The global insulin pens market is expected to grow at a CAGR of 6.5% during the period 2023 to 2033. The market is holding a valuation of USD 35 billion as of 2023. The market is projected to be valued at USD 66 billion by 2033.
Some of the factors which are expected to surge the market growth are:
Insulin pens are growing in popularity with the passage of time as the world has been witnessing an exponential surge in diabetes. Based on the data released by WHO, nearly 422 million people worldwide are suffering from diabetes. The majority of them are from developing and underdeveloped regions. Thanks to technological advancements and supply chain development, major companies are gradually supplying insulin pens to such regions.
Moreover, the presence of both disposable and reusable insulin pens is expected to surge the demand for insulin pens further. The doctors suggest the type of insulin pen to be used based on the intensity of diabetes. Thus, the flexibility offered by insulin pens is one of the most sought-after benefits.
Smart insulin pens have the ability to record insulin dosages. Moreover, these also assist in regulating the required dosage, maintaining the record, and converting the data into a form that can be presented on the computer. Thus, the market might witness a surge in the smart insulin pens market.
The sales of insulin pens are expected to be driven by the fact that these are very easy to use, especially for the senior population. Moreover, these are portable and manufactured with thin needles which reduces fear. The usage of thin needles ensures that the injuries because by needle sticks are put to a halt. Moreover, the pre-filled and pre-set insulin levels save a lot of time, which might surge the share of the pre-filled smart insulin pens market.
However, the market growth might hinder owing to alternatives to insulin pens. Apart from that, the regulations developed by the healthcare authorities might as well hamper the market growth.
As per the regional analysis, North America is expected to be the largest market for insulin pens during the forecast period. The high prevalence of diabetes, coupled with the affordability factor is expected to be the major factor that might boost the market growth. Technological advancements in the region are also expected to surge the market growth during the forecast period. Europe is also expected to be one of the most crucial markets owing to an increase in the number of lifestyle diseases.
However, Asia Pacific is expected to be the fastest-growing market. Rapidly expanding medical infrastructure, coupled with surging disposable income is expected to surge the market growth. Moreover, market-friendly regulations are expected to have a positive impact during the forecast period.
| Attributes | Value |
|---|---|
| Insulin Pens Market Value (2022) | USD 32.8 billion |
| Insulin Pens Market Value (2023) | USD 35 billion |
| Insulin Pens Market Forecast Value (2033) | USD 66 billion |
| Insulin Pens Market Expected CAGR (2023 to 2033) | 6.5% |
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The comparison between historical CAGR and the anticipated CAGR would undoubtedly give us a feeling that the market is moving towards a slump. This is mainly because of the development of alternative medications, which are cost-effective, and the implementation of various technologies. However, developing countries present a huge potential for the market. If the manufacturers tap into these economies and direct their marketing activities towards them, the market might be in for massive growth.
Furthermore, for the treatment of type 1 and type 2 diabetes, various products are used. Some of them are reusable insulin pens, disposable insulin pens, smart insulin pen caps, and insulin pumps. These pens are gaining popularity because they ensure easy administration of medication while maintaining higher accuracy of dosages. The short-term, medium-term, and long-term effects of various factors can be elaborated as follows:
Short-term (2023 to 2026): With the aim of making patient care more convenient, some of the leading companies might introduce advanced versions of insulin pens. For instance, in February 2020, Novo Nordisk expanded its production capacity for manufacturing a wide range of facilities related to diabetes. In October 2018, Novo Nordisk announced its plan to launch its two connected insulin pens - NovoPen 6 and NovoPen Echo Plus. We might see more of such trends during this period.
Medium-term (2026 to 2029): Significant capital investment is required in the development stages of advanced insulin pens. With the rise in the number of new entrants, the overall research and development (R&D) expenses are projected to rise, along with collaborations and licensing agreements with research and academic institutes.
Long-term (2029 to 2033): The demand for smart insulin delivery products might surge on account of increasing healthcare spending in developed countries. Emerging markets, especially large markets such as India and China, have significant untapped potential. This would present attractive opportunities for the market to capitalize on.
When the human body is not able to produce or utilize enough insulin it leads to the situation of diabetes. It can result in various health issues including cardiovascular diseases. According to the World Health Organization (WHO), approximately 1.2 million deaths were caused due to diabetes in 2019 worldwide.
As a result, the growing number of diabetes cases in the world will create a demand for better treatment options to manage insulin levels. This would drive the growth of the overall global insulin pens market.
In the case of insulin pens, advancements in technology and the use of advanced designs are preferred over conventional methods such as syringes and needles. The use of smartphone and internet technologies is being integrated with insulin pen offerings. It makes the process faster and more accurate.
Emerging market players are engrossed in developing advanced devices including smart pens and smart insulin caps that can be connected through mobile technologies. E-Commerce is gaining popularity in the last few years owing to the prominence of the internet.
Also, the COVID-19 pandemic has created a scenario in which e-commerce is preferred due to the social distancing rules. Thus, the online availability of diabetes management systems provides great opportunities for market growth.
The high cost of insulin pens is restricting the adoption of these products and generating hesitancy to replace conventional products. Insulin pens cost approximately USD 500 which is high as compared to other methods.
Also, a lack of understanding regarding associated technology among diabetes patients is also restricting the insulin pens market. The devices are fairly complex to produce, which creates difficulties for users. Such obstacles would have a direct impact on the overall user convenience of insulin delivery pens, thus limiting revenue generation.
| Region | North America |
|---|---|
| Country | USA |
| Market Share | 6.3% |
| Region | Europe |
|---|---|
| Country | UK |
| Market Share | 5.8% |
| Region | Asia Pacific |
|---|---|
| Country | China |
| Market Share | 6% |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| Market Share | 5.2% |
| Region | Asia Pacific |
|---|---|
| Country | South Korea |
| Market Share | 4.7% |
The US holds over 93% share of the insulin pens market in North America. In the US, the market is driven by research collaborations and license agreements for healthcare products. Rising technological advancements give opportunities for manufacturers to launch innovative products to target diabetes management.
| Attributes | Details |
|---|---|
| USA Market Expected Size (2033) | USD 24 billion |
| USA Market Absolute Dollar Growth (USD Million/Billion) | USD 11 billion |
| CAGR % 2017 to 2022 | 9% |
Moreover, key players are focusing on strategies such as new product launches in the country for diabetes management solutions. In January 2021, Insulet Corporation introduced OmipodDASH Insulin Management Systems. Furthermore, the high disposable income of the consumers residing in the USA makes insulin pens highly affordable.
The UK insulin pens market accounts for over 20% of the Europe market. The rising prevalence of diabetes patients and technological advancement in the healthcare sector are key factors speeding growth in the UK market.
| Attributes | Details |
|---|---|
| UK Market Expected Size (2033) | USD 2.9 billion |
| US Market Absolute Dollar Growth (USD Million/Billion) | USD 1.3 billion |
| CAGR % 2017 to 2022 | 7.6% |
The UK is one of the nations where lifestyle diseases are very common. Based on the survey conducted by health express, nearly 68% of men and 60% of women are obese or overweight. Obese people carry a high risk of diabetes. Thus, the market is expected to gain a lot of traction during the forecast period.
Germany’s market accounts for over 25% market share of Europe throughout the forecast period. The key players of the country are focused on expanding their presence in the country through the launches of innovative products into the market. For instance, in August 2016, Emperra GmbH E-Health Technologies launched its Bluetooth insulin pen with automatic wireless data transfer expanding its ESYSTA product system in Germany.
Moreover, based on the data released by Robert Koch Institute, there are a lot of people who suffer from depression. Healthcare experts are of the view that depression is one of the leading causes of diabetes. Nearly 10% of adults in Germany are suffering from depression. This represents a huge prospect in the German market.
The market for insulin pens in China is exhibiting a 4.7% CAGR and is expected to account for more than 48% of the East Asia market throughout the projection period. Large emerging markets, especially in China have a great opportunity for expansion. This can be broadly attributed to continuous improvements in the concept of treatments and the availability of innovative products.
| Attributes | Details |
|---|---|
| China Market Expected Size (2033) | USD 4.9 billion |
| China Market Absolute Dollar Growth (USD Million/Billion) | USD 2.2 billion |
| CAGR % 2017 to 2022 | 8.4% |
Apart from that, the Chinese government has been making massive investments in healthcare infrastructure. In 2021, the government spent close to 7684.5 billion yuan. There are close to 336 million children and adolescents up to the age of 19 years who have type 1 diabetes.
Japan's market accounted for more than 38% of the sales registered in East Asia in 2022. Increasing healthcare spending has improved the healthcare infrastructure in the country while boosting the demand for innovative medical products in countries like Japan. In 2021, Japan spent nearly 12% of its GDP on healthcare. This benefits key players in the country to expand and launch new products in the healthcare sector.
| Attributes | Details |
|---|---|
| Japan Market Expected Size (2033) | USD 3.9 billion |
| Japan Market Absolute Dollar Growth (USD Million/Billion) | USD 1.5 billion |
| CAGR % 2017 to 2022 | 6.8% |
People in Japan also lead a sedentary lifestyle, and owing to this they start developing diabetes symptoms. Apart from that, people also consume large quantities of junk food, and as a result of this, people gradually start suffering from diabetes.
South Korea is witnessing an increase in type 2 diabetes owing to the increase in the consumption of fast food. In 2021, the fast-food market in South Korea was valued at close to USD 100 billion, and the market is expected to grow at a CAGR of 5%. All this can be attributed to a sedentary lifestyle, wherein people find it hard to cook food by themselves.
| Attributes | Details |
|---|---|
| South Korea Market Expected Size (2033) | USD 2.4 billion |
| South Korea Market Absolute Dollar Growth (USD Million/Billion) | USD 880 million |
| CAGR % 2017 to 2022 | 6.1% |
Apart from that, the medical infrastructure in South Korea is highly advanced owing to technological upgradation. The key companies are also making massive investments in Research and Development in order to come up with insulin pens that operate with high efficacy.
| Segment | Product Type |
|---|---|
| Attributes | Disposable Insulin Pens |
| CAGR % 2017 to 2022 | 9% |
| CAGR % 2023 to End of Forecast (2033) | 6.1% |
| Segment | Distribution Channel |
|---|---|
| Attributes | Hospital Pharmacy |
| CAGR % 2017 to 2022 | 8.8% |
| CAGR % 2023 to End of Forecast (2033) | 5.6% |
The disposable insulin pens do not require maintenance. Once used, they have to be disposed of. Moreover, the cost of disposable insulin pens is lesser compared to reusable pens. Apart from that, disposable insulin is much more prevalent in developing nations like India, China, etc. These are currently the markets where diabetes cases are rising at an exponential rate.
However, reusable insulin pens are expected to advance at a greater pace during the forecast period. With the rise in disposable income, reusable insulin pens are expected to garner more share.
The hospital pharmacy is the most trusted option. This is because the hospital pharmacy allows transparent communication between the prescribers and other health professionals. Moreover, being linked directly to the hospital would have better access to the medical records of the patients. This would allow the hospital pharmacy to suggest a better alternative to medicine in case of shortage.
However, online sales are recording the highest growth rate owing to ease of delivery. Moreover, the discount offered by the online channels has led to the growth of this segment.
The start-up community of the insulin pens market has come up with insulin injector pens that use Bluetooth links to connect to the smartphone. These also come with diabetes data tracking platforms. The information regarding the amount of insulin and time of use is sent to the mobile app. Consumer confidence in this system is increasing as these devices have received FDA clearance.
Kaleido has been developing insulin pumps to treat diabetes. The medical device developed by the start-up makes use of a Bluetooth channel to connect with the phone, which reminds the users of insulin administration. The company has also been providing software for diabetic monitoring throughBluetooth-connected smart insulin pens. In July 2020, ViCentra, the company behind Kaleido announced the closing of a €10 million investment to fund its international growth.
The key focus for the manufacturers is to expand their presence by establishing plants in new regions. The idea is to also establish additional capacity in R&D for manufacturing API to supply to the global clinical trials. This would certainly provide capacity for developing oral and injectable product portfolios. In November 2022, Novo Nordisk invested DKK 5.4 billion Danish Kroner in the expansion of manufacturing facilities in Bagsværd, Denmark.
Some of the recent developments in the insulin pens market are:
The top players in the market are:
| Company | Description |
|---|---|
| Novo Nordisk | Novo Nordisk has been a huge player in this market for more than a century. They have been translating the unmet medical needs of people into innovative medicines and delivery systems. More than a million people are benefitting from the treatment pertaining to diabetes, obesity, and endocrine diseases. Novo Nordisk has always been focused on serious chronic diseases which are amongst the most urgent health challenges. Through innovation and commercial excellence, the company has been drawing insights from patients and partners. |
| Sanofi | Sanofi has always believed to chase the miracles of science to improve lives. The determination to find answers for the patients has motivated Sanofi to develop breakthrough medicines and vaccines. The company has always made use of its cutting-edge science and manufacturing, fuelled by data and digital technologies. By chasing the miracles of science to improve people’s lives, the company has always been surprising itself with what it can achieve. |
| Eli Lilly | Eli Lilly has always been performing all its undertakings with a high level of integrity. The company has conducted its business consistently with all applicable laws. They have always maintained honesty in their dealings with customers, employees, shareholders, partners, and the community. Eli Lilly has always believed in pursuing pharmaceutical innovation by providing high-quality products and delivering superior business results. The company has always thrived on mutual respect, openness, and individual integrity. |
The global insulin pens market holds a valuation of USD 35 billion as of 2023.
The insulin pens market is expected to grow at 6.5% CAGR from 2023 to 2033.
The global insulin pens market is forecasted to surpass USD 66 billion by 2033.
North America is the largest insulin pen market.
The main drivers are the ability to deliver the required dosage and adopting a poor lifestyle.
Insulin Pens Market
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