Global Insulin Pen Market is expected to grow at a CAGR of 4.82% during the forecast period 2019-2026
A new research report published by Fior Markets with the title Insulin Pen Market by Type (Reusable Insulin Pen, Disposable Insulin Pen), Application (Hospitals, Clinics, The Chemist’s Shops), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019 to 2026.
As per the report published by Fior Markets, the global insulin pen market is expected to grow from USD 22.15 Billion in 2018 to USD 42.11 Billion by 2026 at a CAGR of 4.82% during the forecast period 2019-2026. North America region is dominating the market because with the increasing number of diabetic patients, it becomes necessary to use insulin pens correctly. The rising diabetic population and the convenience of technologically advanced devices are the factors contributing to the growth of the global insulin pen market.
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Leaders in the industry include Novo Nordisk, Sanofi, Smiths Medical, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, Insulet Corporation, and among many others. The companies are adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership to maintain their presence in the global market. For instance, in 2019, Abbott entered into the partnership with Novo Nordisk to share insulin pen data with CGM system. This partnership will integrate insulin dose data from Novo Nordisk’s pre-filled, connected pens with digital health tools compatible with Abbott’s FreeStyle Libre system. Furthermore, this integration will enable health care professionals, caregivers and people with diabetes to view glucose and insulin data together. This will help them make more informed treatment decisions.
The insulin pen market is segmented on the basis of type and application. The type segment is segmented into reusable insulin pen and disposable insulin pen. The reusable insulin pen segment has dominated the market with the highest market share of 52.48% in 2018. It contains a replaceable insulin cartridge which is when emptied, the cartridge can be discarded and a new one can be installed. A person must replace the disposable needle after each injection of insulin. With proper care, reusable insulin pens can last for several years. The reusable insulin pen can be of the refillable, Bluetooth connected or USB connected insulin pens. These type of insulin pen are widely used in the devices for the administration of insulin among diabetic patients, mostly in developed countries. However, disposable insulin pen segment hold a significant market share in the global insulin pens market and is anticipated to grow with highest CAGR of 5.11% during the forecast years. The application segment is segmented into hospitals, clinics and the chemist’s shops. The chemist’s shops segment is dominating the market with the highest market share of USD 10.90 Billion in 2018. Chemists are the most preferred medium for players in the disposable insulin pen market. Chemists are the most preferred medium for players in the disposable insulin pen market. Once a patient is diagnosed with diabetes, the need for hospitalization decreases compared to insulin administration by the patient. Most patients rely on diagnostic centers for getting their tests done and are likely to obtain their insulin pens from the chemist once the test results are positive. Therefore, a patient is likely to go the chemist for obtaining these pens, thereby fuelling the growth of disposable insulin pen in the chemist shops.
Insulin pen is defined as a type of insulin injection device which is slightly larger in size than the pen, insulin refill in the pen. Increasing incidences of diabetes in various age groups has stimulated the growth of global insulin pen market. Growing R&D activities and rising usage of insulin pen in medical application, supplements, beverages and skin care are another two factors contributing to the global insulin pen market expansion. But safety concerns related to usage of infusion pen and strict rules for new products development may pose a major threat to the product. However, technological improvements in insulin infusion devices is likely to propel the growth of the global insulin pen market globally in coming years.
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