the National Diabetes statistics report 2017, in 30.3 million Americans, nearly 1 in 10 had diabetes. In 84.1 million American adults, approximately 1 in 3 had pre-diabetes. Thus, the rising prevalence of diabetes is increasing the demand for technically advanced products in the region.

The presence of key players following several strategies like mergers, collaborations, and product launches in the region is expected to boost the market. For instance, in March 2018, FDA approved a smart Glucose meter for (iPhone 7, 8 and iPhone X) of Dario Health corp. On June 6, 2019, DexCom Inc. and Companion Medical, Inc. had a collaboration to enable a direct exchange of CGM data of Dexcom with insulin data from InPen™ into both companies' software applications. This type of strategy is the first of its kind and paves the way for advanced diabetes decision support, an essential tool for insulin users. Thus, the presence of product approvals and the collaborations between key players are driving the market growth.

Competitive Landscape

The major players operating in the global insulin pen market are Novo Nordisk, Sanofi, Biocon, Julphar, Companion Medical, Owen Mumford, Ltd, Berlin-Chemie AG, Diamesco Co, Emperra GmbH E-Health Technologies, Eli Lilly and Company.

The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the insulin pen market globally. For instance,

  1. On June 7, 2019, Companion Medical, Inc. announced new features to the InPen system, which increases its utility for InPen users and their healthcare providers. The company also launched its API, enabling the sharing of insulin data from the InPen system with other diabetes management platforms.
  2. In March 2019, Novo Nordisk had a collaborative partnership with Abbott for the design, development, and commercialization of smart insulin pens, directly transferring the dosage logs to a digital health software application.
  3. In March 2018, FDA approved Sanofi’s new insulin pen, Toujeo Max Solostar. The pen holds more long-acting insulin to reduce the number of injections for patients requiring long-acting insulin.
  4. In 2018, Novo Nordisk A/S launched a Bluetooth-connected smart insulin pen. It is enabled to record the dose of insulin and timely logs.

 

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