The global insulin pens market is expected to reach US$ 8,862.0 Mn in 2027 from US$ 4,199.7 in 2018. The market is estimated to grow with a CAGR of 8.8% from 2019-2027.
The key factors that are driving the growth of the market are rising incidence of diabetes, growing geriatric population, and increasing adoption of insulin pens over conventional vials and syringes. However, the factors restraining the market growth are high cost of insulin pens and the availability of alternatives to insulin pens in the market. On the other hand, the high potential for market growth in emerging economies is one of the growth opportunities for market players.
In recent years, there has been considerable development in the field of medical drug delivery devices. Insulin administration is a standard procedure in the diabetic population. Traditional insulin syringes have several disadvantages that include the experience of pain by patients due to repeated pricks, discomfort in carrying both insulin bottle as well as a syringe, risk of needle re-use associated infections and needle-stick injuries as well as difficulty in delivering a mixture of two or more liquids together in one syringe. Additionally, self-administration of insulin through syringes and vials is time-taking and difficult that has reduced the adoption of conventional insulin injection methods over the past years and led to increased adoption of injection pens. Thus, the inclination of patients towards insulin injection pens over syringes is expected to be a driving factor to foster the growth of insulin pens market.
Global insulin pens market was segmented by product type, application, and end user. The insulin pens market on the basis of product type is segmented in to disposable and reusable. In 2018, the reusable segment held the largest share of the market, by product type. Moreover, the smart insulin pen caps segment of insulin pens market is expected to witness growth in its demand at a fastest CAGR of 9.9% during 2019 to 2027. Various start-ups and established manufacturers are coming up with the concepts of smart insulin pen caps that turns conventional pen injectors into connected devices that helps to capture treatment information such as date, dose and time of the injection. The ability of these devices to convert traditional pens into technologically advanced injection pens are expected to account for the growth of the segment in the global insulin pens market.
Some of the major primary and secondary sources included in the report for the insulin pens market are World Health Organization, American Diabetes Association, National Institute of Diabetes and Digestive and Kidney Diseases, Diabetes UK, Centers for Disease Control and Prevention, Chinese Diabetes Society, International Diabetes Federation, and others.