Insulin Injection Pen Market Size, Share, Growth, and Industry Analysis, By Type (Disposable Insulin Injection pen, Reusable Insulin Injection Pen), By Application (Hospital & Clinic, Retail Pharmacies, Online), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Insulin Injection Pen Market REPORT OVERVIEW

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The global insulin injection pen market size was USD 4634.2 million in 2022 and market is projected to touch USD 12145.96 million by 2031, exhibiting a CAGR of 11.3% during the forecasting period.

The insulin injection pen market is projected to experience a stunning increase. Novo Nordisk A/S announced the anticipated release of Bluetooth-enabled smart Insulin injection Pens. Both time logs and insulin dosages can be recorded using the pen. Smart insulin pens were created with the intention of preventing unnecessary dosages, maintaining a systematic record of dosage, and converting dosage data into computer-based reports.

Along with Roche, Dexcom, and Glooko, the company is creating smart insulin injection pens. The Insulin injection Pen has gained popularity over the past 30 years due to its portability, usability, history of accurate usage, and reduced pain compared to injection. It has been noted that in 2017, the percentage of countries using insulin injection pens in high-, middle-, and low-income groups was 81%, 36%, and 13%, respectively. Insulin injection pens are anticipated to be replaced throughout the projection period by smart insulin injection pens, which may notify users of upcoming dosages and record your insulin usage.

COVID-19 Impact: Limitations and drop in trade led to market decline

In individuals with COVID-19, diabetes has been directly linked to disease severity and mortality. This fact is supported by the rising morbidity and mortality rates that have been associated with inflammation, hypercoagulation, and weakened immune systems. Both hypoglycaemia and hyperglycaemia are indicators of worse outcomes in individuals who are hospitalised. To lessen the risk of severe COVID-19, individuals with diabetes and SARS-CoV-2 infection should strive for optimal glycaemic management. Both insulin and GLP-1RAs have demonstrated effective glucose-lowering and anti-inflammatory effects in diabetic patients and may be a viable treatment option to treat COVID-19 diabetic individuals who are asymptomatic and not in critical condition. To change the dosage of insulin or anti-diabetic medications and conduct strict glucose monitoring, customised therapies for diabetes management are now required.

The market for insulin injection pens was not significantly impacted by the COVID-19 pandemic. Patients who were already utilising injectable pens for a variety of medicines kept doing so throughout the pandemic. However, mobility limitations, closed borders, and a drop in overall trade damaged the supply chain for insulin injection pens. Patients with COVID-19 infection who underwent therapy have a greater risk of developing diabetes. Consequently, if the prevalence of diabetes rises, so will the need for injections.

LATEST TRENDS

"Disposal and reusable insulin injection to Boost Market Growth"

Traditionally, disposable, and reusable insulin pens come with different types of cartridges. Due to the increased prevalence of diabetes and several market participants who provide technologically sophisticated goods, the classic insulin pens are anticipated to grow in popularity during the forecasted period. For patients to quickly identify the type of insulin they are using, many brands offer pens that are color-coded and include various patterns. This shortens the administration period and makes them more portable than syringes and containers. Additionally, some recent versions come with a digital application that can help you recall when you last provided insulin and how much. 

Insulin Injection Pen Market SEGMENTATION

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• By Type

Based on type; the insulin injection pen market is divided into Disposable Insulin Injection pen type, Reusable Insulin Injection Pen type.

In terms of product, disposal insulin injection pen market type is the largest segment.

• By Application

Based on application; the insulin injection market is divided into Hospital & Clinic, Retail Pharmacies, online.

In terms of application, Hospital and Clinic is the largest segment of Insulin injection market.

DRIVING FACTORS

"Increasing Demand from End-Use Industries to Enhance Market Growth"

In recent decades, there has been a significant rise in the prevalence of chronic diseases. Multiple sclerosis, diabetes, osteoporosis, cardiovascular disease (CVD), and other illnesses demand for the administration of injectable medications on a daily or weekly basis. Due to the frequent drug administration, are the best choice for chronic disorders.

The latest industry standard for injectable medicine delivery devices is the insulin injection pen. Their ease of use, dependability, and capacity to be provided by the patient alone without the assistance of a doctor have caused their popularity to grow. To effectively manage the expanding patient population and improve patient compliance with therapies, insulin injection pen technologies have come under more scrutiny as a result the rising prevalence of chronic diseases.

"Technological Advancements in Biosimilars to Increase the Market Growth "

The demand for biosimilars will be fuelled by numerous biologic compounds' upcoming patent expirations. The adoption of generic and biosimilar drugs is encouraged by insurance companies and governments. For instance, CVS Caremark, one of the largest prescription insurance providers in the US, has substituted branded injectable medications like Lantus by Sanofi and EpiPen by Mylan with their biosimilars Basaglar by Eli Lilly and Adrenaclick by Amedra Pharmaceuticals. Since many injectables used to treat chronic diseases are biologics, the insulin injection pen market is expected to expand as patents expire and government and insurance backing increases.

RESTRAINING FACTORS

"High Risk of Hyperglycaemia Lead to Decrease the Market Growth"

 The primary deterrents for using insulin injection pens are fear of needle sticks and harm. Therefore, there are many needle-free devices that have the extra benefit of not causing needle fear, which is a major barrier to the increased use of injectable medication therapies. Children's and adults' non-complacency is mostly related to the discomfort of the daily injections and the demands of long-term therapy. Additionally, because the dose cannot be controlled, insulin injection pen therapy is seen to result in hyperglycaemia in certain patients. Due to their capability to execute automated insulin suspension and reduce the danger of hypoglycaemia, insulin pumps have therefore replaced insulin injection pens in the treatment of diabetes. 

Insulin Injection Pen Market REGIONAL INSIGHTS

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"North America to Dominate the Market due to technological advancement "

 North America is expected to dominate the global share of insulin injection pens market during the forecast period owing to the higher prevalence of diabetes as well as higher healthcare spending on the treatment of diabetes. Moreover, technological advancements in insulin pens are projected to boost the adoption of insulin pens in North America. Europe is anticipated to register a considerable CAGR owing to the gradual shift of patients to self-care instead of dependency. Asia Pacific is projected to register a comparatively higher CAGR owing to the higher patient pool of diabetic patients. Moreover, the implementation of intense market penetration strategies by major market players is anticipated to lead to increased adoption of insulin pens in the region during the forecast period.

KEY INDUSTRY PLAYERS

The research provides a full overview of the analysis of the major surface of insulin injection market industry aspects, including sales value, sales volume, market revenue, and demand size, as well as sales growth, pricing analysis, and changing regional market growth factors. The market participants and their respective positions within the industry are discussed in the report. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials contains information on producers, locations, types, applications, sales channels, and distributors.

List of Market Players Profiled

• Eli Lilly (U.S.)
• Novo Nordisk (Bagsvaerd, Denmark
• Sanofi (France)
• BD (U.S.)
• Ypsomed Holding (Switzerland)
• Dongbao (China)
• Owen Mumford (U.S.)
• Ganlee (China)
• Delfu (UK.)

REPORT COVERAGE

The report helps in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns and so on. Includes a chapter on the impact of covid-19 pandemic on the market. The data is further compiled & validated through various market estimation & data validation methodologies. The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The report also provides information about the top-winning strategies implemented by industry players.