Global Insulin Pen Market by Product Type (Disposable, Reusable), By Distribution Channel (Online Pharmacies, Hospital Pharmacies, Retail Pharmacies, diabetes Clinics), By Application (Type 1 Diabetes, Type 2 Diabetes), By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26
Published:
April 2020
Report Code:
BWC20010
Available Format:
PDF PDF Icon
Pages:
186

insulin pen market bwc20010

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Global Insulin Pen Market Forecast and Trends

The Global Insulin Pen market was around USD 4300 million in 2019 and projected to reach the valuation about USD 7800 million by the year 2026 by growing at a CAGR of 8.8% during the forecast period 2020-2026. The key factors that are propelling the global insulin market growth of the market are rising incidence of diabetes, increasing geriatric population, and increasing adoption of insulin pens over the conventional syringes and vials. With technological advancements, insulins pens are developed with advanced features. The insulins pen can record insulin dosages as well as time logs. The purpose of developing a smart insulin pen is to prevent extra dosages, to keep a systematic record of dosage, and to convert dosage knowledge to computer-based reports.    

The Insulin pen has grown in demand due to its portability, usability, a record of the proper usage, and less pain as compared to injection. It has been observed that the usage of insulin pens in high-income countries, middle-income countries, and low-income countries was increasing significantly. These factors are expected to drive the global demand for the insulin pen.

 Nevertheless, the factors restraining the market growth are the high cost of insulin pens and the availability of alternatives to insulin pens in the market. On the other hand, the high potential for market growth in developing economies is one of the growth opportunities for market players.

 

Global Insulin Pen Market: Overview

Strict glycemic control benefits in reducing complications and mortality in patients with diabetes. There has been a great improvement in the number of patients reaching the target glycemic control. This has been made possible as the result of advances in medical science since the discovery of insulin. Insulin has been the backbone of therapy for all subjects with type 1 diabetes and the majority of type 2 diabetic cases. Still, there are several barriers to insulin therapy that need to be approached. One of the most significant barriers is the use of a conventional insulin delivery process, which continues to be time-consuming, inconvenient, cumbersome, and to some extent, painful also. Moreover, insulin dosing via syringe is linked with a high risk of dosage errors, with as many as 80% of patients carrying out some aspect of insulin treatment via syringe incorrectly. Insulin remains the mainstay in the treatment of diabetes. One of the most significant barriers to insulin therapy is the use of a conventional insulin delivery system, which remains time-consuming, inconvenient, cumbersome, and painful. Insulin dosing via syringe is linked with a huge risk of dosage errors. The modern pen devices have numerous advantages over conventional insulin delivery technique. The user-friendliness and comfort of injection make the initiation of insulin easier. The efficiency of the use of insulin pens and the flexibility of including insulin injections into a busy lifestyle improves diabetes control with much less effort while maintaining the quality of life for diabetic patients. Reusable and prefilled pens are also available in the market.

 

Growth drivers

Rising incidence of Diabetes

The incidence of diabetes is rising significantly worldwide. The prevalence of hypertension, obesity, prediabetes, alcohol consumption, and urbanization increased, and the consumption of fruits and vegetables decreased, these are the potential factors of the increasing prevalence of type 2 diabetes.

Easier to use

Many people used syringes and needles for a long time. Industries and experts aimed at ways to bring insulin into the body that are cheaper, less harmful and more comfortable. Today, a number of users use the insulin pens. These have higher as compared to vials and syringes.

Pen insulin are more comfortable, less painful, and simpler to store and to transport. They effectively combine vial and syringe, allowing for greater accuracy in the dose and easier dosage administration. Be sure to follow the labeling directions carefully, and store insulin once opened in a cool and dry place. Insulin alone can only manage diabetes, so it is an important to regulate blood sugar by keeping a healthy diet and workout routine alongside any prescription drugs.

Restraint

High Cost

The procurement cost of insulin pens is high than that for vials and syringes, although a higher acquisition cost may be negated by lower health care utilization rates and fees. As outpatients, most patients incur a small incremental out-of-pocket expense for the use of insulin pens instead of vials and syringes. Some outpatients, though, lack insurance coverage for pens or have a higher copayment for pens than vials and syringes.

Global Insulin Pen Market: Product Type

Based on Product Type, the Global Insulin Pen Market segmented into Disposable, and Reusable. Reusable segment is expected to dominate the product type during the forecast period owing is growing demand as it can be used again, and will cost lesser then the disposable type insulin pen. These factors are expected to help the global insulin pen market to grow. An insulin cartridge is inserted into the delivery chamber of the pen in reusable pens. This provides for more versatility for patients (i.e., adjusting drug forms without needing to purchase another pen if the dosage changes), so it can be more affordable than utilizing prefilled pens. The reusable pens are built for longer service life, in addition to being robust and simple to use. The chance of infection is reduced with individual use of the pen device.

Global Insulin Pen Market: Application

Based on Application, the Global Insulin Pen Market segmented into Type 1 Diabetes, Type 2 Diabetes. Type 2 Diabetes is expected to grow at a significant rate during the forecast period. While initially oral medicine and behavioral improvements, such as exercise and weight loss, can be able to control the disease, most people with type 2 diabetes still need to take insulin by injection. Having the switch is much better than it used to be as most patients begin with a long-acting insulin that doesn't have to suit the consumption of foods.

The preloaded insulin pens substitute insulin which has to be drawn through a syringe. Patients can always be nervous about giving themselves injections, but the transition is always easy since the needle is so tiny.


Global Insulin Pen Market: Regional Insights

Based on region, the global COVID-19 Testing Kit market segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is anticipated to dominate the global insulin pens market during the projected period due to the high prevalence of diabetes as well as expensive healthcare spending on the treatment of diabetes globally. Technological advancements in the insulin pen are also expected to boost the adoption of insulin pens in the North American region.

Europe is expected to grow at a significant CAGR due to the patients 'incremental change to self-care rather than dependence. Because of the larger number of diabetic patients, Asia Pacific is expected to experience a comparatively higher CAGR. In addition, major industry players are expecting the introduction of intensive consumer penetration strategies to contribute to increased acceptance of insulin pens in the region during the projected period.


Competitive Landscape

The leading companies of Insulin Pen Market are Owen Mumford, Ltd., Novo Nordisk A/S, Companion Medical, Berlin-Chemie Ag, Pendiq Gmbh, Emperra GmbH E-Health Technologies, Eli Lilly and Company, Ypsomed Ag, Sanofi, Biocon. and other prominent players.

Recent Development

Ø     March, 2020: Sanofi, the vaccines global business unit of Sanofi, and Translate Bio, a clinical-stage messenger RNA (mRNA) therapeutics company, will collaborate to develop a novel mRNA vaccine for COVID-19. This collaboration leverages an existing agreement from 2018 between the two companies to develop mRNA vaccines for infectious diseases.

Ø     July, 2019: Owen Mumford, a global leader in medical devices announced that it has signed an exclusive agreement with Osaka-based NIPRO CORPORATION. The agreement allows for the distribution of UniSafe® supporting the growing focus of safety within the innovative and established Japanese healthcare market.

 Scope of the Report

Attribute

Details

Years Considered

Historical data – 2016-2019

Base Year – 2019

Forecast – 2020 – 2026

Facts Covered

Revenue in USD Million

Market Coverage

U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia

Product/Service Segmentation

By product type, distribution channel, application, with Region

Key Players

Owen Mumford, Ltd., Novo Nordisk A/S, Companion Medical, Berlin-Chemie Ag, Pendiq Gmbh, Emperra GmbH E-Health Technologies, Eli Lilly and Company, Ypsomed Ag, Sanofi, Biocon. and other prominent players.

 

By Product Type

Ø  Disposable

Ø  Reusable

 

By Distribution Channel

Ø  Online Pharmacies

Ø  Hospital Pharmacies

Ø  Retail Pharmacies

Ø  Diabetes Clinics

By Application

Ø  Type 1 Diabetes

Ø  Type 2 Diabetes

By Region:  

Ø  North America

Ø  Europe

Ø  Asia Pacific

Ø  Latin America

Ø  Middle East & Africa

The objective of the Study:

Ø  To analyze and forecast the global Insulin Pen Market size of the market in terms of value.

Ø  To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting.

Ø  The Global Insulin Pen Market segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, Middle East & Africa and their leading countries.

Ø  To outline, categorized, and forecast the global Insulin Pen Market based on the product type, distribution channel, and application.

Ø  To examine competitive developments like technological advancement, services, and regulative framework within the global Insulin Pen Market.

Ø  To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges.

Ø  To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.

 



 





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