DUBAI, United Arab Emirates, According to Future Market Insights, the demand for insulin pens is expected to rise considerably in the coming decade, enabling the market to surpass a valuation of US$ 30,407.5 Mn by the end of 2021.
DUBAI, United Arab Emirates, According to Future Market Insights (FMI), the demand for insulin pens is expected to rise considerably in the coming decade, enabling the market to surpass a valuation of US$ 30,407.5 Mn by the end of 2021.
Insulin pens are used by diabetes patients to avoid problems including cardiovascular diseases that may arise from this lifestyle-based ailment. To overcome problems related to conventional methods of insulin administration, insulin pens make the process easier and faster.
According to the WHO, approximately 1.2 million deaths were caused due to diabetes in 2019 globally. To reduce the number of deaths or sufferings due to diabetes, the development of innovative techniques and products for the treatment and maintenance of diabetes is essential.
Type 2 diabetes cases are common, but it can be prevented or delayed by a healthy diet, consistent physical activity, maintaining a standard body weight and avoiding the use of tobacco. Diabetes can be treated or managed with medicines and regular checking and treatment. Increasing focus on innovative medical products and research are increasingly driving a transition towards insulin pen by diabetes patients.
Leading manufacturers in the insulin pen market are strengthening their market position through collaborations with various health and research organizations. Governments in developed and developing countries are actively taking initiatives to encourage innovative medical products.
For instance, in November 2020, Medtronic introduced CGM integrated smart insulin delivery pen to manage multiple daily dosage insulin injections. Similarly, Insulet expanded its offering of OmipodDASH into additional countries such as Sweden, Finland, Norway, and Denmark.
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Key Takeaways from Insulin Pen Services Market Study
- Reusable insulin pens are expected to account for over 49% the global market share by 2031, supported by a growing base of environment and cost-conscious consumers.
- Hospital pharmacies will account for 33.8% of the market share in 2031. The soaring influx of patients for treatment and intensive care support supports growth.
- The U.S. is projected to be the fastest-growing regional market with a CAGR of 5.6% through 2021-2031 owing to the matured healthcare sector of the country.
- The U.K. and Germany are leading markets in Europe, accounting for more than 18% and 25% in 2021.
- China is the largest and fastest growing market in East Asia, exhibiting a 4.7% CAGR through 2031.
- Australia is leading the Oceania market, accounting for more than 85% of insulin pen revenues in 2021.
“Increasing prevalence of diabetes, technological advancements and rising investments in the healthcare sector will create lucrative growth opportunities for insulin pen manufacturers through the assessment period in 2031,” says the Future Market Insights analyst.
Who is Winning?
The global insulin pen market is set to expand due to the rising prevalence of type 1 and type 2 diabetes. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the ailment, besides offering effective patient care.
Some of the leading players in the insulin pen market include but are not limited to NovoNordisk A/S, Sanofi, Eli Lilly, Diamesco Co., Ltd., BigFoot Biomedical, Inc, Medtronic plc, Emperra GmbH E-Health Technologies, YpsoMed AG, and DUKADA Aps.
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels that provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global insulin pen market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the insulin pen treatment market on basis of the main indication in detail, cover every aspect of the market such as technology, dosage form, distribution channel across seven major regions.
Insulin Pens Market - Category-wise Insights
How are Reusable Insulin Pens Contributing to Revenue Generation?
Reusable insulin pens are displaying a high growth potential in the coming years. It is projected to grow at CAGR of 4.1% in the near future with revenue totalling US$ 16,810.0 Mn for 2020.
Insulin pens are widely used by the diabetes patients instead of conventional syringe and needle owing to ease of administration superior accuracy.
What is the Market Share of Type 2 Diabetes?
Type 2 diabetes solutions will continue to dominate the market during the forecast period and are expected to hold around 70% of the market share through the end of 2031. Higher number of type 2 cases and investments into associated research drives growth.
What is the Scope of Growth for Online Sales?
Despite hospital pharmacies currently leading the market, online sale has displayed significant scope for growth in the insulin pens market with a 5.7% CAGR in the forecast period.
This will be primarily attributed to higher acceptance of online sales channels which provides discounts and offers as a low-cost alternative in addition to home delivery services.
Insulin Pens Market - Competitive Landscape
Manufacturers in the insulin pens market are primarily aiming to carry out strategic acquisitions, collaborations, and product launches in the upcoming decade.
- For Instance, Sanofi introduced its reusable insulin delivery pen – Lantus ClikSTAR in Canada in October 2020.
- In February 2021, Eli Lily & Co. collaborated with Welldoc to link Lily’s upcoming connected insulin device and therapies.
- In June 2021, Bigfoot Biomedical announced its acquisition of intellectual property assets of Common Sensing to strengthen its insulin delivery portfolio.
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Explore FMI’s Extensive ongoing Coverage on Healthcare Domain
Insulin Patch Pump Market - Insulin patch pump is a device that is used for the delivery of insulin. An insulin patch pump is worn directly on the body where it gets attached discretely due to the adhesive present on the insulin patch pump. Because of the presence of this adhesive on insulin patch pump, no infusion set and tubing are required for the attachment of the pump to the body which makes the process of taking up insulin convenient for the patients.
Insulin Management System Market - Frederick B and John M in 1923 were Nobel Prize awardee in Physiology or Medicine for discovery of Insulin. This serves a milestone in history of diabetes management as the death rate due to diabetes significantly reduced after its discovery. Insulin is a natural and most essential preprohormone produced by INS gene by islets of langerhans in pancreas by allowing body to take up glucose as energy source.
Insulin Biosimilars Market - A new race has been initiated between biosimilar and branded drug manufacturers to gain maximum revenue share from insulin market. The upcoming three years are very crucial for insulin manufacturers, as most of the branded insulin are going to be off patent which would results into the loss of around US$53 Bn revenue for branded manufacturers in 2016.
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