Diabetes Injection Pens Market by Product Type (Insulin Pens and Pen Needles), Usage Type (Reusable Pens and Disposable Pens), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, and Online Stores)–Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global diabetes injection pens market was pegged at ~US$ 7.0 billion in 2020. The market is expected to witness a CAGR of ~7.6% from 2021 to 2031.
Factors contributing to the growth of the diabetes injection pen market include the increasing prevalence of diabetes, rising geriatric population, technological advancements, new product launches, and rising preference for diabetes self-management among patients. However, the comparatively higher cost of diabetes injection pens and availability of alternatives such as patches and tablets are likely to hinder the market growth to a certain extent.
Diabetes is one of the fastest rising health challenges of the 21st century as the number of adults living with diabetes has tripled over the past 20 years. The number of people with diabetes keeps on growing. According to International Diabetes Federation, in 2019, worldwide, approximately 463 million adults aged 20-79 years were living with diabetes and the number is anticipated to rise to 700 million by 2045. The increasing prevalence of diabetes has led to increasing demand for insulin pens and therefore is propelling the growth of the diabetes injection pens market.
Many companies in the market are adopting inorganic growth strategies such as signing agreements and entering partnerships or collaborations, to draw on each other’s strengths and enhance their presence in the market. For instance, in November 2019, Novo Nordisk A/S and Medtronic agreed to develop solutions to integrate insulin dosing data from future Novo Nordisk smart insulin pens into Continuous Glucose Monitoring (CGM) devices of Medtronic. Similarly, in May 2020, The Centers for Medicare and Medicaid Services entered into a partnership with the nation’s three insulin makers, namely, Eli Lilly and Company, Novo Nordisk A/S, and Sanofi to cap the co-pay cost of insulin in the Part D coverage gap at US$ 35. The broad ranges of insulin covered include both pen and vial dosage forms for rapid-acting, short-acting, intermediate-acting, and long-acting insulins.
From syringes and vials to insulin pens and pumps, diabetes technologies have been constantly developing. Companies in the market are focused on receiving approvals from regulatory authorities and launching new products in the market. For instance, in June 2020, Biocon Biologics and Mylan received US Food and Drug Administration (FDA) approval for its insulin glargine injection in the vial and pre-filled pen presentations. Similarly, in June 2020, Eli Lilly and Company received US Food and Drug Administration (FDA) approval for its Lyumjev (insulin lispro-aabc injection) that can be used to control high blood sugar in adults with diabetes. Lyumjev pens are prefilled, reusable pens that work with Lilly’s Humalog 3mL cartridges.
Disadvantages of insulin pens such as restriction of using mixtures of different types of insulin in one injection and lack of coverage by some of the insurance providers are acting as a restrain to the market growth. Additionally, the higher cost compared to the vial and syringe method is also acting as a barrier to market growth. Moreover, product recalls in the past years owing to defective manufacturing of these products might lead to a lower willingness among consumers to buy that product. For instance, in July 2017, Novo Nordisk A/S initiated a recall of insulin cartridge holders of NovoPen Echo batches as they received several complaints of damaged cartridge holders.
Regionally, Asia-Pacific is anticipated to grow at a higher CAGR during the forecast period. Major factors contributing to the growth of the diabetes injection pens market in this region include the rising geriatric population coupled with rising incidences of people with diabetes. For instance, according to International Diabetes Federation, 88 million people in the South-East Asia (SEA) region are living with diabetes and the number is anticipated to rise to 153 million by 2045. Moreover, changing lifestyle patterns, rising awareness for self-management among the population, and new product launches are boosting the diabetes injection pens market in this region.
Some of the prominent players operating in the global diabetes injection pens market include Novo Nordisk A/S, B. Braun Melsungen AG, BD., Eli Lilly and Company, Gerresheimer AG, Sanofi., F. Hoffmann-La Roche Ltd., AstraZeneca, Biocon., Owen Mumford Ltd., among others.