Global Insulin Pen Market Analysis and Forecast 2019-2028

The global insulin pen market is expected to witness a considerable growth rate of around 7.3% during the forecast period 2022–2028. People diagnosed with type 1 diabetes have to inject insulin on the regular basis. The increasing patient pool of type 1 diabetes is a major factor driving the demand for insulin pens globally. As per the International Diabetes Federation, there were 537 million diabetes patients all across the globe in 2021 which is expected to reach 643 million by 2030, reflecting growth of around 20%. Around 1.2 million children between the age of 0 and 19 years had type 1 diabetes in 2021, out of which around 150,000 were diagnosed in 2021 alone. As per the World Health Organization, more than 9 million people were living with type 1 diabetes in 2021. The large patient base will create a significant demand for insulin pens.

Reusable pens are expected to gain significant traction

Based on product type, the insulin pen market covers the analysis of reusable insulin pens and disposable insulin pens. A disposable insulin pen is a prefilled pen and is a single-use pen that is thrown away once used. Reusable pens permit the insertion of a pen fill (cartridge) and hence allow repeated usage. The needles on a reusable pen should be replaced periodically. Reusable pens are expected to gain significant traction, mainly driven by a growing base of environment and cost-conscious consumers.

Asia Pacific to witness lucrative growth in the global insulin pen market

Asia Pacific is expected to witness significant growth during the forecast period. India and China will be the major countries witnessing an increased demand for insulin pens. The growth is attributed to the presence of a large pool of diabetic patients in the region. As per the International Diabetes Federation, the number of people with diabetes in India is the second highest globally, after China (141 million). A further 40 million adults in India have Impaired Glucose Tolerance (IGT), which places them at high risk of developing type 2 diabetes; this is the second highest number globally.

More than half (53.1%) of people living with diabetes in India are undiagnosed. When diabetes is undetected or inadequately treated, it can cause serious and life-threatening complications, such as heart attack, stroke, kidney failure, blindness, and lower-limb amputation. These result in reduced quality of life and higher healthcare costs and lead to a greater need for access to care. The presence of a high population of diabetes in countries such as China and India create a significant demand for insulin pen for the treatment of diabetes and hence drive the regional growth of the market.

North America and Europe are collectively expected to hold significant market share in the global insulin pen market. Well-established healthcare infrastructure, increased health awareness, significant diabetes prevalence, and the presence of key industry players across the regional economies are boosting market growth. Technological advancements and rising investments in the healthcare sector will create lucrative growth opportunities for insulin pen manufacturers across these regions. Moreover, Latin America and Middle East & Africa are expected to witness a moderate growth rate on the back of the significant prevalence of diabetes.

Market Structure and Competition Landscape

In 2020, the market for insulin pens was stagnant as major companies witnessed a slight decline in sales. Nova Nordisk, the company with the highest share in the insulin market in the world witnessed a downfall of around 3.0% in their insulin segment. Low awareness related to diabetes is one of the major challenges hindering the market growth. Moreover, biosimilar launches in developed economies also impacted market growth.

The global insulin pen market is consolidated in nature with the presence of a few leading companies operating in the market. However, with the approvals of biosimilars, new players are entering the market. Some of the prominent players that contribute significantly to the market growth include Novo Nordisk A/S, Sanofi S.A., Eli Lilly and Company, Medtronic plc, B. Braun Holding GmbH & Co. KG, Owen Mumford Ltd., YpsoMed AG, Biocon Limited, Terumo Medical Corporation, among others. Some of the key developments in the global insulin pen market include:

• In March 2022, Novo Nordisk A/S launched the smart insulin pen NovoPen 6 and NovoPen Echo Plus in the UK market. By the use of this, people can monitor and record dosing information on their smartphones. These pens can record the amount of insulin injected via a near field communication mobile application which can be reviewed by patent and healthcare professionals when required.
• In November 2021, Biocon and Viatris launched an interchangeable insulin biosimilar named Semglee which is a substitute for Sanofi’s diabetes drug Lantus. As per the company, the unbranded version of the biosimilar is 65% economical as compared to Sanofi’s Lantus.
• In May 2021, Roche signed a collaboration agreement with Eli Lilly and Company to work towards optimizing the management of insulin pen therapy. Through this collaboration, Roche aimed to create an open ecosystem including its own and partner devices, solutions and services, across the continuum of care in diabetes.
• In May 2021, in order to integrate data and technology to streamline diabetes management, Eli Lilly and Company signed strategic international agreements with four companies – DexCom, Inc., Glooko Inc., myDiabby Healthcare and Roche. With this alliance, the company aimed to advance connected solutions and streamline care for people with diabetes in markets outside of the US. These companies offer unique diabetes management platforms that will be compatible with Lilly’s Tempo Pen and Tempo Smart Button (currently in late-stage development) to support people with diabetes and healthcare professionals.

Key Market Segmentation

RationalStat has segmented the global insulin pen market based on type, product type, diabetes type, distribution channel, end user, and region.

• By Type
  • Conventional Insulin Pen
  • Smart Insulin Pen
• By Product Type
  • Reusable Pen
  • Disposable Pen
• By Diabetes Type
  • Diabetes Type 1
  • Diabetes Type 2
• By Distribution Channel
  • Hospital Pharmacies
  • Conventional Retail Pharmacies
  • Online Pharmacies
• By End User
  • Hospitals
  • Clinics
  • Homecare Settings
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Western Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • Rest of Eastern Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • ASEAN (Indonesia, Vietnam, Malaysia, etc.)
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Turkey
    • Rest of the Middle East & Africa

Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

• Defining the problem by understanding the type of market and data required by the client.
• Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
• Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
• Evaluating and analyzing the data by referring to data sources utilized and leveraged.
• Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

Secondary Sources

• Annual reports, company filings, investor presentations, product catalogs, and company documents
• Industry and market-related documents available in the public domain
• Paid database including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, Thomson Reuters, among others
• Whitepapers, research papers, and industry blogs.

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