The insulin pen or injection pen is used by diabetics to regulate their insulin levels. Patients with diabetes use insulin pens to administer insulin which is an essential hormone. There are three parts to an insulin injection pen such as a cartridge, a dial to measure the dosage, and a disposable needle. Insulin injection pen not only injects a precise amount of insulin into the body but also completes the process in fewer steps.
The growing geriatric population and the rise in prevalence of diabetes is leading to an increase in preference for insulin injection pen which in turn are majorly urging the growth of the global insulin injection pen market. The increasing demand for insulin injection pens for people living with diabetes and the rising demand for minimally invasive techniques for treatment are the key contributing factors for the growth of the market. Further, favorable reimbursement and government support along with an increase in the number of approvals for the new product providing new streamlines for the key players in the market are fostering the market growth.
In addition, rising preferences for insulin pens over conventional methods along with the convenience and minimal pain involved in the process propels the demand for insulin injection pens market. However, limitations in the injection and mixing of insulin with one insulin injection pen may lead to the number of injections is expected to hamper the market growth. Furthermore, the increasing focus of leading players in the market towards new product development to fulfill the demand of the consumers is projected to offer new growth opportunities to the insulin injection pen market in the forecast period. In addition to this, emergence of smart insulin injection pens is likely to propel the growth of the global market.
The global insulin injection pen market is divided based on product type, application, and region. Based on the product type, the global market is split into reusable pens and disposable pens. The application segment consists of hospitals and diabetes clinics/ centers.
Geographically, the North America region is anticipated to dominate the global insulin injection pen market during the forecast period. Factors such as an increase in consumer base, rising prevalence of diabetes, and government initiatives to generate awareness regarding the techniques of injection are driving the growth of this market in this region. On the other side, Asia Pacific is estimated to hold the second position in the market and is anticipated to account for a significant share over the forecast period. This is attributed to the growing number of populations along with the rising purchasing power of consumers.
Novo Nordisk A/S, AstraZeneca plc, Sanofi S.A., Becton Dickinson and Company, Owen Mumford Ltd, Wockhardt Ltd. Eli Lilly and Company, Biocon Ltd., F. Hoffman-La Roche, and Jiangsu Delfu Co. Ltd., are some of the major players that are functioning in the global insulin injection pen market.
In September 2019, Novo Nordisk A/S has entered into a strategic collaboration with Medtronic plc for integrating their digital offerings to diabetic patients along with an advanced feature of sharing of the data between continuous glucose monitoring devices & smart insulin pens.