Global Insulin Pen Market Projected to Grow at Significant Rate during the Upcoming Period

Published | 09 April 2020

According to BlueWeave Consulting, Global Insulin Pen Market is expected to reach USD 7800 million by the year 2026, at a Compound annual growth rate of 8.8 % during the projection period 2020-2026. Insulin intake is necessary for the management of type 1 diabetes and is more commonly used for the medication of type 2-diabetes. Dose accuracy and easy use drive the demand for Insulin Pen. Insulin Pen was first launched before 20 years and has evolved to provide significant functional advantages compared with the syringe and vial. Insulin Pen devices are now used by diabetic patients globally, but there are marked geographic differences in respect of the use of reusable and disposable pens. In many countries, syringe and vial are still the most popular method of delivering insulin, whereas, in many countries, the use of reusable or disposable pens is more common.

Diabetes is an endocrine health problem that causes high levels of sugar in the blood. For diabetic patients, blood sugar must be monitored carefully using a glucometer. Insulin is necessary to be injected in order to regulate the activity of the pancreas and this can be accomplished using insulin injection pens, either pre-filled disposable or refillable/reusable. It allows smooth and precise dose of insulin. These factors are expected to propel the insulin pen market growth during the forecast period.

An electronic insulin pen was designed for diabetic patient’s dependent on insulin use in order to prevent wrong timing and wrong dosage caused by old age, vision, or mental illness. The insulin pen can be used electronically for routine dose injections and was designed to be able to use manually in the emergency. It is aimed that the patient can set the dose easily by using the relatively simple instructions of the device. Additionally, the device is not supposed to be disposed after its use but can be reused by changing the insulin tube and, the tube chamber is designed to suit all types of insulin with refill application. Dose accuracy is improved with a low error by delivering insulin dose measurements on a sensitive scale.

"Increasing prevalence of diabetes is expected to drive the global insulin pen market.”

Diabetes is a metabolic disorder in both the developed and developing countries. It is estimated that about 371 million people suffer from this disease worldwide and the number is expected to rise up to 552 million by 2030. The rate of prevalence of diabetes is high in Asian countries. About 92.3 in China and 63 million people in India suffer from this metabolic disorder. Diabetes (T2D) reduces the life expectancy by 5–10 years. Prevalence of diabetes is rapidly increasing worldwide as a result of interactions among environmental factors, genetic factors and lifestyle. Furthermore, factors such as population growth, urbanization, aging, and increasing prevalence of obesity and physical inactivity are significantly contributing to the increasing global incidence of diabetics. And aal these developments act as the significant growth drivers for the global insulin pen market.

"Ease of use is expected to the drive the market growth of global insulin pen market."

The insulin pen offers convenience and flexibility in administering insulin dosages to a patient with precision. It, in turn, improves the patient outcomes. Dose accuracy with insulin pens was also reported to be better in many studies in comparison to vials and syringes method, especially at low doses (≤5 IU). All these factors are essential in improving patient adherence to the treatment and also reducing hypoglycemic episodes. The ease of use is likely to trigger more demand for insuling pens in future.

''Reusable Insulin pen segment is expected to dominate the market during the forecast period."

With individual use of the pen device, the probability of infection is minimized. Examples of such reusable insulin pens are Humapen (for both human and analog insulins), NovoPen 3 (for both human and analog insulins), Autopen pen, Optipen, and Wosulin pen. HumaPen MEMOIR (TM) comes with a memory allowing diabetes patients, especially those on multiple mealtime doses, to record and examine their last 16 insulin doses. Insulin pens have shown dose accuracy before and after simulation of 5 years of use across a broad range of temperature and humidity conditions and after mechanical challenges.

These factors help the global insulin market growth during the forecast period.

"Asia Pacific is expected to follow North America as a participant in Insulin Pen Market."

North America is always at advanced stage in healthcare device sector in terms of manufacturing and usage. Insulin medication is deemed to be the center for the treatment of the US diabetic people and the adoption of insulin pens is increasingly significant as compared to the needles and syringes during the projection period. It promises bright market prospects for insulin pens. Asia-Pacific is also estimated to grow at a high CAGR during the forecast period due to the high diabetic population in China, India, and other Asian countries.

Insulin Pen: Competitive Landscape

Insulin Pen market is fragmented due to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that are working together to develop Insulin Pen. 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.

Don’t miss the businessopportunity of the Insulin Pen market. Consult our analyst, gain crucialinsights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Insulin Pen Market size & forecast. The report promises to provide state-of-the-art technology of Insulin Pen and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.

Contact Us:

BlueWeave Consulting & Research Pvt. Ltd

+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662

info@blueweaveconsulting.com