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The Diabetes Injection Pens Market Size is estimated to reach $54.6 billion by 2027 and it is poised to grow at a CAGR of 7.2% over the forecast period of 2022-2027. Diabetic patients use an insulin pen or pen needles to regulate insulin. It is an easy and convenient way of taking insulin
doses through an injection. It eliminates the necessity to hold the vial and
syringe and thus the patients can administer the insulin in their workplace or with children at school. Insulin pens can be injected directly into the skin at a
90-degree angle and require a slow push of the knob to deliver a fuller dose.
Most popular insulin pen manufacturers are offering both smart
insulin pens and non-smart insulin pens, with reusable and disposable
attributes that can be purchased from hospital pharmacies and retail pharmacies with a prescription.
Diabetes Injection Pens Market Drivers
- The Growing Prevalence of Diabetes Amongst Various Age Groups across the Globe:
According to the International Diabetes Federation, in 2021, nearly 537 million people aged between 20 and 79 suffer from diabetes. In
addition to this number, around 643 million of the entire population
would be termed diabetic by the end of 2030. Diabetes requires the
administration of injectable drugs on a daily or weekly basis. Due to such a
frequent need for drug administration in diabetic patients, injector pens
emerged as the best solution. Critically, the rise in child diabetes has been a
critical driver for the market.
- Active Support from Leading Global Agencies has Created a Footprint with Mapped Strategies:
As per the WHO blueprint, the availability of insulin reach
has increased due to the development of a policy blueprint to improve the
access to biosimilars of insulin. Additionally, market players have agreed to
participate in the WHO's prequalification program for insulin, diabetic pens and other diagnostic tools. Also, market players have agreed to submit data on
insulin thermostability to WHO.
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Acquisition and Product Launch
In August 2020, Medtronic announced the acquisition of privately-owned Companion Medical, the manufacturer of InPen. InPen is the only U.S. FDA-approved smart insulin pen with an integrated diabetes management app.
In March 2022,
Novo Nordisk launched its first smart-insulin pens. The self-injection pen
collects the uploaded data and communicates the current insulin levels of the patient.
The Major Market Players
The Major Players in the Diabetes Injection Pens market
include Novo Nordisk, Sanofi, F-Hoffman, Eli Lily, Merck, AstraZeneca, Pfizer,
Becton Dickinson Company, Owen Mumford and Novartis.
Over the years, market players have advanced the product offering from simple disposable injection pens to smart and reusable injection pens. The product launches along with mergers and acquisitions in the marketplace allow each company to establish a global presence in a highly competitive diabetes management market during the forecast period of 2022-2027.
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