Insulin Pens Market Prospects and Growth Assessment 2031
According to Future Market Insights (FMI), the demand for insulin pens is expected to rise considerably in the coming decade, enabling the market to surpass a valuation of US$ 30,407.5 Mn by the end of 2021.
Insulin pens are used by diabetes patients to avoid problems including cardiovascular diseases that may arise from this lifestyle-based ailment. To overcome problems related to conventional methods of insulin administration, insulin pens make the process easier and faster.
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According to the WHO, approximately 1.2 million deaths were caused due to diabetes in 2019 globally. To reduce the number of deaths or sufferings due to diabetes, the development of innovative techniques and products for the treatment and maintenance of diabetes is essential.
Type 2 diabetes cases are common, but it can be prevented or delayed by a healthy diet, consistent physical activity, maintaining a standard body weight and avoiding the use of tobacco. Diabetes can be treated or managed with medicines and regular checking and treatment. Increasing focus on innovative medical products and research are increasingly driving a transition towards insulin pen by diabetes patients.
Leading manufacturers in the insulin pen market are strengthening their market position through collaborations with various health and research organizations. Governments in developed and developing countries are actively taking initiatives to encourage innovative medical products.
For instance, in November 2020, Medtronic introduced CGM integrated smart insulin delivery pen to manage multiple daily dosage insulin injections. Similarly, Insulet expanded its offering of OmipodDASH into additional countries such as Sweden, Finland, Norway, and Denmark.
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.
“Increasing prevalence of diabetes, technological advancements and rising investments in the healthcare sector will create lucrative growth opportunities for insulin pen manufacturers through the assessment period in 2031,” says the Future Market Insights analyst.
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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.