Global Insulin Pen Market, Users, Global Forecast 2023-2028, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis
Global Insulin Pen Market will reach to US$ 73.39 Billion by 2028, according to Renub Research. The advancements in diabetes management technologies have brought about positive changes in patient adherence, monitoring, and techniques. One such example is the insulin pen, which offers distinct advantages over traditional vials and syringes. It enables more precise dosing, improved patient compliance, reduced injection site discomfort, and increased patient satisfaction. By using Human Insulin, diabetes patients can mitigate the risk of lifestyle-related complications like cardiovascular diseases. The growing diabetic population is expected to drive the global insulin pens market, while increased government spending on diabetes aims to introduce innovative therapies and technologies to address the rising prevalence of the condition worldwide. According to International Diabetes Federation 2021, by 2030, it is estimated that the global diabetic population will reach 643 million individuals, and this number is expected to further escalate to 783 million by 2045.
During the forecast period of 2023-2028, the global smart insulin pen market is projected to grow at a steady compound annual growth rate (CAGR) of 5.25%.
The increasing use of connected medical devices worldwide has resulted in a significant adoption of insulin pens, driving market growth. The integration of glucose monitoring devices and therapeutics for effective diabetes management is a prominent trend that positively influences the market. In February 2023, Glooko, a U.S. software company, partnered with Sanofi, a French pharmaceutical company, to integrate SoloSmart with the Glooko platform. SoloSmart is a connected device that works with SoloStar and DoubleStar insulin injection pens. It records insulin dosage, injection details, and enables data visualization in the Glooko app. This collaboration enhances connected care in diabetes management by allowing patients to share their information with healthcare professionals.
The growing prevalence of diabetes, encompassing both type 1 and type 2 cases, has led to a surge in the demand for smart insulin pens globally, fostering market expansion. Improved diagnostics have contributed to a larger population receiving diabetes diagnoses and prescriptions for Human Insulin. The simplicity and accuracy of theses pens have boosted their popularity among individuals. The increasing prevalence of diabetes necessitates awareness of type 1 and type 2 disorders. Key market players conduct various activities to enhance product reach. For example in Aug 2022, Novo Nordisk and Roche signed MoU to improve access to care for underprivileged children with type 1 diabetes in India by providing free diabetes monitoring and management kits. The program also aims to educate healthcare professionals, raise awareness about diabetes management among children and their families. Furthermore, the availability of reusable insulin pens that are easy to refill and offer cost savings has further propelled market growth. Advanced human insulin technology, such as smart pens that sync with mobile apps, calculate doses, track usage, and offer reminders, has boosted the market's growth. In 2022, the global smart insulin pens market reached a significant milestone, with a total market size valued at US$ 53.98 Billion.
Disposable have emerged as the dominant segment in the global insulin pen market, owing to their convenience and user-friendly design.
By Types, the global smart insulin pens market is segmented into Disposable, Reusable, Smart and Insulin Pen Needle. The disposable insulin pen segment holds a prominent position in the global market, with the highest market share among types. These convenient and user-friendly devices have gained immense popularity among individuals managing diabetes. Disposable offer the advantage of simplicity, as they come pre-filled with insulin and eliminates the need for manual filling or cartridge changes. Their compact size and disposable nature make them ideal for on-the-go use and ensure proper dosing accuracy. With increasing prevalence of diabetes worldwide, the disposable market is poised for continued growth, catering to the needs of patients seeking a convenient and efficient method of insulin delivery. With the expanding diabetes population, the insulin pen needles market is likely to expand at a rapid pace throughout the forecast period.
Insulin Pen market size in the China is continuously growing year after year.
By Country, the global smart insulin pens market is divided into United States, India, China, Brazil, Saudi Arabia, United Kingdom, Germany, Netherlands, Sweden, Switzerland and Australia. The smart insulin pen industry in China has witnessed remarkable growth in recent years. With the increasing prevalence of diabetes and the growing demand for more convenient and accurate insulin delivery methods, insulin pens have gained significant popularity among patients. The Chinese market is witnessing the entry of both domestic and international players, leading to a competitive landscape. The government's initiatives to improve diabetes management and enhance healthcare infrastructure have also contributed to the growth of the industry. Moreover, advancements in technology and the introduction of smart insulin pens with integrated features have further propelled the market in China, providing diabetic patients with improved convenience and better control over their insulin administration.
Germany will experience rapid growth in the insulin pen industry in upcoming years. The country's well-developed healthcare system, high prevalence of diabetes, and focus on patient-centric care has contributed to the increasing demand. German patients are increasingly adopting Human insulin due to their ease of use, accurate dosing, and improved convenience compared to traditional insulin delivery methods. Additionally, the government's initiatives to promote diabetes management and advancements in healthcare technology have further fueled the growth of the insulin pen industry in Germany.
Company Analysis
In the global insulin pen industry, major players include B. Braun Melsungen AG, Eli Lilly and Company, Becton, Dickinson (BD), Novo Nordisk A/S, Ypsomed AG, and Terumo Corporation. These companies are at the forefront of innovation, manufacturing high-quality insulin pen devices, and contributing to the advancement of diabetes care. With their extensive expertise and global presence, they play a crucial role in meeting the growing demand for worldwide. These industry leaders are committed to developing user-friendly, reliable, and technologically advanced insulin pen solutions that improve the lives of individuals managing diabetes.
Renub Research latest report “Insulin Pen Market, Global Forecast, By Types Disposable Insulin Pen, Reusable Insulin Pen, Smart Insulin Pen and Insulin Pen Needle), Countries (United States, India, China, Brazil, Saudi Arabia, United Kingdom, Germany, Netherlands, Sweden, Switzerland and Australia), Country Insights (Diabetes Population (Type 1 and Type 2), Market & User Analysis (Insulin Pen Market and Insulin Pen User), Types (Disposable Insulin Pen, Reusable, Smart Insulin Pen and Insulin Pen Needle Market and Reimbursement Policies), Companies (B. Braun Melsungen AG, Eli Lilly and Company, Becton, Dickinson (BD), Novo Nordisk A/S, Ypsomed AG, and Terumo Corporation)” provides a detailed analysis of Global Insulin Pen Industry.
Types – The market has been covered from 4 viewpoints:
1. Disposable Insulin Pen
2. Reusable Insulin Pen
3. Smart Insulin Pen
4. Insulin Pen Needle
Country – The market has been covered from 11 viewpoints:
1. United States
2. India
3. China
4. Brazil
5. Saudi Arabia
6. United Kingdom
7. Germany
8. Netherlands
9. Sweden
10. Switzerland
11. Australia
The above-mentioned countries have been covered from 4 viewpoints:
1. Diabetes Population
• Type 1
• Type 2
2. Market & User Analysis
• Insulin Pen Market
• Insulin Pen User
3. Types – Insulin Pen Market & Users
• Disposable Insulin Pen
• Reusable Insulin Pen
• Smart Insulin Pen
• Insulin Pen Needle Market
4. Reimbursement Policies
Company Insights:
• Overview
• Recent Development
• Revenue
Companies Covered:
1. B. Braun Melsungen AG
2. Eli Lilly and Company
3. Becton, Dickinson(BD)
4. Novo Nordisk A/S
5. Ypsomed AG
6. Terumo Corporation