Insulin Pens Market Size to Reach USD 46.43 Billion in 2028 – Reports and Data
Rapidly rising prevalence of diabetes across the globe, technological advancements in insulin devices, and increasing research and development activities to develop advanced products are some key factors driving market growth
The global insulin pens market size is expected to reach USD 46.43 Billion in 2028 at a CAGR of 7.8%, according to the latest report by Reports and Data. Major factors expected to drive market revenue growth are increasing demand for insulin pens due to their cost-effectiveness and convenient usage, growing global diabetic patient pool, and increasing geriatric population. In addition, increasing acceptance of insulin pens over vials owing to rising disposable income is expected to further fuel revenue growth of the market.
Insulin pens have gained popularity among the diabetic patients over the recent past as the pens enable simpler, accurate, and convenient delivery of insulin as compared to a vial or syringe. Insulin pens ensure administration of insulin is less intrusive and painless. Insulin pens are available as in two distinct forms; disposable pen and reusable pen. Disposable pen comprises a prefilled insulin cartridge and the entire pen unit is generally thrown away after one use. Reusable pen contains replaceable insulin cartridge which can be discarded after use and replaced with a new cartridge. Insulin pens have also increased patient compliance and streamlined the management of diabetes among elderly population. Insulin pens can deliver insulin dose in the range of 0.5 t0 80 units at a time. Easy measurement and effective delivery of insulin have enabled a rapid shift to using insulin pens from syringe and vials and the trend is expected to continue going ahead.
Increasing investment in healthcare R&D, growing need to eliminate needlestick injuries, and launch of novel and innovative insulin pens are some other key factors expected to contribute to revenue growth of the market going ahead. However, availability of more cost-effective alternatives to insulin pens and inability to mix two types of insulin resulting in multiple needle punctures are expected to restrain market growth to a certain extent going ahead.
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Some Key Highlights from the Report:
- Smart insulin pens segment is expected to account for a significantly large revenue share in the global market over the forecast period owing to their convenient usage, accurate measurement and delivery of dosage, and painless injection.
- Home-care segment is expected to register a robust revenue CAGR over the forecast period owing to increasing demand for insulin pens in homecare settings due to their portability, user-friendly application, and increasing focus on self-care diabetes control. In addition, managing insulin dosage and administration at home reduces the need for clinical visits and saves hospital fees, which is also a key factor boosting adoption of insulin pens in homecare settings.
- North America accounted for largest revenue share in 2020 and is expected to register significant revenue growth during the forecast period. Growth can be attributed to increasing incidence of diabetes and obesity, technological advancement in medical devices, and robust presence of key manufacturers in the region.
- Asia Pacific is expected to register a revenue CAGR of 8.3% during the forecast period owing to presence of large pool of diabetic patients, increasing awareness and acceptance of insulin pens, and rising R&D activities to develop advanced products for diabetes care.
- Key companies in the market include Novo Nordisk, Sanofi, Smiths Medical Asd, Inc., Biocon, Health Care Center, P.B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, and Insulet Corporation.
- In May 2021, Medtronic Plc. announced that it received CE mark for its InPen smart insulin pen for multiple daily injections and its Guardian 4 sensor for better management of diabetes. InPen smart insulin pen is the first-ever smart insulin pen to receive approval in Europe.
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For the purpose of this report, Reports and Data has segmented the global insulin pens market on the basis of product, end-use, usage, and region:
Product Outlook (Revenue, USD Billion; Volume, Million Units; 2018-2028)
- Traditional Insulin Pens
- Smart Insulin Pens
End-Use Outlook (Revenue, USD Billion; Volume, Million Units; 2018-2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home-care settings
Usage Outlook (Revenue, USD Billion; Volume, Million Units; 2018-2028)
- Prefilled Insulin Pens
- Disposable Insulin Pens
- Smart Insulin Pen Caps
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Regional Outlook (Revenue, USD Billion; Volume, Million Units; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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