The global insulin pen market will be US$ 10.71 billion by 2032 from US$ 6.27 billion in 2023, with a CAGR of 6.13% from 2024 to 2032.
Insulin pens are the ultimate solution for diabetes management, as they deliver insulin externally to diabetic patients. With the advent of smart insulin pens, administering doses periodically has become more accessible, thanks to the system's timely reminders and alerts. The evolution of technology drives the growth of the Insulin Pens market. Insulin pens have become highly advanced, user-friendly tools integrating digital features and intelligent functionalities. Technological evolution has significantly improved precision and convenience in insulin administration, leading to a growing demand in the insulin pen market. Currently, there are 537 million adults living with diabetes, and this number is expected to increase to 643 million by 2030 and 783 million by 2045.
Country Diabetes Rate by 2030
According to NCBI, the number of people in the United States with type 1 and type 2 diabetes is expected to increase by 54.9 million between 2015 and 2030, which would be a 54% increase.
The International Diabetes Federation (IDF) predicts that the prevalence of diabetes in Canada will more than double by 2030 and that 552 million people could have diabetes by that time. This would mean that at least one in 10 adults could have diabetes by 2030.
According to Diabetes UK, more than one million people in the UK use insulin. 2022-2023, England prescribed 8.1 million insulin items, up from 7.8 million in 2021-2022. According to a 2021 article in the BMJ, up to 1 in 10 United Kingdom adults could have diabetes by 2030.
The German Diabetes Centre estimates that up to 12 million people might suffer from metabolic disorders in 2040.
According to NCBI, one in ten adults in Spain is expected to have diabetes by 2030, with around 14% of the adult population having diabetes mellitus.
The prevalence of diabetes in Turkey will be 18.3% by 2030, as per BMJ Journals.
As per PubMed, Diabetes prevalence in Chinese adults aged 20-79 years was projected to increase from 8.2% to 9.7% during 2020-2030.
According to the National NCD Monitoring Survey (NNMS), the prevalence of diabetes in India was 9.3% in 2018. The IDF estimates that diabetes prevalence will increase to 10.4% by 2030.
The prevalence of type 2 diabetes (T2D) in Japan is estimated to increase to 9.8% by 2030, up from 6.6% in 1990 and 7.9% in 2010, As per NCBI.
The United Arab Emirates (UAE) has one of the highest rates of type 2 diabetes (T2D) in the world, at 18.7% in 2010. The International Diabetes Federation (IDF) predicts that by 2030, 1.17 million of the total population (between ages 20 and 79) could have diabetes, reaching 21.4%.
Country Reimbursement Policy in the Insulin Pen Industry
UnitedHealth's pharmacy was adding eight insulin products to its reimbursement list that would limit out-of-pocket spending to $35 or less. The companies, which control 90% of the U.S. insulin market, pledged to lower the list prices of many of their insulin products by 70%-78% later in 2024.
April 2023, Sanofi has partnered with 35 pharmacies in Berlin to recycle their insulin pens, known as SoloStars® pens.
In June 2023, France became the first country in Europe to expand national reimbursement coverage for Abbott's FreeStyle Libre 2 system to include all people who use basal insulin for diabetes management.
Dec 2023, Innovent Biologics, Inc. manufactures and commercializes high-quality medicines for the treatment of oncology, metabolic, autoimmune, ophthalmology, and other significant diseases, announced that the National Reimbursement Drug List (2023 Version) has" "been updated to renew and include the seventh indication of PD-1 inhibitor TYVYT® (sintilimab injection) in negotiation list, and include the eighth indication of BYVASDA® (bevacizumab injection) in general list.
In 2011, the law allowed pharma companies to have two prices: the public price on the product package and the actual price agreed upon in the AMNOG process. In return, the companies must reimburse the health insurance funds and other payors for the overpaid difference between the public and accurate prices. To enable healthcare insurance a control mechanism for this compensation claim, the pharma companies must notify the actual price to a limited group of stakeholders. The German government is determined to implement the new law quickly to execute the new Pharma Strategy, which will take effect on 1 January 2025.
China Insulin Pen Market
Insulin pens are the most widely used devices for administering insulin among Chinese diabetic patients. There are two main types of diabetes: type 1 and type 2. Insulin therapy is important for patients with type 1 diabetes as it replaces the insulin that the body doesn't reduce. People with type 2 diabetes or gestational diabetes need insulin therapy if other treatments are not effective. The prevalence of diabetes in China and the Southeast Asia and Western Pacific regions is increasing at an alarming rate. Diabetes is associated with many health complications, and patients require daily corrections to maintain nominal blood glucose levels.
In May 2023, Oramed Pharmaceuticals Inc. announced that Hefei Tianhui Biotechnology Co. Ltd. (HTIT), a strategic partner of Oramed, has completed its Phase 3 trials of oral insulin in type 2 diabetes in China under a differentiated study protocol. HTIT is moving toward regulatory approval and has submitted the data to the National Medical Products Administration (NMPA, formerly the CFDA).
Global Insulin Pen Company Analysis
The companies present in the global insulin pen market are B. Braun Melsungen AG, Eli Lilly and Company, Becton, Dickinson, Novo Nordisk A/S, Ypsomed AG, Terumo Corporation, Sanofi, and Julphar.
Global Insulin Pen Company News
- In March 2024 - Ypsomed declared its agreement to sell its pen needle and blood glucose monitoring (BGM) enterprises to Medical Technology and Devices (MTD). With this transfer, Ypsomed aims to concentrate its diabetes care business on insulin pumps.
- In November 2023 - Tandem Diabetes Care introduced its latest innovation, the slim X2 smart insulin pen. This device integrates with a CGM to provide automated insulin delivery in response to blood sugar levels.
- In September 2023 - Abbott and Bigfoot Biomedical announced a definitive agreement for Abbott to acquire Bigfoot, a prominent developer of smart insulin management systems for individuals with diabetes.
- In August 2023 - Novo Nordisk A/S and Dexcom revealed a partnership to develop a next-generation smart insulin pen integrated with CGM technology for automated insulin delivery.
Products - Market breakup in 2 viewpoints:
1. Disposable Insulin Pen
2. Reusable Insulin Pen
Diabetes Types - Market breakup in 2 viewpoints:
1. Type 1 Diabetes
2. Type 2 Diabetes
Distribution Channels - Market breakup in 3 viewpoints:
1. Hospital Pharmacies
2. Retail Pharmacies
3. E-commerce
Countries - Market breakup of 25 Countries:
1. North America
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
- Overview
- Recent Development
- Revenue Analysis
Company Analysis:
1. B. Braun Melsungen AG
2. Eli Lilly and Company
3. Becton, Dickinson (BD)
4. Novo Nordisk A/S
5. Ypsomed AG
6. Terumo Corporation
7. Sanofi
8. Julphar
Table of Contents
Companies Mentioned
- B. Braun Melsungen AG
- Eli Lilly and Company
- Becton, Dickinson (BD)
- Novo Nordisk A/S
- Ypsomed AG
- Terumo Corporation
- Sanofi
- Julphar
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 190 |
| Published | June 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 6.27 Billion |
| Forecasted Market Value ( USD | $ 10.71 Billion |
| Compound Annual Growth Rate | 6.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 8 |
