Insulin Pens Market is anticipated to grow at a CAGR of 6.7% during the forecast period 2021-2031

Global Insulin Pens Market is expected to reach $10.1bn by 2031 growing at a CAGR of 6.7% between 2021 and 2031.

New York, According to a new market research report published by Global Insight Services Insulin Pens Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

An insulin pen is an infusion device used to infuse insulin into diabetic patients. Patients suffering from type 1 diabetes prefer insulin pens for their management. Insulin pen overtures simpler administration of insulin into the body. It provides more precise dosages and less pain compared to vials and syringes and is also preferred by clinicians and patients. Insulin pen supports in improving quality of life and reducing fear of hyperglycemia. The low cost of insulin pens increases their affordability among the g different groups group of people the insulin pens comprise two categories including reusable and disposable insulin pens. A prefilled insulin pen is a disposable pen that is preferred by people for insulin infusion. Insulin pen needles are shorter and thinner than syringes.

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Market Drivers

Increasing prevalence of diabetes across the globe

Diabetes is a chronic disease that occurs either when the pancreas is unable to synthesize enough insulin or when the body cannot effectively use the insulin prepared by it. Insulin is a hormone that regulates blood sugar. Hyperglycaemia is a common effect of uncontrolled diabetes and over time leads to serious damage to many of the body's systems, majorly the nerves and blood vessels. In 2014, 8.5% of adults aged 18 years and older had diabetes. In 2019, diabetes was the direct cause of 1.5 million deaths and 48% of all deaths occurred before the age of 70 years. Between 2000 and 2016, there was a 5% increase in premature mortality rates (i.e., before the age of 70) from diabetes. In high-income economies, the premature mortality rate due to diabetes decreased from 2000 to 2010 but then increased from 2010-to 2016. Likewise, in lower-middle-income economies, premature mortality owing to diabetes raised across both periods.

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Market Opportunities

Growing healthcare spending on the treatment of Diabetes

The American Diabetes Association (ADA) released research on March 22, 2018, estimating the total cost of diagnosed diabetes has grown to $327 billion in 2017 from $245 billion in 201 when the cost was last examined. This figure represents a 26% increase over five years The largest components of medical expenditures are: hospital inpatient care (30% of the total medical cost), prescription medications to treat complications of diabetes (30%), anti-diabetic agents and diabetes supplies (15%) and physician office visits (13%). People with diagnosed diabetes incur average medical expenditures of $16,752 per year, of which about $9,601 is attributed to diabetes. On average, people with diagnosed diabetes have medical expenditures approximately 2.3 times higher than what expenditures would be in the absence of diabetes.

Insulin Pens Market by Product Type

The various product types comprised in the global insulin pens market are reusable insulin pens and disposable insulin pens. The reusable insulin pen segment is also sub-segmented into refillable pens, Bluetooth-connected smart insulin pens, USB-connected smart insulin pens, and cartridges.

The reusable insulin pen is likely to dominate the insulin pen market at a CAGR of XX% during the projection period. The factors such different advantages of reusable pens, the most significant benefit comprise durability which assists in removing a barrier of large space required for disposable insulin pens and flexibility in carrying a 3-5-day supply. Meanwhile, the reusable insulin pens are more accurate in terms of fulfilling the dose accuracy according to international standards (ISO-11608-1).

Market Players of Global Insulin Pens Market

The key players of global insulin pens market are B. Braun Melsungen AG, Eli Lilly and Company, Artsana S.p.A., BD, Sanofi, Owen Mumford Ltd., Ypsomed AG, TERUMO CORPORATION, HTL-Strefa, Biocon, Julphar and Novo Nordisk among others.

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Reasons to buy Insulin Pens Market Report:

• Develop comprehensive understanding of market landscape - industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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