Insulin Delivery Pen Market Is Estimated to a Projected USD 57,544.5 Million by 2034 at a (CAGR) of 8.1%

The market for insulin delivery pens is projected to grow at a compound annual growth rate (CAGR) of 8.1% between 2024 and 2034. It is anticipated that this will raise the market value from an expected USD 26,408.7 million in 2024 to USD 57,544.5 million in 2034. Demand is likely to be created by a combination of variables that promote growth.

One of the main drivers of this growth is the rising incidence of diabetes, which highlights the need for insulin delivery systems. Due to their simplicity and ease of use, insulin delivery pens have emerged as the most preferred option among diabetes patients.

Technological functionalities keep increasing for insulin delivery pens, which also drives the market towards expansion. By 2034, the manufacturers are likely to get more opportunities to tap into emerging countries like China, India, and Brazil. Manufacturers are constantly looking for innovation that would bring improved functionality to a pen.

This includes dose tracking, memory, and even Bluetooth to share data with smartphones and other healthcare providers. These advances will improve user experience, and treatment compliance, and eventually yield valuable data for treating diabetes. This emphasis on innovation for the way insulin is delivered has been appealing to new users and is expected to attract more, thereby driving the market.

Competition Outlook

The insulin delivery pen industry is a competitive landscape where the key players compete to acquire market dominance. Some leaders include Novo Nordisk, Eli Lilly, and Sanofi. These companies in the lead are always on an innovation spree to create smart pens with features like Bluetooth and dose-tracking capabilities.

They are even diversifying their product lines by introducing some specialized pens that may cater to the specific needs of the patient, like pens with bigger cartridges or pre-filled options. Further, such leading players are engaged in continuous research and development on many innovations, among which needle-free injectors are to enhance comfort and convenience for patients. This ensures that, moving forward, these companies maintain their domination in the insulin delivery pen market.

Other entrants, mostly from Asia, also find an increasing presence. Companies like Owens Mumford and Ypsomed apply their experience with drug delivery systems to come up with pens that are both cost-effective and user-friendly. More often than not, these players tend to focus on specific geographic markets or patient segments by offering alternatives to established brands. Such established players, interacting with emerging competitors, create a dynamic market environment that continuously pushes the boundaries of insulin-delivery technology.

Industry Updates

In 2023, Terumo India, headquartered in Tokyo, Japan, unveils its latest innovation: the Insulin Syringe, designed for daily insulin injections to manage Diabetes. This addition to Terumo Medical Care Solutions’ Life Care Solutions division features a 3-bevel super sharp needle with a high-grade silicone surface for patient comfort. The syringe’s plunger retention technology prevents spillage and dose wastage.

In 2023, Mumbai-based USV Pvt Ltd and Thane-based Biogenomics introduced INSUQUICK, India’s first biosimilar Insulin Aspart, aimed at enhancing diabetes treatment accessibility. As a “Make in India” product, INSUQUICK is developed and manufactured using 100% indigenous technology, ensuring global quality standards. Available in major metros and Tier I/II cities, it has undergone a rigorous clinical program.

Leading Companies in the Insulin Delivery Pen Industry

• Eli Lilly and Company
• Becton, Dickinson & Company
• West Pharmaceutical Services, Inc
• Johnson & Johnson
• Antares Pharma
• AbbVie Inc.
• Pfizer Inc
• Mylan N.V
• Vetter Pharma-Fertigung GmbH & Co.KG
• Emperra GmbH
• Digital Medics Pty Ltd
• Enable Injections LLC
• Thermo Fisher Scientific Inc.

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Key Segments of Market Report

By Product:

The insulin delivery pens sector encompasses various products, including reusable insulin pens, disposable insulin pens, and smart insulin pens.

By Technology:

Technologies utilized in insulin pens range from non-smart injectors to smart injectors and even include AI & machine learning integration, near-field communication (NFC), cloud computing, and Bluetooth.

By Distribution Channel:

Distribution channels for insulin delivery pens include hospital pharmacies, drug stores, retail pharmacies, and online pharmacies.

By Region:

Based on region, the industry is segmented into North America, Latin America, Europe, East Asia, South Asia and Pacific, and Middle East and Africa.

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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