Diabetes Pen - Market Insights, Competitive Landscape, and Market Forecast - 2030

Diabetes Pens Market By Product Type (Disposable And Reusable [Conventional And Smart]), By Application (Type 1 Diabetes, Type 2 Diabetes, And Gestational Diabetes), And By End User (Hospitals & Clinics, Homecare Settings, And Others), by geography is expected to grow at a steady CAGR forecast till 2030 owing to rising technological advancements in product development and increasing prevalence of diabetes.

Global Diabetes Pens Market was valued at USD 24.01 billion in 2023, growing at a CAGR of 4.70% during the forecast period from 2024 to 2030 to reach USD 31.56 billion by 2030. Factors such as increasing prevalence of lifestyle disorders, such as diabetes and obesity, increasing awareness regarding the ease-of-use of diabetes pens, the improvement in patient adherence and compliance to treatment regimen, and technologically advanced products such as smart insulin pens, are expected to drive the diabetes pens market. Additionally, the added advantages offered by diabetes pens over conventional syringe and vials mode of insulin administration is further expected to boost the market growth.

Diabetes Pens Market Dynamics:

Diabetes Pens market is witnessing growth due to the rising requirement for these devices in order to cater to the large diabetic patient population across the globe.

According to the data provided by the International Diabetes Federation (IDF) Diabetes Atlas Ninth Edition 2019, there were approximately 463 million adults in the age group 20-79 years. The figures are expected to reach to 700 million by 2045. It further stated that over 20 million live births (1 in 6 live births) are affected by diabetes during pregnancy. Moreover, 374 million people are at increased risk of developing type 2 diabetes. In addition to above mentioned facts, as per IDF, an estimated number of 223 million women (20-79 years) were living with diabetes in 2019. This number is projected to increase to 343 million by 2045. It mentioned that 20 million of live births had some form of hyperglycaemia in pregnancy of which 84% were due to gestational diabetes (GDM).

Diabetes is a major cause of blindness, kidney failure, heart attacks, stroke and lower limb amputation. Moreover, many women with GDM experience pregnancy-related complications which includes high blood pressure, obstructed labour, and large birth weight babies. It has been observed that on an average about half of women with a history of GDM develop type 2 diabetes within five to ten years after delivery.

As diabetes can be extremely debilitating in terms of quality of life, insulin administration becomes imperative in the treatment of diabetes. Diabetes pens are one of the popular devices that have gained traction over the years due to their ease-of-use and other advantages over conventional syringe-administration of insulin.

These devices are virtually painless in their operation, portable and discreet in their appearance, safer in insulin administration, less time consuming than their conventional counterparts, as well as more cost effective.

However, non-availability of all types of insulin in cartridges, limitation in not mixing of two different types of insulin as well as chances of contamination of the diabetes pens may prove to be certain restraints to the diabetes pens market growth.

Diabetes Pens Market Segment Analysis:

Diabetes Pens market by Product Type (Disposable and Reusable [Conventional and Smart]), Diabetes Pens market by Application (Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes), Diabetes Pens market by End User (Hospitals & Clinics, Homecare Settings, and Others), and Diabetes Pens market by Geography (North America. Europe, Asia-Pacific, and Rest of the World)

In product segment of the diabetes pens market, the reusable diabetes pen category is expected to account for the larger market share during the forecast period. The reusable diabetes pens allow for the insertion of an insulin cartridge into the delivery chamber of a diabetes pen that is required to be replaced with a new cartridge once the old cartridge is exhausted or expired. Reusable diabetes pens offer advantages such as greater flexibility in terms of reusing the same pen if prescription for the insulin type changes. Moreover, considering the long-term benefit, the reusable diabetes pen appear to be more economical compared to conventional diabetes pens.

Furthermore, the rising popularity of connected diabetes management devices have led to the development of smart insulin pens such as INPEN System, Novo Pen 6, and Novo Pen Echo. These pens offer patients a smart option for diabetes management. These devices offer features such as dose calculation and tracking and provides helpful reminders, alerts, and reports. They also allow data sharing between healthcare provider and the patient thereby facilitating in the follow-ups by patients and patient-monitoring by physicians.

Therefore, all these above stated factors are predicted to contribute in driving the diabetes pens market forward in the forecast period.

Asia-Pacific is expected to register fastest growth in the Overall Diabetes Pen Market:

Among all the regions, Asia-Pacific is expected to account for the significant market share in the diabetes pens market. APAC is predicted to register the fastest growth the diabetes pens market because of the high prevalence of diabetes, increase in the awareness regarding diabetes and its management, improving disposable income, among other factors in the region.

One of the key factors supporting the growth of the diabetes pens market in the region is the high prevalence of diabetes. This can be supported by the facts provided by IDF. According to the IDF Diabetes Atlas 9th Edition, an estimated 87.6 million adults aged 20-79 years were living with diabetes in the South-East Asia region in 2019, representing a regional prevalence of 8.8%. About 56.7% of these diabetes cases were undiagnosed. As per the data provided by the IDF, in 2019, China had the highest number of diabetics worldwide, with 116 million people with diabetes, which was followed by India (77 million people with diabetes). Furthermore, the factsheet by the WHO also states that the prevalence of diabetes has been higher in developing economies than in developed nations.

According to the World Bank data, in 2019, the percentage prevalence of diabetes in Japan in the age group of 20-79 was 5.6.

As China currently has the largest diabetic population in the world, the Chinese government have employed a slew of measures to deal with the diabetic epidemic in the country. As per the article "Meeting the Challenge of Diabetes in China" by Luo, Fadwin, Rhodwin in 2020, the Chinese government implemented the Healthy China 2030 Plan, approved by the State Council and the Party's Central Committee, diabetes, along with cancer, hypertension, and cardiovascular diseases, are listed as the four major non-communicable diseases (NCDs) for which the goal is to "control the prevalence and reduce the probability of early death." Also, in 2017, the central government launched a 2017-2025 plan to control NCDs, which included measures such as increasing the regular monitoring and self-management rate for diabetes patients from 50% (which is probably an overestimate) to 70% by 2025.

Moreover, as per the estimates provided by the World Economic Forum, the gross domestic product in the APAC region has increased from USD 15,133.08 billion to the projected GDP of 30,280.20 billion by 2024. The increase in GDP is representative of the rising disposable income in the region, which will improve the spending power of customers, including healthcare services.

Considering the presence of large patient pool in the APAC region coupled with increasing disposable income in the region, the APAC is expected to be provide immense growth opportunities for diabetes pen market.

Diabetes Pens Market Key Players:

Some of the key market players operating in the diabetes pens market includes BD, Medtronic, Terumo Group, F Hoffmann-La Roche Ltd., BIGFOOT BIOMEDICAL, INC, Eli Lilly and Company, Novo Nordisk A/S, Emperra GmbH E-Health Technologies, Copernicus (Nemera), ARKRAY USA, Inc., Ypsomed AG, HTL-Strefa (MTD Medical Technology and Devices S.A), Trividia Health, Inc, Sanofi and others.

Recent Developmental Activities in Diabetes Pens Market:

In May 2022, Medtronic plc received the CE (Conformite Europeenne) Mark approval for their InPen smart insulin pen for expanded functionality as multiple daily injections (MDI).

In May 2022, Eli Lilly entered into agreements with four companies DexCom, Inc., Glooko Inc., myDiabby Healthcare and Roche - to advance connected solutions and streamline care for diabetic patient's people living outside of the United States. These companies offer unique diabetes management platforms which will be compatible with Lilly's Tempo Pen(TM) (approved in several global markets) and Tempo Smart Button(TM) (currently in late-stage development).

In May 2022, Bigfoot Medical received the 510k approval from the US Food and Drug Administration for their first-of-its-kind Bigfoot Unity(TM) Diabetes Management System. It features connected smart pen caps that recommend insulin doses for people using multiple daily injection (MDI) therapy.

Key Takeaways from the Diabetes Pens Market Report Study

Market size analysis for current diabetes pens market size (2023), and market forecast for 5 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the diabetes pens market.

Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years

Key companies dominating the global diabetes pens market.

Various opportunities available for the other competitor in the diabetes pens market space.

What are the top performing segments in 2023? How these segments will perform in 2030.

Which is the top-performing regions and countries in the current diabetes pens market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for diabetes pens market growth in the coming future?

Target Audience who can be benefited from this Diabetes Pens Market Report Study

Diabetes pens products providers

Research organizations and consulting companies

Diabetes pens-related organization, association, forum, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in diabetes pens

Various End-users who want to know more about the diabetes pens market and latest technological developments in the diabetes pens market.

Frequently Asked Questions for Diabetes Pens Market:

1. What is a Diabetes Pen?

Diabetes pens are devices that facilitate in the administration of insulin in patients with diabetes. These devices contain a dial to measure the dosage, a cartridge, and a disposable needle.

2. What is the market for Global Diabetes Pens?

Global Diabetes Pens Market was valued at USD 24.01 billion in 2023, growing at a CAGR of 4.70% during the forecast period from 2024 to 2030 to reach USD 31.56 billion by 2030.

3. What are the drivers for Global Diabetes Pens Market?

The major factors driving the demand for diabetes pens in the market are the growing prevalence of diabetes and other lifestyle disorders, rising technological advancement in product development, increasing popularity of self-administrating drug devices among patients.

4. What are the key players operating in Global Diabetes Pens?

Some of the key market players operating in the diabetes pens market includes BD, Medtronic, Terumo Group, F Hoffmann-La Roche Ltd., BIGFOOT BIOMEDICAL, INC, Eli Lilly and Company, Novo Nordisk A/S, Emperra GmbH E-Health Technologies, Copernicus (Nemera), ARKRAY USA, Inc., Ypsomed AG, HTL-Strefa (MTD Medical Technology and Devices S.A), Trividia Health, Inc, Sanofi and others.

5. What region will have the fastest growth in Diabetes Pens market?

APAC is expected to witness the fastest growth in the revenue in the diabetes pens market during the forecast period. The reasons for this fast growth can be correlated to the large patient population in the region, rising disposable income, and increasing focus of the market players in improving their market access in the APAC region.