Insulin Pens Market

Market Overview

The global insulin pens market size was valued at USD 1,159.09 million in 2022. It is estimated to reach USD 1,954.86 million by 2031, growing at a CAGR of 6.06% during the forecast period (2023–2031). 

The rise of the insulin pens market can be attributed to the proliferation of new insulin pens and the subsequent increase in product introductions in recent years. An insulin pen is a needle-equipped injecting device that delivers insulin to the subcutaneous tissue. Insulin pens are utilized by individuals diagnosed with diabetes to administer the essential hormone insulin by injection. Insulin pens are also equipped with both a disposable needle and a disposable cartridge. Insulin pens do not prevent the requirement for subcutaneous injections using needles. The process of measuring and delivering insulin is made more straightforward by their simplification.

A single insulin dose from an insulin pen can range from 0.5 to 80 units. They can provide insulin in doses of one unit, one and a half units, or two. The utilization of insulin pens is experiencing a surge in popularity, with a growing number of individuals diagnosed with diabetes expressing a preference for their use in insulin administration. They make delivery easier, more accurate, and more convenient than using a vial and syringe. The insulin pens are a perfect option for people constantly on the go because they are compact and portable, loaded with medication, and include a syringe all in one device.

Market Dynamics

Global Market Drivers

Rising Prevalence of Diabetes

Diabetes has a global prevalence of approximately 463 million individuals. Thus, the high prevalence of diabetes will likely accelerate the demand for insulin pens to better manage the patient's health. Developing nations exhibit a higher susceptibility to diabetes in comparison to developed countries. Young children are also affected by diabetes in these regions due to childhood obesity, a significant risk factor.

In developed countries, only older people are affected by diabetes, whereas in developing countries, adults and elderly people over 65 are also prone to diabetes. One in 11 adults in the 0-79 age group is affected by diabetes, especially type II, due to lifestyle changes. High-income countries are majorly accounting for the Type I diabetic population. In 2017, there were 9 million patients, most of whom live in high-income countries. Therefore, the increasing prevalence of diabetes is propelling the growth of the insulin pen market worldwide.

Growth in Product Launches

The emergence of technologies to manage diabetes has improved patient adherence, technique, and monitoring. These emerging technologies in the insulin pens market are proof of the market's continuous growth. From 2016–2021, there have been increased product launches. For instance, Novo Nordisk 2020 launched NovoPen Echo Plus and NovoPen 6. Similarly, in 2017, the German company Pendiq Intelligent Diabetes Care launched Pendiq 2.0 smart insulin pens.

The increase in the adoption of insulin pens in recent years has fueled competition among manufacturers to develop more advanced insulin pens, compelling top manufacturers to remain at the leading position and come up with improved technologies in insulin pen systems to make them more convenient, easy to use, accurate, and cost-effective for patients. Therefore, increased innovative insulin pens and increased launches in recent years are driving the insulin pens market growth.

Global Market Restraint

Large Population with Undiagnosed Diabetes 

Undiagnosed populations are one of the major limitations for the growth of the insulin pens market. Undiagnosed diabetes can adversely affect the quality of life. According to several government reports, around 179.2 million people remain undiagnosed for diabetes globally. The prevalence of undiagnosed diseases is also observed in low-income countries.

In addition, Africa is known to have the highest undiagnosed diabetic population compared to other regions. Approximately 13.4 million people in the region are not diagnosed since 62.3% of the population does not know about the disease. In Southeast Asia, an estimated 57% of the population has diabetes that has not yet been diagnosed. This creates significant obstacles to insulin pen usage for diabetes management.

Global Market Opportunities

Increased Demand for Smart Insulin Pens 

Smart insulin pens are second-generation insulin pens that offer better diabetes management systems. They help manage diabetes by improving insulin administration and continuously tracking it. The adoption of insulin pens has been high in recent years. An increase in the target population, better health management, and long-term cost-effectiveness of smart insulin pens are driving the growth of products in the market. The precise administration of insulin is regarded as a highly desirable product characteristic.

Europe is predicted to witness the highest smart insulin pens market growth, bringing in nearly USD 85.34 million by 2027, based partly on the high current utilization of such pen devices. In recent years, manufacturers have increased due to the rising demand for insulin pens. Numerous startups and small enterprises undergo mergers and acquisitions by prominent industry leaders. They partner with small companies or design their insulin pens. Therefore, the demand for insulin pens will create opportunities for key players to foster market growth.

Regional Analysis

Europe Dominates the Global Market

Based on region, the global insulin pens market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Europe is the most significant global insulin pens market shareholder and is anticipated to exhibit a CAGR of 5.75% during the forecast period. The total prevalence rate of diabetes in 2019 was 8.9% in adults aged 20-80. In Europe, the number of people with diabetes in 2019 was about 59 million and is expected to reach around 66 million and 68 million in 2030 and 2045, respectively, according to IDF. Europe has the highest prevalence of type 1 diabetes among children and adolescents (0-19 years), with 296,500 cases. In 2019, the total diabetes-related health expenditure in the European region was estimated to be USD 161,400 million.

In recent years, European countries have adopted smart insulin pens due to advantages like accuracy, ease of use, convenience, and cost-effectiveness over conventional insulin pens and other traditional insulin delivery devices. Patients can also get good insurance coverage for diabetes treatment, making insulin pens more affordable. In Germany, Emperra launched the world's first smart insulin pen, ESYSTA, with CE-approved Bluetooth wireless technology. Pendiq 2.0 digital insulin pen (smart insulin pen) is also sold by a German company, Pendiq Intelligent Diabetes Care, and is available only in Germany. All these factors together contribute to the regional market expansion.

North America is estimated to exhibit a CAGR of 6.17% over the forecast period. North America has the second-highest number of children and adolescents with type 1 diabetes, almost 225,000. The US alone accounts for almost 78% of the total. The total health expenditure for diabetes in North America was 324.5 billion in 2019 among adults and is expected to reach 338.8 billion and 346.7 billion in 2030 and 2045, respectively. However, the increasing prevalence of diabetes over the past years in the North American region has increased the health expenditure on diabetes treatment due to poor lifestyle, with an increasing prevalence of obesity and decreased consumption of healthy diet.

In addition, the utilization of insulin pens in North America is comparatively lower than that of insulin vials and syringes. This discrepancy can be attributed to several factors, including inadequate physician endorsement, the elevated cost associated with insulin pens, and the limited extent of insurance coverage. Combining two distinct forms of insulin within an insulin pen is also not feasible. These factors are restraining the growth of the market compared to other regions.

In the Asia-Pacific region, China has the highest number of diabetes patients, with about 13% prevalence in 2021. Large populations with unhealthy diets, lack of physical activities, and obesity are the major factors increasing the prevalence of diabetes in China. In recent years, the Asia-Pacific region has increased the use of insulin pens over syringes and vials. Compared to Europe, Asia-Pacific countries are still adopting smart insulin pens. However, in recent years, an increase in the adoption of smart insulin pens is inevitable as there is an increasing launch of smart insulin pens in some Asia-Pacific countries. Moreover, certain limiting factors are restraining countries from increasing the use of insulin pens. They include inadequate knowledge regarding insulin pen usage, complications from reusing needles, and doctors prescribing insulin syringes over pens.

In Latin America, there is an increase in the prevalence of diabetes, improper use or insulin pen complications associated with needles due to repeated reuse, high cost of insulin pens, lack of enough insurance/reimbursement coverage, and strict regulatory guidelines for using insulin pens in countries such as Brazil are limiting the growth of the market. However, Mexico had the highest prevalence of diabetes (16.9%), and the lowest prevalence was witnessed in Argentina (6.1%) in 2021. This is likely to expedite the market growth in the future.

Middle East and African countries have the highest diabetes prevalence among all other regions. The economic burden of diabetes in the region has increased due to the high cost of medications and associated complications. Poor availability of treatment guidelines, lack of awareness in patients and healthcare workers, lack of proper training and education, and poor health management services have restricted the adoption of insulin pens in the Middle East and Africa. However, improvement in education programs and health services is expected to boost the growth of the market in the Middle East and Africa.

Segmental Analysis

The global insulin pens market is segmented by product, usage, and distribution channel.

Based on the product, the global market is bifurcated into traditional and smart insulin pens. 

The traditional insulin pens segment dominates the global market and is estimated to exhibit a CAGR of 5.61% over the forecast period. Traditional insulin pens, called first-generation insulin pens, have been available in the market since the 1990s. The growth rate of traditional insulin pens is higher in Europe and North America as people have used them for years. At present, their demand is observed to be increasing in low-middle-income countries as well. They remain the dominant player in the majority of countries worldwide as compared to the new technologies in insulin pens. In addition, the introduction of insulin pens marked a significant advancement in diabetic care. Both disposable and reusable insulin pens are currently available in the market. They include a cartridge, a disposable short needle, and one-click per dosing unit.

An intuitive smartphone app and reusable injector pen called a "smart insulin pen" can help people with diabetes better control their insulin supply. The increasing prevalence of diabetes fueled manufacturers' interest in creating advanced insulin pens, helping patients self-manage and monitor diabetes. A smart insulin pen calculates and tracks doses and provides helpful reminders, alerts, and reports. It is an add-on to the current insulin pen or a reusable form that utilizes prefilled cartridges instead of vials or disposable pens.

Based on usage, the global market is divided into disposable and reusable insulin pens. 

The disposable insulin pens segment owns the highest market share and is predicted to exhibit a CAGR of 5.73% over the forecast period. Disposable pens contain a built-in single-use insulin cartridge. Once used, the entire pen unit is thrown away. Disposable insulin pens are easier to use as they do not need to be loaded every time. They are durable, portable, and lightweight, helping patients with difficulty using cartridges in reusable pens. A few examples of disposable pens include Humalog, Basaglar, and SoloSTAR.

Additionally, the newest disposable insulin pens are FlexPen from Novo Nordisk, which has a single unit dosing increment, audible clicks when dialing the dose, a large magnifying window that shows the unit dose, a two-way dose setting that allows the user to decrease the dose without taking the pen apart or discharging insulin from the pen, and an end of dose click that indicates that the full dose has been delivered.

Reusable pens contain a replaceable insulin cartridge. For users, it provides better flexibility, helping them change only the cartridge, which does not require purchasing insulin pens. This saves money and makes it more economical than prefilled pens. Reusable pens are also designed to be used for a longer duration. Since the same person uses the pen, the spread of infection is also reduced.

Based on distribution channels, the global market is divided into hospitals and clinics, standalone pharmacies, and others. 

The hospital and clinic segment is the largest revenue contributor and is predicted to exhibit a CAGR of 5.02% over the forecast period. The hospitals and clinics segment accounts for a major share of the global insulin pens market and is predicted to contribute to a dominant share during the forecast period. Growing target populations, high adoption rates, rising popularity among consumers, and increasing user-friendly designs contribute to this segment's significant revenue share. In addition, the segment is anticipated to develop significantly during the forecast period due to a rise in the demand for insulin pens from a large diabetic patient population undergoing diabetes treatment in hospitals and clinics.

Standalone pharmacies include both independent pharmacies and a chain of retail pharmacies. Independent pharmacies are not directly affiliated with chains of retail pharmacies. Standalone pharmacies are a second source of insulin pens. In high-income countries, patients prefer to buy insulin pens from standalone pharmacies or online due to their low cost and easy availability. Standalone pharmacy distribution channels are retail stores offering a diverse range of medicines.

Recent Developments

• March 2023- Diabeloop, a leader in Automated Insulin Delivery, announced its partnership with Novo Nordisk, a global leader in healthcare. DBL-4penTM, Diabeloop's self-learning algorithm for MDI therapy, will be integrated with Novo Nordisk's connected and reusable insulin pens, NovoPen® 6 and NovoPen Echo® Plus.
• March 2023- The FDA approved the Android version of Bigfoot Biomedical's Unity Mobile App to be used with its system of smart pen caps, which are compatible with various disposable insulin pens for administering both long-acting and rapid-acting insulin.