The global Insulin Delivery Pens Market is predicted to be worth US$ 22.4 billion by the end of 2022 and to grow at an 8.0% CAGR to be worth US$ 48.6 billion by the end of 2032. According to a recent Future Market Insights analysis, smart insulin pens by-products are the market leaders, accounting for around 34.6% of the market in 2021.
With the current technological advancements, insulin now comes with different variants like reusable pens that can be used by just loading insulin cartridges available in packs. Disposable insulin pens contain a prefilled cartridge and the entire pen is disposed or thrown away providing convenient delivery of insulin. Smart insulin pens are the latest advancement in diabetes management.
These smart insulin pens are either Bluetooth enabled wireless devices allowing automatic data sharing or devices that require data sharing with a dedicated USB data cable. These pens also come with a feature incorporating a clinician configured bolus calculator with the ability to deliver multiple insulin doses every day safely and discreetly.
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Global Insulin Delivery Pens Market: Dynamics
Several factors contribute to the growth of the global insulin delivery pens market. One major driver is the move towards value based compensation models for therapies from unit priced payment models that are more commonly used to self-administer treatment for chronic diseases like diabetes. The shift is prominently seen in regions such as U.S. and Europe. This shift, in turn, results in increased demand for technology driven insulin delivery systems with higher levels of accuracy and patient compliance in addition to providing patients with the necessary coaching and education.
The demand for smart insulin pens has also increased globally as healthcare stakeholders seek to gather useful information from clinical trials and the real world environment. Also, diabetes being chronic and a very expensive disease, people look for options to reduce the expenses related to the regular check-ups of diabetes. Smart insulin pens help patients keep a check on their diabetes with all the necessary dosage data pertaining to the disease and its effective management.
Insulin pens are medical devices used to inject insulin into the body for the treatment of diabetes. They are a convenient and easy-to-use alternative to traditional syringes and vials, especially for people who need to inject insulin multiple times a day.
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Global Insulin Delivery Pens Market: Segmental Highlights
The global insulin delivery pens market is segmented into various segments based on product type, indication, distribution channel and region. The report presents the analysis of every market segment along with the yearly growth rate, revenue share and pricing analysis. Some of the key segmental highlights from the report are as under:
Among the regional markets, North America is expected to emerge the dominating market in terms of revenue, with a market value of almost US$ 2,000 Mn in 2017 and an estimated market value reaching over US$ 5,500 Mn by the end of forecast period in 2027.
In the product type segmentation, the reusable insulin pens segment is anticipated to dominate the market in terms of revenue share. Within the reusable insulin pens segment, refillable insulin pens is projected to stay at a high market valuation throughout the forecast period, reaching an estimated US$ 9,183.0 Mn by 2027 end at a CAGR of 10.2%.
By indication, the market is categorised into Diabetes Type 1 and Diabetes Type 2, among which the Diabetes Type 2 segment leads the market with a market valuation expected to reach over US$ 12,300 Mn by the end of 2027, growing at a CAGR of 10.5% during the forecast period.
In the distribution channel category, the hospital pharmacy segment is expected to remain dominant, with a market value of over US$ 1,900 Mn in 2017. This segment is in close competition with the online sales segment, which is ahead of the hospital pharmacy segment in terms of CAGR, with a growth rate of 11.7% during the forecast period.
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Key Companies Profiled:
- Eli Lilly and Company
- Becton, Dickinson & Company
- West Pharmaceutical Services, Inc
- Johnson & Johnson
- Antares Pharma
- AbbVie Inc.
- Pfizer Inc
- Mylan N.V
- Vetter Pharma-Fertigung GmbH & Co.KG
- Emperra GmbH
- Digital Medics Pty Ltd
- Others
Key Segments Covered in Insulin Delivery Pens Market Report
By Product:
- Reusable Insulin Pens
- Disposable Insulin Pens
- Smart Insulin Pens
By Technology:
- Non-Smart Injectors
- Smart Injectors
- Artificial Intelligence (AI) & Machine Learning Integrated
- Near Field Communication(NFR)
- Cloud Computing
- Bluetooth
By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization, and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10-years.
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