Insulin Pens Market: By Usability (Disposable Insulin Pens and Reusable Insulin Pens), By Type (First Generation Pens and Second Generation Pens), By End User (Hospitals & Clinics, Ambulatory Surgical Centers, and Home Care Settings), and Geography

Insulin pen sales were 1,387 million units in 2023 and are projected to reach an estimated 1,797 million units by 2030, growing at a CAGR of 3.8% during the forecast period 2024-2030. Insulin pens are medical devices used for the injection of insulin in the management of diabetes. They consist of a cartridge, a dial to measure dosage, and a disposable needle. Insulin pens offer convenience, ease of use, and more accurate dosing compared to traditional syringes. They are portable, and discreet, and help improve adherence to insulin therapy. Pens can be disposable or reusable with replaceable cartridges. They are widely used by individuals with diabetes who require insulin to control their blood sugar levels. The insulin market is witnessing growth due to factors such as the increasing incidence of diabetes and formulation advancements. In addition, geriatric and obese populations are more susceptible to chronic diseases.

According to the World Bank Group, in 2020, the global elderly population was around 727 million, which is expected to double over the next three decades, reaching approximately 1.5 billion in 2050. Formulation advancements are another crucial factor driving space growth. For instance, Fiasp (Novo Nordisk) is a formulation of insulin aspart in a combination of niacinamide (Vitamin-B3), which can improve the initial absorption of the drug. However, the market saw a setback due to the COVID-19 pandemic. Amid the pandemic, a slowdown and disruption in the supply of pharmaceuticals were observed due to the strategies designed to control the spread of SARS-CoV-2. Additionally, the high cost of insulin could impede the market growth.

Insulin Pens Market Key Developments:

• On March 27, 2023, Health2Sync announced that its latest version of the Health2Sync App integrates insulin data from Mallya® Cap, the connected device dedicated to insulin pens developed by Biocorp and marketed in Japan by Novo Nordisk.
• In May 2021, Eli Lilly and Company entered into strategic international agreements with four diabetes technology companies: DexCom, Glooko, myDiabby Healthcare, and Roche. The goal was to integrate data and technology, streamlining diabetes management in markets outside the United States. These companies offer unique diabetes management platforms that will be compatible with Lilly’s Tempo Pen and Tempo Smart Button