Insulin Pens Market Growth and Forecast by 2031

The Insulin PensMarket was valued at US$ 650.4 million in 2021 and is expected to reach US$ 1,678.4 million by 2031. The market is expected to register a CAGR of 10.2% from 2023–2031. Technological advancement is likely to remain key Insulin Pens Market trends.

Insulin PensMarket Analysis

Rising Prevalence of Diabetes

According to the American Diabetes Association 2024 report, in 2021, 38.4 million Americans had diabetes. Among 38.4 million adults who have diabetes, 29.7 million were diagnosed, and 8.7 million are undiagnosed. Additionally, the International Diabetes Federation 2022 report reveals that North America and the Caribbean account for 51 million, Europe 61 million, Middle East & North Africa 73 million, Africa 24 million, South East Asia 90 million, Western Pacific 206 million, and South & Central America 32 million diabetes cases in 2021. Therefore, medical device companies are expected to develop a strong market base by launching innovative products to monitor glucose levels such as insulin pens. Such innovative product launches encourage multiple companies to create their own platform/device, which will play a crucial role in modernizing diabetes care.  Such advancements in products by the manufacturers drives the market growth during 2021-2031.

Insulin PensMarket Overview

Technology, innovation, and smart technological solutions such as continue to influence Insulin Pens Market significantly. Rising prevalence of diabetes and innovative insulin pens by the manufacturersare the most influential factors responsible for Insulin Pens Market growth. Technological advancement is a key trend for Insulin Pens Market growth. Smart insulin pens will provide lucrative market opportunity  for the Insulin Pens Market growth.

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Insulin Pens Market: Strategic Insights

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Insulin PensMarket Drivers and Opportunities

Innovative Insulin Pens by the Manufacturers to Favor Market

• In September 2022, Medtronic announced launching its first "Smart MDI System" in Europe for people to manage diabetes with multiple insulin injections. The SmartMDI system automatically records real-time glucose values and trends, insulin doses, tracks active insulin, and recommends mealtime and correction doses based on an auto-populated bolus calculator. Additionally, the MDI device can manage diabetes in one place rather than switching between apps; users can see the information in real-time, one-view, making it easier to make smarter dosing decisions to manage glucose levels.
• In October 2022, Novo Nordisk announced the launching of "NovoPen 6" & "NovoPen Echo" Plus, which, new, smart insulin pens that automatically record insulin dosing information about each injection. NovoPen & NovoPen Echo Plus provides insulin dosing information alongside glucose information (from Blood Glucose Monitoring or Continuous Glucose Monitoring) through compatible apps.

Therefore, innovative insulin pens by the manufacturers will assist to monitor blood glucose levels thereby dominating market growth.

Smart Insulin Pens– An Opportunity

A smart insulin pen is a reusable self-injection pen where the data can be sent through an app to a phone, which can help simplify type 1 diabetes management. Also, with the evolution of the insulin pen device, they can gain digital display and memory of the recent insulin doses undertaken. For example, data tracking "caps" or attachments were developed to help disposable insulin pens track doses better. Further, smart insulin pens are designed and simple to use. After being downloaded on a smartphone and paired with a pen, this device can send real-time data to the app via Bluetooth connection. Therefore, a smart insulin pumps offering advance features without the high cost and inconvenience or any discomfort of having device attached to body similar to continuous glucose monitoring device (CGMDs). Therefore, advancements in smart insulin pens will provide lucrative market opportunities will account considerable market share in the coming years for insulin pens market.

Insulin Pens

Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Insulin Pens Market analysis are candidature and services.

• Based on Product Type, the Insulin Pens Market is divided into Disposable, Reusable, and Smart Insulin Pen Caps. The Disposable segment may hold a larger market share in 2023.
• Based on Application, the Insulin Pens Market is bifurcated  into Type 1 Diabetes and Type 2 Diabetes. The Type 1 Diabetes segment may hold a larger market share in 2023.
• Based on Distribution Channel, the Insulin Pens Market is segmented as Hospital Pharmacies, Retail Pharmacies, and Others. The Retail Pharmacies segment may hold a larger market share in 2023.

Insulin Pens Market Share Analysis by Geography

The geographic scope of the Insulin PensMarket report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the Insulin Pens Market. In North America, US accounts considerable share for insulin pens. Presence of top healthcare service providers present in the US, is one of the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.  

Insulin Pens

Insulin Pens Market Regional Insights

The regional trends and factors influencing the Insulin Pens Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Insulin Pens Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Insulin Pens Market Report Scope

Insulin Pens Market Players Density: Understanding Its Impact on Business Dynamics

The Insulin Pens Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Insulin Pens Market are:

1. Novo Nordisk
2. Owen Mumford
3. Sanofi
4. Ypsomed Holding AG
5. Biocon
6. Companion Medical

Disclaimer: The companies listed above are not ranked in any particular order.

Insulin PensMarket News and Recent Developments

The Insulin PensMarket is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in them market for Insulin Pens and strategies:

• In November 2020, Medtronic announced launching of "InPen integrated with real-time1 Guardian Connect CGM data". This new product integrated system provides real-time glucose readings alongside insulin dose information providing users to manage diabetes in one view.

Insulin PensMarket Report Coverage and Deliverables

The “Insulin PensMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles