Insulin Pen Market Report

As chronic diseases as diabetes, approximately 422 million individuals globally suffer from diabetes, with the majority residing in low- and middle-income nations. 96% of the worldwide population is attributed to type 2 diabetes (T2D) which is driven by socioeconomic, demographic, environmental, and genetic factors. Risk factors contributing to diabetes such as having a high BMI of 30.0 or above were the main factor contributing to T2D, responsible for 52.2% of disability and mortality related to diabetes. It is followed by dietary, environmental/occupational, tobacco, physical inactivity, and alcohol risks. According to WHO, the cases of hypertension are about 1.28 billion adults globally between the ages of 30 and 79 and over 300 million individuals are suffering from it, the need for patients to manage their diseases on a daily basis has increased.

While the age of patients between the age group of 45-65 is an essential factor to consider when asking their opinions on self-management or administration. Older people are unable to follow medical recommendations because they experience a decline in functioning, such as decreased cognitive abilities and loss of visual and manual coordination. The increasing global prevalence of diabetes and rising demand for user-friendly insulin delivery devices drive the market. In developing nations, the percentage of adult obesity in India is approximately 8.7%, in China, it is approximately 11.6%, and in Egypt, it is 12.3% linked to a rise in the consumption of foods high in energy and a fall in energy expenditure attributed to less physical activity, which increases the risk of obesity and type 2 diabetes, as well as other cardiometabolic diseases, dietary modifications, and sedentary lifestyles.

Advancements in diabetes care, like Continuous Subcutaneous Insulin Infusion (CSII), now incorporate Rapid‐Acting Insulin Analogues (RAIA) and Continuous Glucose Monitoring (CGM), as well as Automated Insulin Delivery (AID) systems, Connected Insulin Pens (CIPs), Insulin Pumps, and Virtual Platforms, all enhancing CGM technologies and expanding the market. Insulin pens are available in different types, including reusable and disposable pens. Certain pens with memory function keep track of time and dosage volume since the previous injection, aiding in proper dose adherence by tracking doses. Insulin pens provide precise dosing of insulin based on the patient's chosen dose. It has finer needles ranging from 4 mm to 12 mm in length and 29 to 32 gauge in diameter.

For instance, in September 2022, Terumo Corporation introduced the Fineglide insulin pen needle, a gentle and comfortable option for patients that features a 3-bevel super sharp needle and high-quality silicone surface. Fineglide incorporates Thin Wall Technology to enhance fluid flow and boost the depth of penetration. It works with popular pen devices in India and is available in sizes ranging from 4 mm to 12.7 mm in length and 29-32-gauge thickness for various purposes. Novo Nordisk also provides Novo Fine pen needles, novo auto twist, novo fine autocover, and unifine needles like unifine Pentips and Pentips plus from Owen Mumford to lessen pain and discomfort compared to traditional syringes.

• Bluetooth connectivity and smartphone apps for insulin dose administration and monitoring
• Prefilled insulin pens for patient’s accommodation.
• Personalization and customization of insulin pens for dose modifications and dose rate
• Insulin pen usage has been linked to a decrease in the frequency of hypoglycemia events

Certain insulin types such as long-acting, rapid-acting, intermediate-acting, or short-acting insulins, might only be compatible with specific insulin pens is quite challenging to the manufacturers. Fast-acting insulin is formulated to have a rapid onset of action. Insulin pens created for fast-acting insulins frequently include carefully calibrated dosing mechanisms for administering accurate doses rapidly. Long-acting insulin offers a consistent amount of insulin over a prolonged period, assisting in regulating blood sugar levels steadily during periods of no food intake and during the night. Insulin pens designed for prolonged-release insulins might feature special mechanisms to guarantee a gradual and steady delivery of insulin for a prolonged duration.

Intermediate-acting and short-acting insulins differ in their onset and duration. Insulin pens made for short-acting and intermediate-acting insulins may include characteristics customized to their unique pharmacokinetic profiles. In addition to the above reasons, the growth of the insulin pen market is hindered by the expensive price of insulin caused by government restrictions on drug price negotiations, lack of transparency in dealings with pharmacy benefit managers, and the variety of insulin types and their compatibility issues.

Insulin pens offer patients more convenience compared to vials and syringes, giving comfort without any negative effects. Progress in diabetes treatment technologies has resulted in enhancements in patient adherence, technology, and monitoring. Insulin pens offer several benefits compared to vials and syringes including improved accuracy in dosing, enhanced adherence, reduced pain during injections, and increased patient satisfaction. With the increasing number of diabetes patients worldwide, new insulin pens are being developed with USB or Bluetooth features to improve tracking of medication treatment.

For instance, in March 2022, Novo Nordisk revealed that the NHS will have access to two smart-connected insulin pens, NovoPen 6 and NovoPen Echo Plus. You can view your insulin dosage information from NovoPen 6 and NovoPen Echo Plus on compatible apps along with glucose data from Blood Glucose Monitoring or Continuous Glucose Monitoring. This might demonstrate the connection between your injection routines and your blood sugar levels. Furthermore, numerous blood sugar self-monitoring tools such as glucose meters and testing strips come equipped with Bluetooth technology for wireless data transmission to a smartphone.

Insulin pens and caps combined with CGM sensors have the capability to transform diabetes management. Bigfoot created Bigfoot Unity, an intelligent insulin management system that includes FDA-approved insulin pen caps connected to a continuous glucose monitor (CGM), providing precise insulin dosing suggestions directly on the cap. Merging will join two top companies in diabetes care, combining expertise in CGM and insulin injection support. Abbott and Bigfoot will work together to enhance technology-focused solutions for personalized and accurate diabetes management These devices come with functionalities to supervise insulin dosage and schedule, as well as issue reminders for skipped or delayed doses. They can offer a comprehensive overview of how insulin timing and dosage relate to post-meal blood sugar levels for both the patient and the nurse.

Insulin pens in clinical settings provide the benefit of improving compliance and reducing hypoglycaemic episodes. Moreover, healthcare costs for individuals who use insulin pens either stayed constant or improved compared to those who use insulin vials and syringes. Nonetheless, the cost savings were minimal when switching from insulin vials to pens. Patients tend to prefer using insulin pens because they are satisfied with them and find the device easy to use. By understanding the advantages and disadvantages of insulin pens compared to vials and syringes.

Strategic Development by Key Players Propel the Market Growth

Abbott's latest sensor, the Freestyle Libre 2 Plus, works seamlessly with the t: slim X2 insulin pump by Tandem Diabetes Care Inc. The first and only Continuous Glucose Monitor (CGM) with a 15-day wear time for adults and children in the US is the Freestyle Libre 2 Plus sensor, approved by the FDA in 2023 for use with AID systems, providing increased convenience and cost benefits for individuals living with diabetes. Abbott successfully combined its Freestyle Libre 3 sensor with CamDiab’s CamAPS FX app and Ypsomed’s My Life YpsoPump to launch an AID system in Europe.

Sanofi is working on solutions to address the disposal of their products such as the Soul Star insulin pen. In multiple nations, initiatives have been introduced to gather and recycle used injection pens through take-back programs. Sanofi initiated a partnership with 35 pharmacies in Berlin in April 2023 and aims to extend the initiative to additional pharmacies throughout Germany. The goal is to achieve a return rate of 30 percent for Solostar’s® pens in one year. In Denmark, Sanofi, Novo Nordisk, Eli Lilly, and Merck KGaA have joined forces to develop the world's initial cross-industry initiative for repurposing injection pens. The partnership was initiated in Denmark due to the presence of the already-established recycling system. Annually, approximately 6 million injection pens are distributed in Denmark by the four companies. The goal in the initial year is to recycle 25% of the total number of injection pens distributed by the four partners in Denmark. This goal equates to 25 tons of plastic waste.

In the forecasting period, North America is expected to dominate the insulin pen market in terms of market share. As per the Centre for Disease Control and Prevention, 1 in 3 adults have been identified as having prediabetes, with over 37 million Americans affected. The increase in diabetes prevalence and associated costs are expected to drive market growth. The American Diabetes Association approximates that 1.4 million Americans choose to undergo diabetes screening annually. Because of administrative expenses and state-of-the-art medical technology, innovative advanced treatments improve patient outcomes and quality of care, but they also involve high costs associated with research, development, and implementation, while the growing need for user-friendly insulin delivery devices drives the market. Throughout the forecast period, it is expected that market growth will be boosted by technological advancements in the region. In the United States, obesity serves as an independent risk factor for diabetes. Individuals in the United States who have inactive lifestyles are at a higher risk of developing diabetes, driving the growth of the market.

With the rise of lifestyle diseases in Spain, diabetes is having a major impact on public health, with a prevalence of 6.2% in individuals aged 30-65 years and 10% in individuals aged 30-89 years. Driving the market's growth is also due to its serious long-term effects and high mortality rate. Poor diet, lack of exercise, and increased rates of being overweight and obese are the primary factors contributing to the growing occurrence of diabetes across all age groups in Europe. It is projected that the percentage of Chinese adults between the ages of 20 and 79 with diabetes will increase from 8.2% to 9.7% in the upcoming period. According to the ICMR, there are 77 million adults with type 2 diabetes and around 25 million prediabetics in India.

The report provides a detailed overview of the essential oil market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the essential oil market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the insulin pen market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the insulin pen market. Some key countries and regions included in the insulin pen market report are as follows:

• Insulin pen market detailed segments and segment-wise market breakdown
• Insulin pen market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in insulin pen industry)
• Current, historical, and forthcoming 10 years market valuation in terms of insulin pen market size (US$ Mn), volume (Units), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Insulin pen market demand analysis
• Insulin pen market pricing analysis over the forecast period (by key segment and by region)
• Insulin pen market regional insights with the region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the insulin pen market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the insulin pen market
• Insulin pen market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on the insulin pen market forecast by countries
• Mergers and acquisitions in the insulin pen market
• Essential information to enhance market position
• Robust research methodology