Insulin Pens Market Analysis 2021-2031 | Trends and Top Player
The Insulin PensMarket was valued at US$ 650.4 million in 2021 and is expected to reach US$ 1,678.4 million by 2031. The market is expected to register a CAGR of 10.2% from 2023–2031. Technological advancement is likely to remain key Insulin Pens Market trends.
Insulin PensMarket Analysis
Rising Prevalence of Diabetes
According to the American Diabetes Association 2024 report, in 2021, 38.4 million Americans had diabetes. Among 38.4 million adults who have diabetes, 29.7 million were diagnosed, and 8.7 million are undiagnosed. Additionally, the International Diabetes Federation 2022 report reveals that North America and the Caribbean account for 51 million, Europe 61 million, Middle East & North Africa 73 million, Africa 24 million, South East Asia 90 million, Western Pacific 206 million, and South & Central America 32 million diabetes cases in 2021. Therefore, medical device companies are expected to develop a strong market base by launching innovative products to monitor glucose levels such as insulin pens. Such innovative product launches encourage multiple companies to create their own platform/device, which will play a crucial role in modernizing diabetes care. Such advancements in products by the manufacturers drives the market growth during 2021-2031.
Insulin PensMarket Overview
Technology, innovation, and smart technological solutions such as continue to influence Insulin Pens Market significantly. Rising prevalence of diabetes and innovative insulin pens by the manufacturersare the most influential factors responsible for Insulin Pens Market growth. Technological advancement is a key trend for Insulin Pens Market growth. Smart insulin pens will provide lucrative market opportunity for the Insulin Pens Market growth.
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Insulin Pens Market: Strategic Insights
Market Size Value in 4,199.7 Million in 2018 Market Size Value by US$ 8,862.0 Million by 2027. Growth rate CAGR of 8.8% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Insulin Pens Market: Strategic Insights
| Market Size Value in | 4,199.7 Million in 2018 |
| Market Size Value by | US$ 8,862.0 Million by 2027. |
| Growth rate | CAGR of 8.8% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Insulin PensMarket Drivers and Opportunities
Innovative Insulin Pens by the Manufacturers to Favor Market
- In September 2022, Medtronic announced launching its first "Smart MDI System" in Europe for people to manage diabetes with multiple insulin injections. The SmartMDI system automatically records real-time glucose values and trends, insulin doses, tracks active insulin, and recommends mealtime and correction doses based on an auto-populated bolus calculator. Additionally, the MDI device can manage diabetes in one place rather than switching between apps; users can see the information in real-time, one-view, making it easier to make smarter dosing decisions to manage glucose levels.
- In October 2022, Novo Nordisk announced the launching of "NovoPen 6" & "NovoPen Echo" Plus, which, new, smart insulin pens that automatically record insulin dosing information about each injection. NovoPen & NovoPen Echo Plus provides insulin dosing information alongside glucose information (from Blood Glucose Monitoring or Continuous Glucose Monitoring) through compatible apps.
Therefore, innovative insulin pens by the manufacturers will assist to monitor blood glucose levels thereby dominating market growth.
Smart Insulin Pens– An Opportunity
A smart insulin pen is a reusable self-injection pen where the data can be sent through an app to a phone, which can help simplify type 1 diabetes management. Also, with the evolution of the insulin pen device, they can gain digital display and memory of the recent insulin doses undertaken. For example, data tracking "caps" or attachments were developed to help disposable insulin pens track doses better. Further, smart insulin pens are designed and simple to use. After being downloaded on a smartphone and paired with a pen, this device can send real-time data to the app via Bluetooth connection. Therefore, a smart insulin pumps offering advance features without the high cost and inconvenience or any discomfort of having device attached to body similar to continuous glucose monitoring device (CGMDs). Therefore, advancements in smart insulin pens will provide lucrative market opportunities will account considerable market share in the coming years for insulin pens market.
Insulin Pens
Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Insulin Pens Market analysis are candidature and services.
- Based on Product Type, the Insulin Pens Market is divided into Disposable, Reusable, and Smart Insulin Pen Caps. The Disposable segment may hold a larger market share in 2023.
- Based on Application, the Insulin Pens Market is bifurcated into Type 1 Diabetes and Type 2 Diabetes. The Type 1 Diabetes segment may hold a larger market share in 2023.
- Based on Distribution Channel, the Insulin Pens Market is segmented as Hospital Pharmacies, Retail Pharmacies, and Others. The Retail Pharmacies segment may hold a larger market share in 2023.
Insulin Pens Market Share Analysis by Geography
The geographic scope of the Insulin PensMarket report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America has dominated the Insulin Pens Market. In North America, US accounts considerable share for insulin pens. Presence of top healthcare service providers present in the US, is one of the most influential factors responsible for market growth. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Insulin Pens
Market Report Scope
Insulin PensMarket News and Recent Developments
The Insulin PensMarket is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in them market for Insulin Pens and strategies:
- In November 2020, Medtronic announced launching of "InPen integrated with real-time1 Guardian Connect CGM data". This new product integrated system provides real-time glucose readings alongside insulin dose information providing users to manage diabetes in one view.
Insulin PensMarket Report Coverage and Deliverables
The “Insulin PensMarket Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Application ; Distribution Channel and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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