The global diabetes insulin pen market is
anticipated to grow at a rate of 7.5%, from USD 38.4 Billion in 2021 to USD
68.5 Billion in 2029. The rise in the prevalence of diabetes among youngsters
and ease of use as compared to insulin pumps is seen to drive the market.
However, the higher cost of insulin pens in comparison to the vial and syringe
method is one of the factors to restraint the growth of the global diabetes
insulin pen market.
Diabetes insulin pens are a more simple,
accurate, and convenient delivery system used than vial or syringe. Diabetes is
one of the prevalent chronic diseases which has grown significantly over the
last few years. Diabetes patients require frequent drug administration. The
rise in technological advancement and product up-gradation has led to an
easier-to-use delivery system like insulin pens. The growing prevalence of
chronic diseases like diabetes is seen to rise the demand for use of insulin
pens for the estimated forecast period.
However, the cause of hyperglycemia in some
patients due to drug irregulating has led to a shift to insulin pumps due to
its automatic drug suspension quality for the treatment of diabetes in some
countries. Besides, many alternatives for diabetes insulin pens in the market
is also one of the factors to restrain the market growth over the upcoming
forecast period.
COVID-19 Impact on Global Diabetes Insulin Pen
Market
Severe
Acute Respiratory Syndrome Coronavirus-2 (SARS-CoV-2) has affected many
individuals across the globe. According to the Centers for Disease Control and
Prevention (CDC), more than 78 million COVID-19 cases were reported in the
United States. Chronic Diseases like Diabetes were the common comorbidities for
SARS-CoV-2 infection thus increasing the fatal outcome as compared to the other
patients without diabetes. The rising COVID-19 infection has thus led to a
positive impact on the use of diabetes insulin pens in recent years.
Market
Segmentation
For the
purpose of this report, the global diabetes insulin pen market is segmented on
the basis of product and consumables, application, distribution channel and
region:
|
Product and Consumables Outlook (Revenue,
USD million; 2018-2029)
|
|
Usability
|
Conventional
|
|
|
Disposable Pens
|
|
|
Reusable Pens
|
|
|
Smart
|
|
Accessories
|
Insulin Pen Case
|
|
|
Smart Insulin Caps
|
|
|
Other Accessories
|
|
|
|
Application Outlook (Revenue, USD million;
2018-2029)
|
|
Type 1 Diabetes
|
|
|
Type 2 Diabetes
|
|
|
Gestational Diabetes
|
|
|
|
|
Distribution Channel Outlook (Revenue, USD
million; 2018-2029)
|
|
Diabetes Clinics
|
|
|
Online Medical Stores
|
|
Retail Pharmacies
|
|
|
Other Distribution Channels
|
Product
and Consumables Outlook:
On the basis of product
and consumables, the market is segmented into usability, accessories. Further,
usability is segmented into conventional pens, disposable pens, reusable pens,
smartpens. Further, accessories are segmented into insulin pen cases, smart
insulin caps, other accessories. Based on usability, reusable pens dominated
the global market in 2021 during the forecast period. The significant share is
contributed by its growing demand across the globe.
A smart insulin pen is
projected to rise from 2022 to 2029 at the highest CAGR of 8.8%. The market is
expected to register substantial growth. Furthermore, the increasing
technological development and rising awareness regarding ease of use are the
factors responsible for the market's growth across the globe.
Figure 1 - Diabetes Insulin Pen Market, By Product and
Consumables (Market Size and Forecast by Value - USD Million, 2021 & 2029)