Global insulin pen market is expected to reach USD 42.11 Billion by 2026 at a CAGR of 4.82% during the forecast period 2019-2026. Increasing incidences of diabetes in various age groups and rising usage of insulin pen in medical application, supplements, beverages and skin care is likely to spur the growth of the market.
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. Insulin pen is easy to carry and can conveniently be fit with specific refill filled with insulin. It also prevents the patient from the cumbersome procedure of extraction with a syringe from the insulin bottle, thereby, reduces embarrassment in public and supplies convenience for poor vision and even blindness sufferers.
- The base year for the study has been considered 2018, historic year 2017 and 2017, the forecast period considered is from 2019 to 2026. The insulin pen market is analysed on the basis of value (USD Million) and volume (Thousand Units).
- The study delivers a comprehensive analysis of global insulin pen market by type, application and regions.
- The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The report emphasizes on all the key trends that play a vital role in the enlargement of the market from 2019 to 2026.
- Porter’s Five Forces model is used in order to recognize the competitive scenario in the global insulin pen market. This report incorporates the industry analysis which is focused on providing an extensive view of the insulin pen market.
- The study also includes attractiveness analysis of type, application and regions which are benchmarked based on their market size, growth rate and attractiveness in terms of present and future opportunity for understanding the future growth of the market.
- The report provides company profile of the key players operating in the insulin pen market and a comparative analysis based on their business overviews industry offering, segment market share, regional presence, business strategies, innovations, mergers & acquisitions, recent developments, joint venture, collaborations, partnerships, SWOT analysis, and key financial information.
- The market estimates have been evaluated by considering the effect of different political, economic, social, technological and legal factors which are based on our extensive secondary research, primary research, and in-house databases.
- Increasing incidences of diabetes in various age groups
- Growing R&D activities
- Rising usage of insulin pen in medical application, supplements, beverages and skin care
- Safety concerns related to usage of infusion pen and strict rules for new products development
- Technological improvements in insulin infusion devices.
- New products development is also considered as an important market trend
- Entering the U.S. market is one of the major challenges for insulin pen market as these markets are dominated by infusion pump.
Global Insulin Pen Market Key Findings:
All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
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 by accounting the highest revenue around USD 11.62 billion 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 application segment is segmented into hospitals, clinics and the chemist’s shops. The chemist’s shops segment is dominating the market with the highest share of 49.22% in 2018. 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.
Regional Segmentation Analysis:
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region dominated the global insulin pen market with market share of 39.44% in 2018 where as the Asia Pacific region is growing rapidly in the market.
- 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 market.
- Asia Pacific is anticipated to grow rapidly due to the rising cases of diabetes in India and China. Also, as a disposable insulin pen is easier to use than the reusable variety, the global disposable insulin pen market potential is fairly high and is likely to increase in the coming years.
Global Insulin Pen Market Competitive Analysis:
Key players in the insulin pen market are Novo Nordisk, Sanofi, Smiths Medical, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, Insulet Corporation. For instance, in March 2017: Toujeo by Sanofi and Max SoloStar was approved by the US FDA and are the long-acting insulin pen with the highest capacity that will be offered in the market.
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This study forecasts revenue and volume growth at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global insulin pen market on the basis of below mentioned segments:
Global Insulin Pen Market, By Type:
- Reusable Insulin Pen
- Disposable Insulin Pen
Global Insulin Pen Market, By Application:
- The Chemist’s Shops
Global Insulin Pen Market, By Regions: