Fior Markets launched a study titled “Insulin Pen Market by Product (Food Grade, Therapeutic Grade),Application (Neurogenerative Disorder, Fibromyalgia, Diabetes, Others),Region”, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2019to 2026.
The global insulin pen market is expected to grow from USD 22.15 Billion in 2018 to 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, growing R&D activities, and rising usage of insulin pen in medical application, supplements, beverages and skin care is likely to spur the growth of the market.
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The reusable insulin pen segment is dominating the market with the highest market share of 52.48% in 2018
The type segment is segmented into reusable insulin pen and disposable insulin pen. The reusable insulin pen segment has dominated the market with the highest market share of 52.48% in 2018. It contains a replaceable insulin cartridge which iswhenemptied, 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 reusable insulin pen can be of the refillable, Bluetooth connected or USB connected insulin pens. These type of insulin pen are widely used in the devices for the administration of insulin among diabetic patients, mostly in developed countries.However,disposable insulin pensegment hold a significant market share in the global insulin pens market and is anticipated to grow with highest CAGR of 5.11% during the forecast years.
The chemist’s shops segment is dominating the market with the highest market size of USD 10.90 Billion in 2018
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 market share of USD 10.90 Billion in 2018. Chemists are the most preferred medium for players in the disposable insulin pen market. 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 market is analysed on the basis of five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. The North America region is dominated the market with USD 8.74 billion in 2018due to 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 the second leading region and is anticipated to grow rapidly due to the rising cases of diabetes in India and China.
Insulin pen are the injection device that slightly larger in size than the pen, insulin refill in the pen. These pens contains a replaceable insulin cartridge that can be refilled. Growing R&D activities and rising usage of insulin pen in medical application has driven the market growth. In addition, the major players focusing on the upgradation of their products with new advance features creating new opportunities for the market.
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The major players of market include Novo Nordisk, Sanofi, Smiths Medical Asd, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, Insulet Corporation, and among others. In order to enhance market position, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. For instance, in 2019,Abbott entered into the partnership with Novo Nordisk to share insulin pen data with CGM system. This partnership will integrate insulin dose data from Novo Nordisk’s pre-filled, connected pens with digital health tools compatible with Abbott’s FreeStyleLibre system. Furthermore, this integration will enable health care professionals, caregivers and people with diabetes to view glucose and insulin data together. This will help them make more informed treatment decisions.
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