Insulin Pens Market Size, Share, Forecast, & Trends Analysis by Type (Disposable, Reusable, Smart [Bluetooth, NFC]) Diabetes Type (Type 1, Type 2) Distribution (Hospital, Retail Pharmacies, E-commerce) Healthcare Setting - Global Forecast to 2031

The Insulin Pens Market was valued at $4.03  billion in 2023. This market is expected to reach $6.73  billion by 2031, from an estimated $4.28  billion in 2024, at a CAGR of 6.7% during the forecast period 2024-2031.

Insulin Pens Market Size & Forecast

The growth of this market can be attributed to several factors, including the increasing prevalence of diabetes, technological advancements in insulin pens, increasing demand for self-administration of drugs, and rising diabetes awareness programs. Moreover, rising preference for insulin pens over vials and syringes, emerging economies, and partnerships and collaborations between the companies are expected to offer growth opportunities for the players operating in this market.

Insulin Pens Market Growth Drivers

Increasing Prevalence of Diabetes

Diabetes stands as one of the foremost global health challenges in the 21st century, with its prevalence increasing annually and posing significant risks of life-altering complications. According to the International Diabetes Federation, in 2021, 537 million people were diagnosed with diabetes worldwide. Among these, the Western Pacific region accounted for 206 million cases, Southeast Asia for 90 million, the Middle East and North Africa for 73 million, Europe for 61 million, North America and the Caribbean for 51 million, South and Central America for 32 million, and Africa for 24 million. This number is projected to reach 643 million by 2030 and 783 million by 2045.

Moreover, the Centers for Disease Control and Prevention reported that in 2022, 38 million individuals were diagnosed with diabetes in the U.S. Furthermore, Type 2 diabetes is increasingly prevalent among adults aged 45 and above, while its occurrence is also rising among teenagers, children, and adults overall. Thus, the rising prevalence of diabetes is driving the growth of the insulin pens market.

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Increasing Diabetes Awareness Programs

Various organizations have launched diabetes awareness programs that aim to educate the public about diabetes, its management, and the importance of early detection and management. These programs often highlight the various options available for managing diabetes, including insulin pens. For instance,

• In December 2023, Goa State partnered with Sanofi S.A. (France) to initiate an education and awareness program about diabetes in schools.
• In November 2023, F. Hoffmann-La Roche Ltd (Switzerland) collaborated with public and private stakeholders in the Indian healthcare system to boost awareness and education about the early diagnosis of diabetes.
• In June 2023, Eli Lilly and Company (U.S.) partnered with the American Diabetes Association (ADA) and Adam Duvall, an American professional baseball player, to increase awareness of insulin affordability solutions for all people living with diabetes in the U.S.

Thus, increasing diabetes awareness and care programs is expected to drive the demand for insulin pens.

Insulin Pens Market Opportunities

Partnerships and Collaborations

Various public-private organizations are focusing on partnerships and collaborations due to the increasing demand for insulin pens due to their dose precision and accuracy, and to minimize the risk of needle stick injuries. For instance,

• In October 2022, BIOCORP Production (France) partnered with Merck & Co., Inc. (U.S.) for insulin pen injectors that use Bluetooth to collect and transmit information, including the quantity and duration of each administration with the company's software.
• In September 2021, BIOCORP Production (France) partnered with Novo Nordisk A/S (Denmark) to distribute and develop the Novo Nordisk FlexTouch pen, which is used by people with diabetes.
• In March 2021, Diabeloop SA (France) collaborated with Novo Nordisk A/S (Denmark) to integrate Novo Nordisk’s new generation of connected pens, NovoPen 6 and NovoPen Echo Plus, with DBL-4pen.

Thus, increasing partnerships and collaborations between the companies creates an opportunity for the insulin pens market.

Rising Preference for Insulin Pens over Vials and Syringes

Insulin pens are more comfortable and easier to use than vials and syringes. They are portable and come pre-filled with insulin, which avoids the necessity to draw and measure doses manually. This procedure makes insulin delivery easier, particularly for people with disabilities who need help with injections.

In addition, insulin pens come with disposable needles that are easy to remove and attach. This removes the need for needle reuse and minimizes the danger of needlestick injuries, resulting in faster insulin administration. This is particularly significant for doctors who often provide insulin injections to several individuals. Furthermore, insulin pens enable a more precise and accurate dosage than vials and syringes. Insulin pens usually have clear dosage indicators and finer dose increment alternatives, which enable improved insulin delivery. This accuracy is especially crucial for people who have unique insulin needs or who must deliver small or variable amounts of insulin. These are the factors that create opportunities for the market players in the insulin pens market.

Insulin Pens Market Trends

Smart Insulin Pens

Smart insulin pens use wireless technologies and Bluetooth to link to cell phones and other devices. This connection allows customers to monitor and track their scheduled injections and insulin doses and transfer information with diabetes management apps and cloud-based systems. The capacity to digitize insulin dose data delivers useful insights to doctors and patients, allowing for better diabetes control.

In addition, smart insulin pens often include dosage calculation functions, which allow patients to customize their sensitivity to insulin, consumption of carbohydrates, and target blood glucose levels. The pen uses these factors to compute the right insulin dose, lowering the possibility of dosing errors. Furthermore, various companies are launching smart insulin pens. For instance, in March 2022, Novo Nordisk A/S (Denmark) launched the NovoPen 6 and NovoPen Echo Plus, smart connected insulin pens to treat diabetes in the U.K.

Insulin Pens Market Analysis: Key Findings

By Type: In 2024, the Disposable Insulin Pens Segment to Dominate the Insulin Pens Market

Based on Type, the insulin pens market is segmented into disposable insulin pens, reusable insulin pens, and smart insulin pens. In 2024, the disposable insulin pens segment is expected to account for the largest share of 58.1% of the insulin pens market. The large market share of this segment can be attributed to the benefits offered by the disposable insulin pens, such as being less painful, coming with a prefilled insulin cartridge preloaded in the pen, and the entire product being discarded after the cartridge is finished, and minimizing the chances of infections. Furthermore, owing to the rising demand for insulin pens, companies operating in this market are focusing on the introduction, approvals, and innovative offerings. For instance, in January 2024, BIOCORP Production (France) received 510(K)-clearance approval from the U.S. Food & Drug Administration (FDA) to market the SoloSmart disposable insulin pens.

This segment is also projected to register the highest CAGR of 7.0% during the forecast period of 2024-2031.

By Application: In 2024, the Type 1 Diabetes Segment to Dominate the Insulin Pens Market

Based on application, the insulin pens market is segmented into type 1 diabetes and type 2 diabetes. In 2024, the type 1 diabetes segment is expected to account for the larger share of the insulin pens market. The large market share can be attributed to the increasing number of insulin-dependent patients and the rising number of type 1 diabetes cases. For instance, according to the International Diabetes Federation (IDF) data, in 2022, 8.75 million lived with type 1 diabetes globally. Out of which 1.52 million of these people were under 20 years old. Thus, the increasing number of type 1 diabetes cases drives the growth of this segment.

By Distribution Channel: The Retail Pharmacies Segment to Dominate the Insulin Pens Market

Based on distribution channel, the insulin pens market is segmented into hospital pharmacies, retail pharmacies, and online/e-commerce platforms. In 2024, the retail pharmacies segment is expected to account for the largest share of the insulin pens market. The large market share of this segment can be attributed to the increasing consumer demand for insulin pens and the opportunity for customers to inspect the product before making a purchase.

By Healthcare Setting: The Home Care Segment to Dominate the Insulin Pens Market

Based on healthcare setting, the insulin pens market is segmented into home care, hospitals & clinics, and long-term care settings. In 2024, the home care segment is expected to account for the largest share of 51.2% of the insulin pens market. The large market share of this segment can be attributed to the increasing development and adoption of home care devices due to their convenience, precision, and accuracy. Additionally, there has been a growing focus among companies to raise awareness about diabetes, which has led to increased adoption of insulin pens in home care settings. Furthermore, home care allows patients to receive the necessary care for managing their conditions in the comfort of their own homes. Insulin pens play a crucial role in enabling patients to self-administer injectable medications, further driving the shift toward home care.

This segment is also projected to register the fastest CAGR of 7.2% during the forecast period of 2024-2031.

Geographical Analysis

In 2024, North America is expected to account for the largest share of 37.8% of the insulin pens market, followed by Europe and Asia-Pacific. North America’s significant market share can be attributed to several key factors, including the presence of major insulin pens companies such as Eli Lilly and Company (U.S.) and Becton, Dickinson and Company (U.S.), increasing healthcare expenditure, rising demand for self-administration of drugs, and rising number of diabetes cases in this region are some of the major factors driving the growth of the region.

Moreover, the market in Asia-Pacific is slated to register the highest growth rate of 7.5% during the forecast period. The growth of this regional market is attributed to the growing awareness regarding insulin pens, increasing awareness programs regarding diabetes in countries such as China and India, and growing healthcare infrastructure.

Insulin Pens Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last 3–4 years. Some of the key players operating in the insulin pens market are Novo Nordisk A/S (Denmark), Eli Lilly and Company (U.S.), Sanofi S.A. (France), Biocon Limited (India), Becton, Dickinson and Company (U.S.), Ypsomed AG (Switzerland), Owen Mumford Limited (U.K.), Medtronic plc (Ireland), Emperra GmbH E-Health Technologies (Germany), pendiq GmbH (Germany), and Jiangsu Delfu medical device Co., Ltd. (China).

Insulin Pens Industry Overview: Latest Developments from Key Industry Players

• In February 2023 , Innovation Zed Ltd. (Ireland) received CE mark approval in Europe for its InsulCheck Dose, an insulin pen that offers real-time injection event data and delivers it to a matching display device.
• In November 2020 , Medtronic plc (Ireland) launched the InPen integrated with real-time Guardian Connect CGM data, a smart insulin pen for people with diabetes on multiple daily injections (MDI).

Insulin Pens Market: Research Summary

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