Insulin Pen Market Scope
Insulin Pen is a pen used to inject insulin for the treatment of diabetes patients. The sleek design & compact size of insulin allows to easily deliver insulin anywhere by measuring & delivering from 0.5 to 80 units of insulin at a time. The maximum dose & the incremental amount vary depending upon the type of insulin pen being used. The insulin pen with its design allows accurate, simplified & convenient delivery. The insulin pen which are equipped & have auto shield needle may offer greater accuracy while injecting a dose. Insulin pens are easy to use and preferable for older people having diabetes. Insulin pen has ability to fine tune & deliver highly accurate doses with portable, discreet & convenient nature of pen. Insulin pen have small & thin needle size which reduces the pain & fear for injecting insulin. It is one of the time saving device with memory features as well to show when & how much the last dose was. As the insulin pens are equipped with pre-filled & replaceable needle features, preference for the insulin pen continue to remain high in global market. These pens may be reusable or disposable. Disposable pen contain a pre-filled insulin cartridge which is thrown away when the cartridge is empty and this cartridge easily disposable. The reusable pen contain a replaceable insulin cartridge. Once the cartridge is empty it may be discarded & put the new cartridge for use.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Becton Dickinson (United States), Novo Nordisk (Denmark), B. Braun Melsungen (Germany), Spirit Healthcare (United Kingdom), Terumo Corporation (Japan), Ypsomed Holding AG (Switzerland), Dongbao Enterprise Group Co., Ltd. (China), Allison Medical (United States), UltiMed Inc. (United States), Shanghai Beipu Medical Co. Ltd. (China) and HTL-STREFA (Poland) |
CAGR | 10.9% |
"According to AMA, the Global Insulin Pen market is expected to see growth rate of 10.9% and may see market size of USD121.0 Million by 2030."Key players are adopting numerous strategy to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnership to adopt certain technologies and acquiring small players to finish competition in the future. As well as investing money in R&D sector to make technical up-gradations in the product. Research Analyst at AMA estimates that European Players will contribute to the maximum growth of Global Insulin Pen market throughout the predicted period.
Becton Dickinson (United States), Novo Nordisk (Denmark), B. Braun Melsungen (Germany), Spirit Healthcare (United Kingdom), Terumo Corporation (Japan), Ypsomed Holding AG (Switzerland), Dongbao Enterprise Group Co., Ltd. (China), Allison Medical (United States), UltiMed Inc. (United States), Shanghai Beipu Medical Co. Ltd. (China) and HTL-STREFA (Poland) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Owen Mumford (United States), Jiangsu Delfu medical device (China), Sanofi (France) and Eli Lilly (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Insulin Pen market by Type , by Application (Hospital, Diabetes Clinics/ Centers and Home) and Region with country level break-up.
On the basis of geography, the market of Insulin Pen has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
On 11th August 2020, Medtronic plc the global leader in medical technology announced the planned acquisition of privately-held Companion Medical, manufacturer of InPen — the only U.S. FDA-cleared smart insulin pen system paired with an integrated diabetes management app on the market. The addition of Companion Medical’s InPen to the Medtronic portfolio expands the company’s ability to serve people where they are in their diabetes journey and offer them a unique and expansive ecosystem of support — regardless of how insulin is delivered.
On 13th April 2021, BioCorp and Roche Diabetes Care France announced the launch of the Mallya smart insulin pen device in France. Developed by BioCorp, Mallya is an intelligent sensor for insulin injection pens that has CE mark approval in Europe. The platform is compatible with any disposable insulin pen. It enables reliable monitoring for doses selected for injection and it offers patients with diabetes better compliance with their treatment, according to the companies.
FDA's Center for Devices and Radiological Health (CDRH) is responsible for regulating firms who manufacture, repackage, relabel, and/or import medical devices. Food and Drug Administration (FDA) and World Health Organization (WHO) are providing the guidelines regarding the risk associated with medical device to ensure patient's safety and to check effectiveness of the devices.
Influencing Trend:
Reusable insulin pens i.e. replaceable cartridge and other infusion devices are becoming technologically advanced
Market Growth Drivers:
Easy to carry as portable and available in compact size, shows accuracy in measuring and delivering insulin, Ease of usability, Provision of data regarding last dose, Replaceable needles & cartridge increases lifespan of product and Low cost
Challenges:
strict government rules for new products developmen
Restraints:
customers are becoming more conscious regarding safety issues related to usage of infusion pen and
Opportunities:
Increasing arrival of diabetes in various age groups, Inclination of the customers towards Time saving device due to busy life and Emergence of affordable devices for such a common disease like diabetes
Key Target Audience
Manufacturer, Sub-component manufacturer, Channel partners, Industry Association, Governments and investment communities and Research organizations and associations