Global Insulin Pen Market will reach to US$ 73.39 Billion by 2028, according to the publisher. The advancements in diabetes management technologies have brought about positive changes in patient adherence, monitoring, and techniques. One such example is the insulin pen, which offers distinct advantages over traditional vials and syringes. It enables more precise dosing, improved patient compliance, reduced injection site discomfort, and increased patient satisfaction. By using Human Insulin, diabetes patients can mitigate the risk of lifestyle-related complications like cardiovascular diseases. The growing diabetic population is expected to drive the global insulin pens market, while increased government spending on diabetes aims to introduce innovative therapies and technologies to address the rising prevalence of the condition worldwide. According to International Diabetes Federation 2021, by 2030, it is estimated that the global diabetic population will reach 643 million individuals, and this number is expected to further escalate to 783 million by 2045.Insulin Pen Market will reach to US$ 73.39 Billion by 2028
During the forecast period of 2023-2028, the global smart insulin pen market is projected to grow at a steady compound annual growth rate (CAGR) of 5.25%.
The increasing use of connected medical devices worldwide has resulted in a significant adoption of insulin pens, driving market growth. The integration of glucose monitoring devices and therapeutics for effective diabetes management is a prominent trend that positively influences the market. In February 2023, Glooko, a U.S. software company, partnered with Sanofi, a French pharmaceutical company, to integrate SoloSmart with the Glooko platform. SoloSmart is a connected device that works with SoloStar and DoubleStar insulin injection pens. It records insulin dosage, injection details, and enables data visualization in the Glooko app. This collaboration enhances connected care in diabetes management by allowing patients to share their information with healthcare professionals.
The growing prevalence of diabetes, encompassing both type 1 and type 2 cases, has led to a surge in the demand for smart insulin pens globally, fostering market expansion. Improved diagnostics have contributed to a larger population receiving diabetes diagnoses and prescriptions for Human Insulin. The simplicity and accuracy of theses pens have boosted their popularity among individuals. The increasing prevalence of diabetes necessitates awareness of type 1 and type 2 disorders. Key market players conduct various activities to enhance product reach. For example in Aug 2022, Novo Nordisk and Roche signed MoU to improve access to care for underprivileged children with type 1 diabetes in India by providing free diabetes monitoring and management kits. The program also aims to educate healthcare professionals, raise awareness about diabetes management among children and their families. Furthermore, the availability of reusable insulin pens that are easy to refill and offer cost savings has further propelled market growth. Advanced human insulin technology, such as smart pens that sync with mobile apps, calculate doses, track usage, and offer reminders, has boosted the market's growth. In 2022, the global smart insulin pens market reached a significant milestone, with a total market size valued at US$ 53.98 Billion.
Disposable have emerged as the dominant segment in the global insulin pen market, owing to their convenience and user-friendly design.
By Types, the global smart insulin pens market is segmented into Disposable, Reusable, Smart and Insulin Pen Needle. The disposable insulin pen segment holds a prominent position in the global market, with the highest market share among types. These convenient and user-friendly devices have gained immense popularity among individuals managing diabetes. Disposable offer the advantage of simplicity, as they come pre-filled with insulin and eliminates the need for manual filling or cartridge changes. Their compact size and disposable nature make them ideal for on-the-go use and ensure proper dosing accuracy. With increasing prevalence of diabetes worldwide, the disposable market is poised for continued growth, catering to the needs of patients seeking a convenient and efficient method of insulin delivery. With the expanding diabetes population, the insulin pen needles market is likely to expand at a rapid pace throughout the forecast period.Insulin Pen market size in the China is continuously growing year after year.
By Country, the global smart insulin pens market is divided into United States, India, China, Brazil, Saudi Arabia, United Kingdom, Germany, Netherlands, Sweden, Switzerland and Australia. The smart insulin pen industry in China has witnessed remarkable growth in recent years. With the increasing prevalence of diabetes and the growing demand for more convenient and accurate insulin delivery methods, insulin pens have gained significant popularity among patients. The Chinese market is witnessing the entry of both domestic and international players, leading to a competitive landscape. The government's initiatives to improve diabetes management and enhance healthcare infrastructure have also contributed to the growth of the industry. Moreover, advancements in technology and the introduction of smart insulin pens with integrated features have further propelled the market in China, providing diabetic patients with improved convenience and better control over their insulin administration.Germany will experience rapid growth in the insulin pen industry in upcoming years. The country's well-developed healthcare system, high prevalence of diabetes, and focus on patient-centric care has contributed to the increasing demand. German patients are increasingly adopting Human insulin due to their ease of use, accurate dosing, and improved convenience compared to traditional insulin delivery methods. Additionally, the government's initiatives to promote diabetes management and advancements in healthcare technology have further fueled the growth of the insulin pen industry in Germany.
Company Analysis
In the global insulin pen industry, major players include B. Braun Melsungen AG, Eli Lilly and Company, Becton, Dickinson (BD), Novo Nordisk A/S, Ypsomed AG, and Terumo Corporation. These companies are at the forefront of innovation, manufacturing high-quality insulin pen devices, and contributing to the advancement of diabetes care. With their extensive expertise and global presence, they play a crucial role in meeting the growing demand for worldwide. These industry leaders are committed to developing user-friendly, reliable, and technologically advanced insulin pen solutions that improve the lives of individuals managing diabetes.This latest report “Insulin Pen Market, Global Forecast, By Types Disposable Insulin Pen, Reusable Insulin Pen, Smart Insulin Pen and Insulin Pen Needle), Countries (United States, India, China, Brazil, Saudi Arabia, United Kingdom, Germany, Netherlands, Sweden, Switzerland and Australia), Country Insights (Diabetes Population (Type 1 and Type 2), Market & User Analysis (Insulin Pen Market and Insulin Pen User), Types (Disposable Insulin Pen, Reusable, Smart Insulin Pen and Insulin Pen Needle Market and Reimbursement Policies), Companies (B. Braun Melsungen AG, Eli Lilly and Company, Becton, Dickinson (BD), Novo Nordisk A/S, Ypsomed AG, and Terumo Corporation)” provides a detailed analysis of Global Insulin Pen Industry.
Types - The market has been covered from 4 viewpoints:
1. Disposable Insulin Pen2. Reusable Insulin Pen
3. Smart Insulin Pen
4. Insulin Pen Needle
Country - The market has been covered from 11 viewpoints:
1. United States2. India
3. China
4. Brazil
5. Saudi Arabia
6. United Kingdom
7. Germany
8. Netherlands
9. Sweden
10. Switzerland
11. Australia
The above-mentioned countries have been covered from 4 viewpoints:
1. Diabetes Population
- Type 1
- Type 2
2. Market & User Analysis
- Insulin Pen Market
- Insulin Pen User
3. Types - Insulin Pen Market & Users
- Disposable Insulin Pen
- Reusable Insulin Pen
- Smart Insulin Pen
- Insulin Pen Needle Market
4. Reimbursement Policies
Company Insights:
- Overview
- Recent Development
- Revenue
Companies Covered:
1. B. Braun Melsungen AG2. Eli Lilly and Company
3. Becton, Dickinson(BD)
4. Novo Nordisk A/S
5. Ypsomed AG
6. Terumo Corporation
Table of Contents
Companies Mentioned
- B. Braun Melsungen AG
- Eli Lilly and Company
- Becton, Dickinson(BD)
- Novo Nordisk A/S
- Ypsomed AG
- Terumo Corporation
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 510 |
Published | July 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 53.98 Billion |
Forecasted Market Value ( USD | $ 73.39 Billion |
Compound Annual Growth Rate | 5.2% |
Regions Covered | Global |
No. of Companies Mentioned | 6 |