(MENAFN- Straits Research) Insulin pens are needle-equipped injecting devices that administer insulin subcutaneously. Insulin, a vital hormone, is administered to people with diabetes via insulin devices. Insulin syringes are equipped with a disposable needle and cartridge. Insulin pens do not abolish the need for puncturing needles. They facilitate the monitoring and administration of insulin.
A single insulin dose from an insulin device can vary between 0.5 and 80 units. They can administer insulin in one, one-and-a-half, or two units. Insulin pens are getting popular, and many people with diabetes prefer administering insulin. Compared to a vial and syringe, they make delivery simpler, more accurate, and more convenient.
Market Dynamics
High Rising Prevalence of Diabetes Drives the Global Market
Compared to developed nations, diabetes is more prevalent in developing nations. In these regions, diabetes also affects young children due to childhood obesity, a significant risk factor. In developed nations, only the elderly are susceptible to diabetes, whereas in developing nations, adults and seniors over 65 are also at risk. As a result of lifestyle changes, one in eleven adults aged 0 to 79 have diabetes, particularly type II.
In addition, most people with type I diabetes reside in countries with high incomes. In 2017, there were 9 million patients, most of whom resided in high-income countries. Therefore, the rising prevalence of diabetes is pushing the global growth of the insulin pen market.
Increased Demand for Smart Insulin Pens Creates Tremendous Opportunities
Smart insulin pens are insulin pens of the second generation that offer improved diabetes management systems. They assist in managing diabetes by enhancing insulin administration and perpetually monitoring it. In recent years, insulin syringes have been widely adopted. An increase in the target population, improved health management, and long-term cost-effectiveness of smart insulin devices are driving market growth.
Europe is predicted to have the most significant market growth for smart insulin pens, reaching nearly USD 85.34 million by 2027, partly due to the high current utilization of such pen devices. Due to the growing demand for insulin syringes in recent years, the number of manufacturers has increased. Numerous startups and minor businesses are merged and acquired by major corporations. They collaborate with minor manufacturers or design their insulin pens. Therefore, the demand for insulin devices will create growth opportunities for key market participants.
Regional Analysis
Europe is the most significant
global insulin pens market
shareholder and is anticipated to exhibit a CAGR of 5.75% during the forecast period. In 2019, adults aged 20-80 had an overall prevalence rate of 8.9% for diabetes. In Europe, the number of persons with diabetes in 2019 was about 59 million and is predicted to grow to around 66 million and 68 million in 2030 and 2045, respectively, according to IDF. There are 296,500 incidences of type 1 diabetes among children and teenagers in Europe. It was projected that in 2019, Europe would spend a total of USD 161,400 million on healthcare costs directly attributable to diabetes.
Recent years have seen widespread use of "smart" insulin pens across Europe due to their many advantages over standard insulin pens and other insulin delivery methods. Insulin pens are more accessible now that patients can obtain favorable insurance coverage for diabetes management. In Germany, with European Commission approval, Emperra released ESYSTA, the first Bluetooth-enabled smart insulin pen. Pendiq Intelligent Diabetes Care, a German company, also offers the Pendiq 2.0, a digital insulin pen commonly called a smart insulin pen. However, it is important to note that this product is currently limited to the German market. These elements help the regional market grow.
Key Highlights
The global insulin pens market was valued at USD 1,159.09 million in 2022. It is estimated to reach USD 1,954.86 million by 2031, growing at a CAGR of 6.06% during the forecast period (2023–2031).
Based on the product, the global insulin pens market is bifurcated into traditional and smart insulin pens.
The traditional insulin pens segment dominates the global market and is estimated to exhibit a CAGR of 5.61% over the forecast period.
Based on usage, the global insulin pens market is divided into disposable and reusable insulin pens.
The disposable insulin pens segment owns the highest market share and is predicted to exhibit a CAGR of 5.73% over the forecast period.
Based on distribution channels, the global insulin pens market is divided into hospitals and clinics, standalone pharmacies, and others.
The hospital and clinic segment is the largest revenue contributor and is predicted to exhibit a CAGR of 5.02% over the forecast period.
Europe is the most significant global insulin pens market shareholder and is anticipated to exhibit a CAGR of 5.75% during the forecast period.
Competitive Players
The key global insulin pens market players are Lilly, Medtronic, Novo Nordisk, BD,
Biocon, Emperra Gmbh E-Health Technologies,
Guangzhou Medsinglong Medical Equipment,
HK Zion Industry,
Jiangsu Delfu Medical Device,
Owen Mumford,
pendiq, Suzhou Peng Ye Medical Devices, Sanofi, and others.
Market News
In March 2023,
Diabeloop, a leader in Automated Insulin Delivery, announced its partnership with Novo Nordisk, a global leader in healthcare. DBL-4penTM, Diabeloop's self-learning algorithm for MDI therapy, will be integrated with Novo Nordisk's connected and reusable insulin pens, NovoPen® 6 and NovoPen Echo® Plus.
In March 2023,
the FDA approved the Android version of Bigfoot Biomedical's Unity Mobile App to be used with its system of smart pen caps, which are compatible with various disposable insulin pens for administering both long-acting and rapid-acting insulin.
Global Insulin Pens Market: Segmentation
By Product
Traditional
Smart
By Usage
Disposable
Reusable
By Distribution Channel
Hospitals and Clinics
Standalone Pharmacies
Online
By Regions
North America
Europe
Asia-Pacific
Latin America
The Middle East and Africa
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