Insulin Pen Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Insulin Pen Market is segmented By Product Type (Traditional Insulin Pen, Smart Insulin Pen), 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, 2023-2030

Insulin Pen Market Overview

[200 pages] Report analyses the Global Insulin Pen analyses the market size, shares, recent trends, competitive intelligence, and future market outlook. Demand from Hospital Pharmacies, Retail Pharmacies in North America is rising. Competitive rivalry intensifies with Biocon, Companion Medical, Berlin-Chemie AG and others operating in the market.

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.

Insulin Pen Market Scope

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Insulin Pen Market Trends and 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 increasing awareness related to needlestick injuries is expected to drive the market growth     

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 rising prevalence of diabetes is expected to boost the market. Diabetes is increasing at an alarming rate in the United States. According to the CDC's (Centers for Disease Control) National Diabetes Statistics Report for 2020 cases of diabetes have risen to an estimated 34.2 million. Thus, these factors are driving the growth of the market in the forecast period.

The availability of alternatives to insulin pens will hamper the growth of 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 Segmentation Analysis

The traditional insulin pen segment is expected to grow at the fastest CAGR during the forecast period (2023-2030)          

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. Many brands offer pens that are color-coded and use different designs to help patients know which type of insulin they’re using at a glance. This makes the administration time faster than syringes and vials and they’re more portable, too. Plus, some new models come with a digital application, to help you remember when last injected insulin and how much was administered. Despite the benefits, a drawback to using traditional insulin pens (and syringes) is the need to administer insulin more often than if you were to use a pump.

Global Insulin Pen Market Geographical Share

North America region holds the largest market share of the Global Insulin Pen Market

North America dominates the market for insulin pens and is expected to show a similar trend over the forecast period owing to the increased geriatric population, advanced healthcare infrastructure, increased incidences of diabetes, and favorable government initiatives. There are several companies present in the region that are working towards new technological advancements in insulin pens.  FDA approved a smart Glucose meter for (iPhone 7, 8, and iPhone X) of Dario Health corp. As per CDC, in 2020, an alpha level of 0.05 was used when determining statistically significant differences between groups. Age-adjusted estimates were calculated among adults aged 18 years or older by the direct method to the 2000 US Census standard population, using age groups 18–44, 45–64, and 65 years or older. Most estimates of diabetes in this report do not differentiate between type 1 and type 2 diabetes. However, as type 2 diabetes accounts for 90% to 95% of all diabetes cases, the data presented here are more likely to be characteristic of type 2 diabetes, except as noted.

Insulin Pen Market Companies and Competitive Landscape

The insulin pen market is a moderately competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the 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 among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Insulin Pen Market globally. For instance, in July 28, 2021, the U.S. Food and Drug Administration approved the first interchangeable biosimilar insulin product, indicated to improve glycemic control in adults and pediatric patients with Type 1 diabetes mellitus and in adults with Type 2 diabetes mellitus. Semglee (insulin glargine-yfgn) is both biosimilar to, and interchangeable with (can be substituted for), its reference product Lantus (insulin glargine), a long-acting insulin analog. Semglee (insulin glargine-yfgn) is the first interchangeable biosimilar product approved in the U.S. for the treatment of diabetes. Approval of these insulin products can provide patients with additional safe, high-quality, and potentially cost-effective options for treating diabetes.

Eli Lilly

Overview:

Eli Lilly and Co. (Lilly) is involved in discovering, creating, and marketing products for use in human healthcare. The business provides medications for neurological and immunological disorders, cancer, endocrinology, men's health, and musculoskeletal issues.     

Product Portfolio:

Humalog: Humalog mealtime insulins are used to treat people with type 1 or type 2 diabetes for the control of high blood sugar. Humalog has also known as insulin lispro injection. Humalog and Insulin Lispro Injection are fast-acting insulins. They are used to control high blood sugar in adults and children with diabetes. They are available only with a prescription.

The global insulin pen market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.