The global insulin pens market size is valued at US$ 35 billion in 2023. The market is expected to advance at a CAGR of 6.5% during the period 2023 to 2033. The market is all set to be valued at US$ 66 billion by 2033.
The world has been witnessing a huge increase in the number of cases pertaining to diabetes. Poor lifestyle which leads to unhealthy eating patterns is expected to be the major factor. Moreover, the sedentary lifestyle has also led to a number of people turn obese, and gradually start developing the symptoms of diabetes. All these factors are expected to surge the demand for insulin pens during the forecast period.
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Moreover, the presence of reusable and disposable insulin pens has given options to the customers. The patients seeking cost effective options can go in for disposable insulin pens. Those seeking quality might go in for reusable insulin pens.
The smart insulin pens are equipped with the ability to record the past readings. The data that has been recorded in the machine can also be presented in the computer in a way which can help the doctors draw logical conclusion. Apart from that, the ability to regulate the insulin level based on the intensity of diabetes has attracted a lot of potential investors.
The insulin pens are very easy to use, especially for the geriatric population. Apart from that, the application of thin needles in insulin pens does not lead to any serious harm to the skin, unlike the conventional needle stick. This coupled with the ability to save a lot of time because of the pre-set insulin levels has garnered a lot of attention in the market.
The technological advancements in the medical sector, coupled with the rising disposable income is expected to surge the market share going further. However, the development of suitable alternatives is expected to challenge the market growth. Moreover, the regulations set by a few authorities may not be market friendly.
Thus, from the insights provided by FMI research team, it can be concluded that “massive increase in the number of diabetic patients, surging number of people leading sedentary lifestyle, and a number of other factors are expected to surge the insulin pens market share during the forecast period.”
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Key Takeaways:
- The insulin pens market is valued at US$ 35 billion as of 2023.
- By 2033, the market is expected to reach a valuation of US$ 66 billion.
- The market might surge at a CAGR of 6.5% during the forecast period.
- Based on the regional analysis, North America is expected to hold the largest market share.
- USA insulin pens market expected to surge at a CAGR of 6.3%.
- UK market anticipated to grow at a CAGR of 5.8%.
- China market projected to advance at a CAGR of 6%.
- Japan market expected to rise at a CAGR of 5.2%.
- South Korea insulin pens market all set to advance at a CAGR of 4.7%.
- Based on product type, the disposable insulin pens segment is expected to hold the largest market share, and is anticipated to surge at a CAGR of 6.1%.
- Based on distribution channel, the hospital pharmacy segment is projected to hold the highest market share, and is expected to advance at a CAGR of 5.6%.
Competitive Landscape
The key players operating in the market are making massive investments in the R&D to develop top quality insulin pens. Furthermore, the manufacturers are also maintaining strategic partnerships with major players from other niche to focus on capability expansion as well. Apart from that, the focus has also been on the leadership. A lot of key players have appointed some of the most experienced professionals having a good know-how of the sector.
In September 2022, Novo Nordisk and Microsoft collaborated to accelerate drug discovery and development using the big data and artificial intelligence.
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Insulin Pens Market Segmentation
By Product Type:
- Reusable Insulin Pen (Refillable Pens, Bluetooth Connected Smart Insulin Pen, USB Connected Smart Insulin Pen, Cartridge)
- Disposable Insulin Pens
- Smart Insulin Pens Caps
- Insulin Pump
By Indication:
- Type 1
- Type 2
By Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinic
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