Insulin Pens Market Is Driven by Increasing Prevalence of Diabetes Worldwide | Becton Dickinson , Sanofi , Owen Mumford

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 worldwide

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.

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.

Impact of COVID-19 on Insulin Pens Market

The COVID-19 pandemic remains a global health concern, and those living with chronic medical conditions such as diabetes have been identified as being at higher risk of severe symptoms and complications from the virus and due to that, it has a mixed impact on the insulin pens market. That who have been admitted to the hospital for COVID-19 were also found to have new instances of hyperglycemia or high levels of blood sugar, with some persisting beyond infection. As diabetes is a condition that can happen to anyone regardless of age, it is essential to understand how to properly manage it, particularly when access to healthcare is limited by continuous shutdowns.

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Market Segmental Analysis

The insulin pen market is bifurcated into various segments such as product type, indications, and distribution channels.

Insulin Pens Market by Product Type

The various product types comprised in the 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 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).

Insulin Pens Market by Indication

The various indications comprised in the insulin pens market are type 1 diabetes and type 2 diabetes.

Type 1 diabetes is expected to dominate the insulin pens market at a constant rate during the forecast period. The rising prevalence of diabetes in the various age groups is an essential factor boosting the growth of the market. Adding to that, increasing R&D activities are also refueling the growth of the market.

Insulin Pens Market by Distribution Channel

The different distribution channels comprised in the insulin pens market is hospital pharmacies, retail pharmacy, online sales, and diabetes clinics.

The diabetes clinics segment is likely to dominate the insulin pens market during the forecast period. The exponentially growing population of diabetic patients is prominently boosting the growth of the insulin pens market. Adding to that, an increase in government expenditure on diabetes is expected to create new technologies and therapies for inhibiting the rapidly rising prevalence of diabetes worldwide.

Regional Analysis of Insulin Pens Market

The insulin pens market is studied for various key countries of regions such as North America, Europe, Asia-Pacific, and the Rest of the World.

North America is expected to dominate the insulin pens market during the projection period owing to the higher prevalence of diabetes as well as higher healthcare spending on the treatment of diabetes. Adding to that, technological advancements in insulin pens are projected to boost the adoption of insulin pens in North America. Europe is anticipated to witness considerable growth due to patients' gradual shift to self-care instead of dependency. The Asia Pacific is projected to register a comparatively higher growth rate owing to the higher patient pool of diabetic patients. Moreover, the implementation of intense market penetration strategies by major market players is anticipated to lead to increased adoption of insulin pens in the region during the forecast period.

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Market Players of Insulin Pens Market

Some of the key players of Insulin Pens Market are B. Braun Melsungen AG (US), Eli Lilly and Company (US), Artsana S.p.A. (US), Becton Dickinson (US), Sanofi (France), Owen Mumford Ltd. (UK), Ypsomed AG (Switzerland), TERUMO CORPORATION (Japan), HTL-Strefa (US), and Biocon (US).

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