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Insulin Pen Market, Size, Share, Outlook and Growth Opportunities 2019-2026

 



(PharmaNewsWire.Com, March 27, 2020 ) Market Overview
• The Global Insulin Pen Market is expected to grow at a high CAGR during the forecasting period (2019-2026).
• Insulin pens are the devices used for the administration of insulin among diabetic patients. The ease of use and the accuracy in administration make the insulin pens usage high among the insulin users.

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Market Dynamics
• The major driving forces are the rising prevalence of diabetes, increasing awareness related to needlestick injuries, integration of diabetes monitoring and therapeutics for better disease management, surge in the adoption of connected medical devices and increasing R&D activities.
• The rising prevalence of diabetes is expected to boost the market. For instance, based on Transactions of the Royal Society of Tropical Medicine and Hygiene, in 2018, 336 million people had diabetes in the middle and low income countries. Also, the 8th edition of the IDF Diabetes Atlas 2017, reported that the prevalence of diabetes is expected to increase to 9.9% (95% CI 7.5-12.7%) by the year 2045. Thus, the rising prevalence of diabetes is leading to increased demand for the use of insulin pens.
• The increasing awareness related to needlestick injuries are expected to boost the market. For instance, needlestick injuries are the primary concern for healthcare providers worldwide. In the US, every year, approximately, 8 -10 lac needlestick injuries occur to healthcare workers, and around 1000 of them get contacted with infectious diseases, and 500 to 600 die each year due to these type of injuries. Further, the World Health Organization (WHO) encourages injection safety worldwide through the Safe Injection Global Network (SIGN). It also announced that smart syringes which break after one use should be used for injections by 2020. Thus, the increasing occurrence of these type of needlestick injuries and the growing awareness are driving the market.
• The surge in the adoption of connected devices and the use of accessories to help people using insulin pens are expected to boost the market. For instance, Companion Medical in 2016 gained FDA clearance for the first wireless-enabled smart Insulin pen called the InPen that can automatically calculate doses, track dosage history and timing, and send data reports to caregivers from a patient’s phone. Also, Dukada Trio is a 'smart cap' that works with Novo and Sanofi insulin pen types and provides a flexible grip for better handling and show time period to avoid accidental double doses. Thus, the increased adoption of connected devices and the accessories are driving the market.
• However, the availability of alternatives to insulin pens, limitations of insulin pens, and stringent rules for new product development are restraining the growth of the insulin pen market. Some limitations of the insulin pens include - two types of insulin cannot be mixed in an insulin pen, therefore, leading to more number of injections.

Market Segmentation
• The global insulin pen market can be segmented by type into traditional insulin pens and smart insulin pens.
• A traditional insulin pen is segmented into cartridges in reusable pens and disposable pens. The traditional insulin pens are expected to boost the market over the forecast period, owing to the rising prevalence of diabetes and the presence of several market players that offers technically advanced products. For instance, on August 26, 2018, Julphar signed an agreement with Becton Dickinson to supply disposable insulin pens in the UAE. In 2018, Novo Nordisk launched the NovoPen 6 and NovoPen Echo Plus. They are reusable insulin pens equipped with NFC (Near Field Communication) technology, which must be scanned in close proximity to move the data from the pen to another device. Thus, the launch of technically advanced products by the key players are driving the market.
• Smart insulin pens based on connectivity is segmented into Bluetooth and USB. The smart insulin pens segment is expected to grow at a high rate over the period of forecast. This is owing to the surge in adoption of connected devices to tackle the rising prevalence of diabetes. For instance, on August 4, 2016, Emperra GmbH, launched the world's first Bluetooth insulin pen on the market, expanding its ESYSTA product system's function. Thus, the increased number of launches of connected devices are driving the market.
• The type 1 diabetes segment is expected to boost the market over the forecast period. This is owing to the rising prevalence of type 1 diabetes and the launch of new connected devices to treat them. For instance, in December 2018, the European Commission’s Insulclock project provided a solution to help type 1 diabetes manage their disease. The Insulclock system, is attachable to any disposable insulin pen, turning it into a 'smart', connected pen. This can then be used with a mobile application, enabling the patients to know and record the amount automatically and the type of insulin injected, and when the insulin injection took place. Thus, the launch of new connected devices to treat type 1 diabetes are driving the market.
• The global insulin pen market can be segmented by distribution channel into hospital pharmacies, retail pharmacies, and others. Among these, the retail pharmacies segment is expected to dominate the insulin pen market. The retail pharmacies are considered to be the most preferred channel for the patients using diabetes insulin pens. Also, the retail pharmacies are among the most go-to places opted by the patients resulting in the high share and growth of the segment in the insulin pen market over the forecast period.

Geographical Analysis
• Geographically, the global insulin pen market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
• North America is dominating the global insulin pen market in 2018 and is estimated to hold significant market size over the forecast period (2019-2026) owing to the rising prevalence of diabetes, and the development of cost-effective insulin pens by the key players.
• The rising prevalence of diabetes in the region is expected to boost the market. For instance, the researchers at the American Diabetes Association estimated that between 2009 and 2034, the global diabetes population will rise from 23.7 million to 44.1 million. Also, the Centre for Disease Control and Prevention reported that in July 2017, around 29 million US adults had diabetes and is responsible for 12% of deaths in the US. Based on National Diabetes statistics report 2017, in 30.3 million Americans, nearly 1 in 10 had diabetes. In 84.1 million American adults, approximately 1 in 3 had pre-diabetes. Thus, the rising prevalence of diabetes is increasing the demand for technically advanced products in the region.
• The presence of key players following several strategies like mergers, collaborations, and product launches in the region are expected to boost the market. For instance, in March 2018, FDA approved smart Glucose meter for (iPhone 7, 8 and iPhone X) of Dario Health corp. Also, on June 6, 2019, DexCom Inc. and Companion Medical, Inc. had a collaboration to enable a direct exchange of CGM data of Dexcom with insulin data from InPen™ into both companies' software applications. This type of strategy is the first of its kind and paves the way for advanced diabetes decision support, an essential tool for insulin users. Thus, the presence of product approvals and the collaborations between key players are driving the market growth.

Competitive Landscape
• The major players operating in the global insulin pen 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.
• The key players are adopting various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, which are contributing to the growth of the insulin pen market globally. For instance,
• On June 7, 2019, Companion Medical, Inc. announced the addition of new features to the InPen system, which increases its utility for InPen users and their healthcare providers. The company also launched its API, which enables the sharing of insulin data from the InPen system with other diabetes management platforms.
• In March 2019, Novo Nordisk had a collaborative partnership with Abbott for the design, development, and commercialization of smart insulin pens, which will directly transfer the dosage logs to a digital health software application.
• In March 2018, FDA approved Sanofi’s new insulin pen, Toujeo Max Solostar. The pen holds more long-acting insulin to reduce the number of injections for patients requiring long-acting insulin.
• In 2018, Novo Nordisk A/S launched a bluetooth connected smart insulin pen. It is enabled to record the dose of insulin and timely logs.

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