Global Insulin Pens Market Report and Forecast 2024-2032

Global Insulin Pens Market Outlook

The global insulin pens market size was valued at USD 41.96 million in 2023, driven by increasing prevalence of diabetes, easy to use nature of insulin pens, and improvements in global healthcare infrastructure. The market is anticipated to grow at a CAGR of 3.1% during the forecast period 2024-2032 to reach a value of USD 55.23 million by 2032.

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Key Trends in the Market

Insulin pens are pen-shaped devices with an injector and a reservoir where insulin can be stored. Available in disposable and reusable formats, insulin pens are used by people with diabetes who require insulin in a liquid form. Insulin pens are increasingly replacing insulin syringes because they are less painful and are easier to use as compared to the conventional syringe. Insulin pens are mostly injected in the front and side of thigh, in the abdomen, and in the outer and upper arms. 

• Increase in the number of diabetic patients, including type 1 and type 2 diabetes, has surged the demand for insulin pens globally, helping in the growth of the overall insulin pens market. Improvements in diagnostics have increased the number of patients with a confirmed diabetes diagnosis and prescription for insulin pens.

• Insulin pens are simple to use and give accurate results which has increased its popularity among people. Reusable insulin pens are easy to refill and lower costs of purchasing new insulin pens.

• Developments carried out in insulin pen technology, such as smart insulin pens that can integrate with mobile apps, calculate and track doses, and provide reminders and alerts for upcoming doses, are fuelling the growth of the insulin pens market.

Market Analysis

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Based on product type, the market can be bifurcated into prefilled and reusable. By end use, the market is categorised into hospitals and clinics, ambulatory surgical centres, and home care setting. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. 

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global insulin pens market covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.  

• Eli Lilly and Company

• Novo Nordisk A/S

• Biocon Limited

• F. Hoffmann-La Roche Ltd

• Sanofi-aventis Groupe

• Becton, Dickinson and Company

• Others

Market Share by End Use

Hospitals and clinics accounted for a significant share in the insulin pens market globally because they have skilled doctors and professionals with fully equipped products to diagnose and treat both type 1 and type 2 diabetic patients. Furthermore, in healthcare settings, a new insulin pen is required for every patient at every visit, increasing the number of pens used in hospitals and clinics. Patients are provided with insulin timely to improve their blood sugar levels, often in critical situations. However, home care settings are a growing end use segment for insulin pens as more people become regular users of insulin and switch to insulin pens instead of syringes. 

Market Share by Region

North America held the sizable share in the global insulin pens market owing to the widespread prevalence of diabetes in the region. Presence of a large number of key players and increasing research and development activities by them in order to improve insulin pen features and capabilities are enhancing the growth of the market in the region. Moreover, demand for smart insulin delivery products is increasing rapidly which is encouraging the manufacturers to come up with new solutions in order to fulfil their demand. In countries such as the United States, insulin pens are among the most forms of insulin delivery used by patients.

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Competitive Landscape

Eli Lilly and Company was established in 1876 and is headquartered in Indiana in the United States. It is a pharmaceutical company that carries out research and development to improve its product offerings for its customers and consumers. Eli Lilly and Company manufactures human healthcare products such as clinical depression drugs and antipsychotic medications, among other products. 

Novo Nordisk A/S was founded in 1923 is headquartered in Bagsvaerd, Denmark. It is a Danish pharmaceutical company that innovates and develops biological medicines for the healthcare industry. Their products include medicines for conditions such as diabetes, haemophilia, obesity, hormone replacement, and growth hormone therapy. Beyond medicine development, they aim to make their product accessible to every person throughout the world. 

Biocon Limited was founded in 1978 and has its headquarter in Bengaluru, India. It is a pharmaceutical company that is involved in developing biosimilars, complex APIs, and generic formulations, and supplying these products and solutions to consumers globally. It is also known for commercialising recombinant human insulin using a yeast expression system.  

Other market players include F. Hoffmann-La Roche Ltd., Sanofi-aventis Groupe, and Becton, Dickinson and Company, among others.

Key Highlights of the Report