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The global insulin pens market is expected to witness striking growth by the year 2026. In October 2018, Novo Nordisk A/S announced the projected launch of Bluetooth connected smart Insulin Pens. The pen has the ability to record insulin dosages as well as time logs. The purpose of developing smart insulin pen is to avoid extra dosages, to maintain a systematic record of dosage and to convert dosage information to computer-based reports.
The company is developing smart insulin pens in collaboration with Roche, Dexcom, and Glooko. In the last 30 years, the Insulin pen has grown in popularity due to its portability, usability, a record of accurate usage and less pain as compared to injection. It has been observed that, in 2017, the usage of insulin pens in high-income countries, middle-income countries, and low-income countries was 81%, 36%, and 13% respectively. During the forecast period, insulin pens are projected to be replaced by smart insulin pens, which are capable of recording your insulin dosage as well as alerting the user about the next dosage.
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The exponentially growing population of diabetic patients is prominently projected to boost the growth of the global insulin pens market. Additionally, an increase in government expenditure for diabetes is expected to introduce new technologies and therapies for inhibiting the rapidly growing prevalence of diabetes across the globe. For instance, according to the American Diabetes Association, in 2017, an estimated cost of diagnosed diabetes in the U.S. was US$ 327 Bn. Moreover, clinical and non-clinical benefits served by insulin pen such as better ergonomics and accuracy in dosages are expected to boost the adoption of insulin pens during the forecast period.
Lack of accessibility and awareness of insulin pens among general and patient population in remote regions are projected to hamper the growth of the global insulin pens market during the forecast period.
By Product Type
By Distribution Channel
Among the product types, reusable insulin pens are projected to register higher CAGR due to higher adoption which is the outcome of embedded technology such as data acquisition module, connectivity, and others.
North America is expected to dominate the global insulin pens market during the forecast period owing to the higher prevalence of diabetes as well as higher healthcare spending on the treatment of diabetes. Moreover, technological advancements in insulin pens are projected to boost the adoption of insulin pens in North America. Europe is anticipated to register a considerable CAGR owing to the gradual shift of patients to self-care instead of dependency. Asia Pacific is projected to register a comparatively higher CAGR owing to the higher patient pool of diabetic patients. Moreover, the implementation of intense market penetration strategies by major market players is anticipated to lead to increased adoption of insulin pens in the region during the forecast period.
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