Insulin Pens Market Global Business Insights – By Trends, Opportunities, Recent Industry Size And Share Analysis With Forecast To 2027

Publisher: The Insight Partners

Insulin pens are devices used for the diabetes patients to inject the insulin in the patient’s body in desired quantity. The insulin pen is slightly larger than the writing pen in size and it contains the insulin in the refill. Insulin pens have made it convenient and less painful for the diabetic patients to take insulin. Not only insulin pen injects precise amount of insulin in the body but also it may be done in fewer steps than syringe. Driving factors such as, rising incidence of diabetes, growing geriatric population, inclination towards insulin pens over conventional needles & syringes in insulin pens are expected to boost the market growth over the years. However, alternatives to pens for insulin administration and limitation associated with the insulin pens are likely to hamper the market growth. However, growing market in developing regions are likely to deliver substantial growth opportunities to improve market share for industry players in the near future.

The global insulin pens market, based on product type is segmented into reusable, disposable, and smart insulin pen caps. In 2018, the reusable segment held the largest share of the market, by product type. The reusable segment is expected to witness rapid growth owing to key factors like advanced features that make reusable insulin pens safe and convenient, ease of use and the ability to deliver highly accurate doses. Moreover, the smart insulin pen caps segment of insulin pens market is expected to witness growth in its demand at a fastest CAGR of 9.9% during 2019 to 2027.

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Some of the prominent players operating in insulin pens market are, Novo Nordisk A/S, Owen Mumford, Sanofi, Ypsomed AG, Biocon, Companion Medical, BERLIN CHEMIE AG, Eli Lilly and Company, pendiq, and Emperra GmbH E-Health Technologies among others. The market players are focused on bringing new and innovative products and services to sustain their position in the market. For instance, in June 2016, Haselmeier announced the German launch of the BerliPen areo 3 through BERLIN CHEMIE AG. Key features of this third-generation BerliPen are an optimized dose indicator, the innovative low-friction mechanism for smooth injection release in addition to an enhanced feeling of safety utilizing audible and tactile dose settings.

The key factors that are driving the growth of the market are rising incidence of diabetes, growing geriatric population, and increasing adoption of insulin pens over conventional vials and syringes. However, the factors restraining the market growth are the high cost of insulin pens and the availability of alternatives to insulin pens in the market. On the other hand, the high potential of market growth in the emerging economies is one of the growth opportunities for market players. In recent years, there has been considerable development in the field of medical drug delivery devices. Insulin administration is a common procedure in the diabetic population. Traditional insulin syringes have several disadvantages that include the experience of pain by patients due to repeated pricks, discomfort in carrying both insulin bottle as well as syringe, risk of needle re-use associated infections and needle-stick injuries as well as difficulty in delivering a mixture of two or more liquids together in one syringe. Additionally, self-administration of insulin through syringes and vials is time-taking and difficult that has reduced the adoption of conventional insulin injection methods over the past years and led to increased adoption of injection pens.

According to International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017 and it is expected to reach 629 million by 2045 across the globe. Additionally, according to BMJ Open Diabetes Research & Care, approximately 387 million patients across the globe suffer with diabetes, out of which 5-10% are victims of type-1 diabetes that require regular insulin doses. Patients suffering from diabetes require frequent monitoring and external administration of insulin that is given through insulin pens and other medical devices. The rising prevalence of diabetes across the globe is expected to drive the growth of the insulin pens market worldwide during the forecast period.

Application Insights

The global insulin pens market, based on application is segmented into type-1 diabetes and type-2 diabetes. In 2018, the type-1 diabetes segment held the largest share of the market, by application. Moreover, the type-1 diabetes segment of insulin pens market is also expected to witness growth in its demand at a fastest CAGR of 9.1% during 2019 to 2027. The dominance and growth of the diabetes type-1 segment attributes to requirement of these devices predominantly among type-1 diabetes patients and ease of insulin delivery faced by these patients with the use of these pens.

Distribution Channel Insights

The global insulin pens market, based on the distribution channel was segmented into hospital pharmacies, retail pharmacies, and e-commerce. In 2018, the retail pharmacies segment held the largest share of the market, by distribution channel. In addition, the e-commerce segment is expected to grow at the fastest rate during the coming years owing to increasing use of online and mobile applications and websites by patients in the coming years.

Strategic Insights

Product launch, expansion of product portfolio and geographic expansion strategies are commonly adopted by companies to expand their footprint worldwide and meet the growing demand. This strategy is mostly observed in North America, Europe and Asia Pacific. The players present in the insulin pens market adopt the strategy of expansion and investment in research and development to enlarge customer base across the world, which also permits the players to maintain their brand name globally.

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