The insulin pen market is growing rapidly and is expected to surpass US$ 11 billion by 2022

The report entitled “Global insulin pen market” examines the insulin pen market on the basis of type, product type, diabetes type, distribution channel, end user, and region. A complete report gives an in-depth historical and forecast market size along with trends analysis. RationalStat offers market share analysis, production capacity, financial analysis by the manufacturer, insulin pens use and manufacturing, import-export data, analysis of the impact of Covid-19 as a summary of the market’s strategies for competition, and growth potential region.

Market overview and dynamics: Growing investment and initiatives by private and public players are expected to boost the growth of the global market for insulin pens over the coming years.
The global market for insulin pens is anticipated to expand at a rate of 7.3% over the 2022-2028 forecast. To make diabetes treatment more accessible and convenient, market leaders are working on introducing new technology and expanding their product range. This is likely to increase the demand for insulin pens in the near future.

The diagnosis of diabetes and markets for blood glucose monitoring is growing rapidly with the increasing number of Type 2 diabetic patients diagnosed each year. The increasing use of reusable insulin pens for treatment is anticipated to augment the market growth of insulin pens and provide lucrative growth opportunities for the market segment for reusable insulin pens.

In addition, the introduction of smart insulin pens in the market is predicted to boost the expansion of the global market for insulin pens. These insulin pens can deliver precise insulin dosages. The smart insulin pen’s memory function can remember the date and quantity of the previous dose.

In addition, the portability and practicality of insulin pens are major advantages in comparison to traditional methods of delivery, which is further fueling the demand for insulin pens. Smart insulin pens are efficient since they’re prefilled and come with an insulin level that is pre-set. Pen-based insulin administration reduces time and is popular with pediatric, adult, and aged populations.

Segmental Analysis

Based on type, conventional insulin pens hold a dominant share of the global insulin pen market, however, the population with high disposable income is expected to adopt smart insulin pens in the forthcoming years.

Based on product type, disposable pens hold a dominant share in the global insulin pens market however, reusable pens are rapidly gaining traction in the global insulin pens market.

Based on region, Asia Pacific holds a prominent share of the global insulin pens market due to the presence of a large pool of diabetic patients in major economies like China and India and supports lucrative growth opportunities in the region.

Competition Analysis: The growing healthcare concerns and awareness about the presence of various treatment solutions are anticipated to boost the growth of the global insulin pens market in the upcoming years Due to the presence of many well-established companies in the global insulin pens market, there is intense competition in the global insulin pens market. Technological advancements and increased investments in the healthcare sector are expected to spike the demand for the insulin pens market in the upcoming years.

Becton Dickinson (BD) and Novo Nordisk dominate the global insulin pens market. In addition, a lot of new companies are foraying into the regional markets, such as CamAm Care, and Owen Mumford.

In March 2022, Novo Nordisk A/S launched the smart insulin pen NovoPen 6 and NovoPen Echo Plus in the UK market. By the use of this, people can monitor and record dosing information on their smartphones. These pens can record the amount of insulin injected via a near-field communication mobile application which can be reviewed by patent and healthcare professionals when required.

In November 2021, Biocon and Viatris launched an interchangeable insulin biosimilar named Semglee which is a substitute for Sanofi’s diabetes drug Lantus. As per the company, the unbranded version of the biosimilar is 65% economical as compared to Sanofi’s Lantus.
Some of the prominent players that contribute significantly to the market growth include Novo Nordisk A/S, Sanofi S.A., Eli Lilly and Company, Medtronic plc, B. Braun Holding GmbH & Co. KG, Owen Mumford Ltd., YpsoMed AG, Biocon Limited, Terumo Medical Corporation, among others.

RationalStat has segmented the global insulin pens market on the basis of type, product type, diabetes type, distribution channel, end-user, and region.

By Type
Conventional Insulin Pen
Smart Insulin Pen
By Product Type
Reusable Pen
Disposable Pen
By Diabetes Type
Diabetes Type 1
Diabetes Type 2
By Distribution Channel
Hospital Pharmacies
Conventional Retail Pharmacies
Online Pharmacies
By End User
Hospitals
Clinics
Homecare Settings
By Region
North America
US
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Western Europe
Germany
UK
France
Spain
Italy
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
Japan
India
South Korea
Australia
ASEAN (Indonesia, Vietnam, Malaysia, etc.)
Rest of Asia Pacific
Middle East & Africa
GCC
South Africa
Turkey
Rest of the Middle East & Africa