Insulin is an important hormone for people living with diabetes as insulin shots are required to manage diabetes. Diabetic people use insulin injection pens to inject insulin. The potential of the insulin injection pen to deliver in a convenient, accurate, and simple manner has gained remarkable popularity. At a time, an insulin injection pen delivers anywhere from 0.5 to 80 units.
For people living with type 1 and type 2 diabetes, there is an increasing preference towards self-administered insulin therapy and thus there is a rise in the sales of the insulin injection pen as it serves as a standard of care. This is boosting the growth of the global insulin injection pen market. Additionally, safety in dosage regulation, patient-friendliness, and ease-of-use of the device is adding up to the demand for the insulin injection pen. Further, the rise in prevalence of diabetes, increase in sales of the pen on online platforms, and growing use of disposable insulin injection pen to reduce the chances of infection are the factors that are augmenting the growth of the global market. In addition to this, manufacturers are investing to develop an innovative device for insulin delivery which is also fueling the market growth. Furthermore, the launch of smart insulin injection pens will provide numerous opportunities for the growth of the global market over the forecast period. For instance, in November 2020, Medtronic launched CGM-integrated smart insulin pen for patients who require multiple daily injections.
The global insulin injection pen market is fragmented based on product type, distribution channel, end-user, and region. Based on the product type, the global market is bifurcated into reusable insulin injection pens, smart insulin injection pens, and disposable insulin injection pens. The distribution channel segment consists of retail pharmacies and e-commerce. Based on the end-user, the global market is split into home care and hospitals & diabetes clinics.
Among the regions, North America is anticipated to rule the global insulin injection pen market during the forecast period and this is attributed to the increase in the prevalence of diabetes and growing inclination towards self-administered insulin therapy. Moreover, the rise in the adoption of smart insulin injection pens and the presence of major players operating in the market are also some of the key factors that are fostering the growth of the market in North America. Europe is expected to contribute a significant share in the market owing to the increase in the use of insulin delivery technologies.
The nature of the global insulin injection pen market is competitive and the key players are adopting several strategies including business expansion, innovative product launches, and key marketing strategies to gain the top position in the market. Some of the dominating players that are functioning in the market are Sanofi S.A., Biocon Ltd., AstraZeneca plc, Eli Lilly and Company, Novo Nordisk A/S, Wockhardt Ltd., Jiangsu Delfu Co. Ltd., Medtronic, Owen Mumford Ltd, F. Hoffman-La Roche, and Dickinson and Company, among others.