Insulin Pen Market Size Share Trends Growth Demand and Competitive Analysis Insights 2022-2029 | DataM Intelligence

Insulin Pen Market Size Share Trends Growth Demand and Competitive Analysis Insights 2022-2029 | DataM Intelligence
DataM Intelligence
Insulin Pen Market is expected to grow at a high CAGR of 8.7% during the forecasting period (2022-2029).

Market Overview:

Insulin pens are the devices used for the management of insulin amongst diabetic sufferers. The ease of use and the accuracy in administration make insulin pen utilization high among insulin customers.

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Market Dynamics

The increasing recognition related to needlestick injuries is predicted to pressure the marketplace growth

The growing focus associated with needlestick accidents is expected to boost the marketplace. For instance, needlestick injuries are the primary problem for healthcare carriers international. In the US, each year, approximately 8 -10 lac needlestick accidents arise to healthcare workers, and round a thousand of them get contacted with infectious sicknesses, and 500 to 600 die each yr because of these forms of injuries.

Further, the World Health Organization encourages injection protection worldwide thru the Safe Injection Global Network. It also announced that clever syringes which destroy after one use should be used for injections through 2020. Thus, the increasing prevalence of those types of needlestick injuries and developing recognition drive the market.

The rising incidence of diabetes is expected to enhance the market. Diabetes is growing at an alarming price within the United States. According to the CDC’s National Diabetes Statistics Report for 2020 cases of diabetes have risen to an predicted 34.2 million. Thus, these elements are driving the increase of the marketplace inside the forecast duration.

Market Segmentation:

By Product type

  • Traditional insulin pen
  • Smart insulin pen

By Application

  • Type 1 Diabetes
  • Type 2 Diabetes

By Distribution channel

  • Hospital pharmacies
  • Retail pharmacies
  • Others

Competitive Landscape

The insulin pen market is a moderately competitive presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market are Novo Nordisk, Sanofi, Biocon, Julphar, Companion Medical, Owen Mumford, Ltd, Berlin-Chemie AG, Diamesco Co, Emperra GmbH E-Health Technologies, Eli Lilly and Company among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Insulin Pen Market globally.

For instance, in July 28, 2021, the U.S. Food and Drug Administration approved the first interchangeable biosimilar insulin product, indicated to improve glycemic control in adults and pediatric patients with Type 1 diabetes mellitus and in adults with Type 2 diabetes mellitus. Semglee (insulin glargine-yfgn) is both biosimilar to, and interchangeable with (can be substituted for), its reference product Lantus (insulin glargine), a long-acting insulin analog. Semglee (insulin glargine-yfgn) is the first interchangeable biosimilar product approved in the U.S. for the treatment of diabetes. Approval of these insulin products can provide patients with additional safe, high-quality, and potentially cost-effective options for treating diabetes.

Trending Topics:

Insulin Delivery devices Market

Insulin Resistance Market

Insulin Glargine Market

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