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Diabetes Injection Pens Market - Forecast(2023 - 2028)
Diabetes Injection Pens Market Overview
The Diabetes Injection Pens Market Size is estimated to reach $11.2 billion by 2028 and it is poised to grow at a CAGR of 6.1% over the forecast period of 2023-2028. Diabetic patients use an insulin pen or injection pen 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 at their workplace or at school (for children). 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 providing impetus to both the smart insulin pens industry and non-smart insulin pens, with reusable and disposable attributes. One of the critical differentiators of diabetes pen with that syringes is that the former is shorter and thinner than the latter. The growing prevalence of diabetes along with technological advancements are key market propellers for the Diabetes Injection Pens Industry during the forecast period of 2023-2028.
Diabetes Injection Pens Market Report Coverage
The report: “Diabetes Injection Pens Market Forecast
(2023-2028)" by IndustryARC, covers an in-depth analysis of the
following segments in the Diabetes Injection Pens Market.
Key Takeaways
- Geographically, North America held a dominant market share in 2021. It is because of the increased adoption of injection pens in both homecare settings and healthcare settings in general. Asia-Pacific is also estimated to offer lucrative growth opportunities over the forecast period. It is due to a considerable number of diabetes patients stipulated in the region, adhering to insulin treatment as a measure to control diabetes.
- A growing population base of diabetes in various age groups across the globe is the key driver of the market. However, a growing preference for alternative modes of drug delivery impedes the market growth.
- A detailed analysis of the strengths, weaknesses, opportunities and threats would be provided in the Diabetes Injection Pens Market Report.
Diabetes Injection Pens Market - by Technology
Diabetes Injection Pens Market based on technology can be
further segmented into Smart and Non-smart. The non-smart segment of diabetes
injection pens dominated the market in 2021. It is due to the vast
prevalence of insulin usage in countries where the cases of diabetes are immense,
along with the lower penetration of smart technology. As per WHO
2021, nearly 67% of the diabetic population is situated outside North America
and Europe. However, the sale of insulin accounts for only 40% in that region. Smart technology is estimated to be the fastest-growing segment with a CAGR of
8.7% over the forecast period of 2023-2028. This product
segment has been witnessing a massive number of innovations and adoptions due to the cost-centric, subscription-based delivery model. Additionally, the right amount of insulin, based on the current reading, mitigates the chances of hyperglycemia.
Diabetes Injection Pens Market - by End-users
The Diabetes Injection Pens Market based on end-users can be further segmented into Hospitals & Diagnostics Clinics and Home Care Settings. The home care settings segment held a dominant market share in 2021 and is estimated to be the fastest-growing segment, with a CAGR of 8.9%, over the forecast period of 2023-2028. It is due to the vast availability of independent pharmacies and drug stores throughout the globe that carry the form of a drug-delivery system. Moreover, reusable smart insulin pens are now offering subscription services through which brands such as InPen may cost as less as $35 a year. Furthermore, as per Commonwealth Fund, 2021, nearly 60,000 retail pharmacies and independent pharmacies existed in the U.S. which allowed consumers to practice the use of such an injection type in a homecare setting, at a largely economical price.
Diabetes Injection Pens Market - by Geography
The Diabetes Injection Pens Market based on geography can be further segmented into North America, Europe, Asia-Pacific, South America and the Rest of the World. North America held a dominant market share of 34% in 2021, owing to better availability of overall healthcare infrastructure which supported disease diagnosis and cure. As per CDC, nearly 37.3 million of the entire U.S. population were diabetic in 2021. Due to effective insurance coverage, the sugar injection pen costs about $150 per box of five-3mL insulin-prefilled pens. However, Asia-Pacific is estimated to be the fastest growing region with a significant CAGR over the forecast period due to the rising incidence of diabetes with improving healthcare infrastructure and growth in the med-tech technology sector.
Diabetes Injection Pens Market Drivers
Increasing Prevalence of Diabetes:
According to the International Diabetes Federation, in 2021, nearly 537 million people aged between 20 and 79 suffer from diabetes. In
addition to the following numbers, around 643 million of the entire population
would be termed diabetic by the end of 2030. Diabetes necessitates 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
crucial driver for the market. As per IDF, nearly 1.1 million children and
adolescents across the globe are living with type-1 diabetes, with nearly
132,000 cases diagnosed each year.
Active Support from Leading Agencies such as WHO has Curated an Even Playing Ground with Mapped Strategies:
As per the WHOs 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 WHOs prequalification program for insulin, diabetic pens and other diagnostic tools. The market players have also agreed to submit data on
insulin thermostability to WHO. Furthermore, R&D activities are highly
persuaded to increase the market reach of the best diabetic insulin pens, with
the insulin pen price aimed to be below $300 in the longer run.
Diabetes Injection Pens Market Challenges
A Growing Market Preference for Other Forms of Drug Delivery Systems Along with Impediment Challenges in Insulin Availability:
There are a variety of ways to control diabetes in the market,
which allows for easy substitution, especially for people who have a fear of needlesticks. Insulin pen treatment has also been linked to hyperglycemia
in certain individuals due to the inability to control the dosage. Moreover, as
per WHO Report 2021, one out of every two people needing insulin for type-2 diabetes has no access to insulin. As per NCBI 2019, roughly
40% of patients with type-2 diabetes mellitus in India and Gul Country use
insulin alone or in combination with OADs at any given point in time.
Diabetes Injection Pens Industry Outlook
Product launches, mergers and acquisitions, joint ventures and
geographical expansions are key strategies adopted by players in the Diabetes
Injection Pens Market. The top 10 companies in the Diabetes Injection Pens market are:
- Novo Nordisk
- Sanofi S.A.
- F. Hoffman- La Roche
- Eli Lily and Company
- Merck & Co., Inc.
- AstraZeneca Plc.
- Pfizer inc.
- Becton Dickinson Company
- Owen Mumford
- Novartis AG
Recent Developments
- In March 2022, Novo Nordisk launched its first smart insulin pens. The Novo-Pen Echo Plus and Novo-Pen 6 are insulin self-injection pens that collect data such as how much and when insulin is injected. Then they upload the data to an app through near-field communication (NFC) link so that healthcare professionals and patients may examine it.
- In April 2021, mySugar announced the integration of the Novo Nordisk Novopen 6 and Novo Pen Echo Plus with the company’s primal logbook, on iOS. The following integration is the result of the collaboration agreement between Roche and Novo Nordisk in 2019.
- In August 2020, Medtronic plc (NYSE: MDT), the global leader in medical technology, announced the planned acquisition of privately-held Companion Medical, manufacturer of InPen - the only U.S. FDA-cleared smart insulin pen system paired with an integrated diabetes management app on the market.
Relevant Titles
Report Code: HCR 0415
Report Code: HCR 0278
Report Code: HCR 0574
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