Number of pages: 100 | Report Format: PDF | Published date: February 06, 2021
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
According to the deep-dive market assessment study by Growth Plus Reports, the diabetes injection pens market was valued at US$ 8.05 billion in 2022 and is expected to register a revenue CAGR of 7.3% to reach US$ 15.19 billion by 2031.
Diabetes Injection Pens Market Fundamentals
Diabetes injection pens are devices for administering insulin injections in individuals with diabetes. These pens are designed to provide a convenient and user-friendly insulin delivery method. Injection pens are compact and portable, making them easy to carry and use at any time and place. This convenience allows individuals with diabetes to manage their insulin therapy more effectively. Injection pens offer precise and accurate dose delivery, allowing individuals to easily administer the required amount of insulin. Most pens have dose increment options, allowing for precise dose adjustments as healthcare professionals prescribe. Injection pens are designed to be user-friendly, even for individuals with limited dexterity or visual impairments. They typically have simple mechanisms for dose selection, dose adjustment, and injection, making them accessible to a wide range of users. Injection pens are commonly used for administering rapid-acting, short-acting, intermediate-acting, or long-acting insulin, depending on the individual's treatment plan. It's important for individuals using injection pens to receive proper training from healthcare professionals on their correct usage, including proper injection techniques, site rotation, and safe disposal of pen needles.
Diabetes Injection Pens Market Dynamics
The global diabetes injection pens market has been experiencing growth due to several drivers. The rising prevalence of diabetes worldwide has led to an increased demand for insulin and diabetes management devices, including injection pens. According to the International Diabetes Federation (IDF), an estimated 463 million adults (20-79 years) were living with diabetes in 2019, and this number is projected to rise to 700 million by 2045. Injection pens offer convenience and ease of use compared to traditional vial-and-syringe methods. They are designed to be user-friendly, allowing individuals with diabetes to administer insulin injections with greater ease and discretion. The simplicity of injection pens makes them attractive to both patients and healthcare providers. Insulin therapy plays a crucial role in managing diabetes, particularly for individuals with type 1 diabetes and advanced type 2 diabetes. As the awareness of the benefits of insulin therapy increases, more patients are being prescribed insulin, leading to a higher demand for injection pens. Continuous advancements in injection pen technology have improved these devices' accuracy, precision, and usability. Features such as adjustable dosing, memory functions, and compatibility with various insulin types have enhanced the overall patient experience and contributed to the market growth of injection pens. There is a growing emphasis on self-management and patient empowerment in diabetes care. Injection pens align with this trend by enabling individuals with diabetes to administer insulin injections outside healthcare settings easily. This shift towards self-care has driven the demand for injection pens.
However, injection pens, especially newer models with advanced features, can be more expensive than traditional vial-and-syringe methods. The higher cost of injection pens may limit their adoption, particularly in regions with limited healthcare resources or individuals with limited financial means. Access to diabetes care and medical devices, including injection pens, can be limited in certain regions, especially in low- and middle-income countries. The lack of availability and accessibility to injection pens can restrict their use and hinder market growth.
Diabetes Injection Pens Market Ecosystem
The global diabetes injection pens market is analyzed from the following perspectives: product type, usage, distribution channel, and region.
Diabetes Injection Pens Market by Product Type
Based on product type, the diabetes injection pens market is segmented into insulin pens and pen needles.
The insulin pens segment accounted for the largest revenue share in the global diabetes injection pens market. One of the major factors driving the segmental revenue growth is the significantly growing demand for insulin pens owing to their user-friendliness and higher dose accuracy.
Diabetes Injection Pens Market by Type of Usage
Based on usage, the diabetes injection pens market is segmented into reusable pens and disposable pens.
Reusable pens segment accounts for the largest revenue share in the global diabetes injection pens market. Patients with diabetes use reusable pens to inject insulin. A thin metal body with two or more needles connected makes up the reusable pen. The needle has two ends: one is attached to an ink cartridge, while the other can be used to inject insulin into a vein in a person with diabetes.
Diabetes Injection Pens Market by Distribution Channel
Based on the distribution channel, the diabetes injection pens market is segmented into hospital pharmacies, retail pharmacies, and others.
The hospital pharmacy segment accounted for the largest share of over 58.0% and is expected to continue its dominance over the forecast period. This can be attributed to factors like the rising prevalence of hospital-acquired infections (HAIs) among diabetic patients, the high number of injections given each day in a single location, and the rising number of diabetes patients visiting hospitals for emergencies or complications related to diabetes.
Retail pharmacies are expected to experience significant growth as a result of the rising demand for convenient medications that don't need to be prepared before use and are portable. This is in part because these medications are self-injecting pens, which eliminate human error that is frequently associated with other syringes, particularly when it comes to multiple uses or doses.
Diabetes Injection Pens Market by Region
Geographically, the global diabetes injection pens market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of the global diabetes injection pens market. The primary driver fueling the market for diabetes injection pens to increase in revenue is the rising prevalence of diabetes. The Centers for Disease Control and Prevention (CDC) estimates that around 10.5% of the population, or 34.2 million individuals, in the United States had diabetes in 2020. Diabetes Canada estimates that 3.6 million Canadians, or 9.3% of the population, will have the disease by the year 2020. This includes both diagnosed and undiagnosed cases. The prevalence of diabetes is increasing in Canada due to factors such as the aging population and lifestyle changes. Moreover, factors such as the growing adoption of the diabetes injection pen, rising preference for diabetes self-management among patients, and the launch of technologically advanced products by players in this region positively impact the market revenue growth.
The Asia Pacific is anticipated to witness lucrative growth over the forecast period owing to factors such as improving economic conditions, a growing population, along with an increase in healthcare spending by individuals and government agencies for treatment-related issues due to diabetes like infections & ulcers or other complications arising out of it. According to the IDF, in 2019, it was estimated that 77 million adults aged 20-79 years in India had diabetes, representing a prevalence rate of around 8.8% in that age group. However, India has also been reported as the diabetes capital of the world, with a high disease burden. Moreover, increasing awareness about insulin delivery devices will drive demand further during the forecast period.
Diabetes has become a significant health concern in Latin America, with a rising prevalence of the disease. This has increased the demand for diabetes management devices, including injection pens. According to the IDF, in 2019, it was estimated that 16.8 million adults aged 20-79 years in Brazil had diabetes, representing a prevalence rate of around 8.3% in that age group. Many countries in Latin America have been investing in improving their healthcare infrastructure and access to diabetes care. This has facilitated better availability and affordability of diabetes management devices, including injection pens.
Diabetes Injection Pens Market Competitive Landscape
The prominent players operating in the global diabetes injection pens market are: -
Diabetes Injection Pens Market Strategic Developments
Diabetes patients use insulin injection pens to provide injections of the medication. These pens are made to offer a simple and practical way to administer insulin.
The global diabetes injection pens market during the forecast period is expected to grow at a revenue CAGR of 7.3%.
Novo Nordisk A/S, B. Braun Melsungen AG, BD & Company, Eli Lilly and Company, and Gerresheimer AG are the major players in the diabetes injection pens treatment market.
The Asia Pacific region is projected to grow at a high revenue CAGR in the global diabetes injection pens market.
Fear or anxiety related to needle injections can be a significant barrier for some individuals adopting injection pens. Needle phobia or discomfort with self-injection can hinder the acceptance and use of injection pens, even though the pens themselves are designed to minimize pain and provide ease of use.
*Insights on financial performance are subject to the availability of information in the public domain