The Insulin Pens Market has expanded dramatically over the last several years, and it is projected that this growth will continue. The method that insulin is administered has been transformed by the invention of insulin pens, which are both convenient and effective. Because they are designed to deliver insulin in precise quantities, these pens are a popular choice for diabetic patients seeking ease of use and improved glycemic control.
One of the key factors influencing the popularity of insulin pens is the rising prevalence of diabetes worldwide, as well as public awareness of diabetes care and technological advancements in insulin pens. Due to their portability and simplicity, these pens have also been frequently utilised, particularly by the elderly and those with mobility issues.
Moreover, insulin pen manufacturers have been continuously investing in research and development to introduce innovative features, such as smart insulin pens that can integrate with digital health platforms. These advancements have not only improved patient compliance but also facilitated better disease monitoring and data analysis.
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Between 2023 and 2033, the market for insulin pens is projected to grow at a CAGR of 6.5%. The market is expected to be worth US$ 35 billion by 2023. The market is projected to be valued US$ 66 billion by 2033. According to Future Market Insights (FMI), the market for insulin pens is expected to grow dramatically over the next ten years, reaching a value of US$ 30,407.5 Million by the end of 2021.
Due to their simplicity and usability, insulin pens have become more and more popular. They do away with the requirement for manually drawing and measuring insulin doses with the use of a pre-filled cartridge and disposable needles. It is a hassle-free solution for patients to adjust their desired dose, especially for those with limited dexterity or visual impairments.
Key Takeaways from Insulin Pen Services Market Study:
- Reusable insulin pens are expected to account for over 49% the global market share by 2031, supported by a growing base of environment and cost-conscious consumers.
- Hospital pharmacies will account for 33.8% of the market share in 2031. The soaring influx of patients for treatment and intensive care support supports growth.
- The U.S. is projected to be the fastest-growing regional market with a CAGR of 5.6% through 2021-2031 owing to the matured healthcare sector of the country.
- The U.K. and Germany are leading markets in Europe, accounting for more than 18% and 25% in 2021.
- China is the largest and fastest growing market in East Asia, exhibiting a 4.7% CAGR through 2031.
- Australia is leading the Oceania market, accounting for more than 85% of insulin pen revenues in 2021.
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Who is winning?
The global insulin pen market is set to expand due to the rising prevalence of type 1 and type 2 diabetes. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the ailment, besides offering effective patient care.
Some of the leading players in the insulin pen market include but are not limited to NovoNordisk A/S, Sanofi, Eli Lilly, Diamesco Co., Ltd., BigFoot Biomedical, Inc, Medtronic plc, Emperra GmbH E-Health Technologies, YpsoMed AG, and DUKADA Aps.
Insulin Pens Market by Category:
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
Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinic/Center
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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