It is projected that the insulin delivery pens market sales will increase at a compound annual growth rate (CAGR) of 8.0% to reach US$ 48.6 billion by the end of 2032 from US$ 22.4 billion at the end of 2022. In 2021, Future Market Insights conducted a study that revealed that the market share of smart insulin pens was roughly 34.6%.
The Insulin Delivery Pens Market is experiencing a notable surge, fueled by the increasing prevalence of diabetes worldwide and advancements in insulin delivery technology. These pens offer a convenient and discreet way for patients to administer insulin, promoting better adherence to treatment regimens and improving overall disease management. As healthcare systems strive to enhance patient outcomes and reduce the burden of diabetes-related complications, the demand for insulin delivery pens continues to grow steadily. With a focus on innovation and patient-centric design, manufacturers are introducing features such as customizable dosing options, enhanced needle technologies, and connectivity capabilities to meet the evolving needs of users.
Global Insulin Delivery Pens Market: Dynamics
Several factors contribute to the growth of the global insulin delivery pens market. One major driver is the move towards value based compensation models for therapies from unit priced payment models that are more commonly used to self-administer treatment for chronic diseases like diabetes. The shift is prominently seen in regions such as U.S. and Europe. This shift, in turn, results in increased demand for technology driven insulin delivery systems with higher levels of accuracy and patient compliance in addition to providing patients with the necessary coaching and education.
The demand for smart insulin pens has also increased globally as healthcare stakeholders seek to gather useful information from clinical trials and the real world environment. Also, diabetes being chronic and a very expensive disease, people look for options to reduce the expenses related to the regular check-ups of diabetes. Smart insulin pens help patients keep a check on their diabetes with all the necessary dosage data pertaining to the disease and its effective management.
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Insulin pens are used as an effective solution for diabetes management. With the current technological advancements, insulin now comes with different variants like reusable pens that can be used by just loading insulin cartridges available in packs. Disposable insulin pens contain a prefilled cartridge and the entire pen is disposed or thrown away providing convenient delivery of insulin. Smart insulin pens are the latest advancement in diabetes management.
These smart insulin pens are either Bluetooth enabled wireless devices allowing automatic data sharing or devices that require data sharing with a dedicated USB data cable. These pens also come with a feature incorporating a clinician configured bolus calculator with the ability to deliver multiple insulin doses every day safely and discreetly. A new research report by Future Market Insights titled ‘Insulin Delivery Pens Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017 to 2027)gives an overview of the global insulin delivery pens market along with a comprehensive market forecast for the period 2017-2027.
Global Insulin Delivery Pens Market: Segmental Highlights
The global insulin delivery pens market is segmented into various segments based on product type, indication, distribution channel and region. The report presents the analysis of every market segment along with the yearly growth rate, revenue share and pricing analysis. Some of the key segmental highlights from the report are as under:
- Among the regional markets, North America is expected to emerge the dominating market in terms of revenue, with a market value of almost US$ 2,000 Mn in 2017 and an estimated market value reaching over US$ 5,500 Mn by the end of forecast period in 2027.
- In the product type segmentation, the reusable insulin pens segment is anticipated to dominate the market in terms of revenue share. Within the reusable insulin pens segment, refillable insulin pens is projected to stay at a high market valuation throughout the forecast period, reaching an estimated US$ 9,183.0 Mn by 2027 end at a CAGR of 10.2%.
- By indication, the market is categorised into Diabetes Type 1 and Diabetes Type 2, among which the Diabetes Type 2 segment leads the market with a market valuation expected to reach over US$ 12,300 Mn by the end of 2027, growing at a CAGR of 10.5% during the forecast period.
- In the distribution channel category, the hospital pharmacy segment is expected to remain dominant, with a market value of over US$ 1,900 Mn in 2017. This segment is in close competition with the online sales segment, which is ahead of the hospital pharmacy segment in terms of CAGR, with a growth rate of 11.7% during the forecast period.
Global Insulin Delivery Pens Market: Competitive Landscape
This research report includes a brief profile of some of the major players in the global insulin delivery pens market. These descriptive profiles provide information on the overall development of the companies along with their future strategies. Some of the companies featured in the report are Sanofi S.A., Companion Medical, Inc., Patients Pending Ltd, Diamesco Co., Ltd., DiabNext, Owen Mumford Ltd, and Emperra GmbH E-Health Technologies.
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Key Segments Covered in Insulin Delivery Pens Market Report
By Product:
- Reusable Insulin Pens
- Disposable Insulin Pens
- Smart Insulin Pens
By Technology:
- Non-Smart Injectors
- Smart Injectors
- Artificial Intelligence (AI) & Machine Learning Integrated
- Near Field Communication(NFR)
- Cloud Computing
- Bluetooth
By Distribution Channel:
- Hospital Pharmacies
- Drug Stores
- Retail Pharmacies
- Online Pharmacies
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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