February 25, 2024

Diabetes Injection Pens Market is Estimated to Witness High Growth Owing to Increasing Prevalence of Diabetes

Diabetes injection pens are medical devices used for injecting insulin doses subcutaneously. Insulin pens combine an insulin cartridge with a dial to measure dosage and allows for hassle-free and accurate dose dispensing.

Market Dynamics:

The Diabetes Injection Pens Market is expected to witness significant growth over the forecast period owing to the increasing prevalence of diabetes across the globe. According to International Diabetes Federation, around 700 million people will be living with diabetes by 2045. Moreover, injection pens offer greater convenience and accuracy compared to vial and syringes, which also contributes to the growth of the market. Another major driver is the growing preference for human insulin analog over traditional human insulin due to similar glucose level control and lesser incidence of hypoglycemia.

Major Market Drivers – Adoption of Self-Care Practices For Diabetes Management

The rising prevalence of diabetes globally has necessitated the adoption of self-care practices for effective diabetes management. Self-monitoring of blood glucose levels using injection pens has become a vital practice among diabetics to help control blood sugar levels. Easy to use and store diabetes injection pens have enabled patients to self-administer insulin doses with high precision conveniently. As diabetes self-management gains more recognition as an important component of overall treatment, demand for diabetes injection pens is growing steadily.

Increasing Diabetes Incidence Due to Lifestyle Changes and Obesity

Changes in lifestyle and eating habits along with rising obesity rates have significantly contributed to the increasing incidence of diabetes worldwide. According to the International Diabetes Federation, about 463 million adults were living with diabetes in 2019 with the numbers projected to rise to 700 million by 2045. Most of the increase will occur in low and middle-income countries. As diabetes prevalence continues surging, especially in developing nations undergoing nutrition transition, usage of diabetes injection pens for effective therapy management is amplifying.

Major Market Restrain – High Cost of Branded Injection Pens

The high cost of technologically advanced branded insulin injection pens remains a major barrier hampering their widespread adoption, especially in cost-sensitive developing markets. While generic variants offer similar functionality at lower prices, branded pens still command a major share of the market due to physician preference and patient trust in established brands. However, patent expiries of blockbuster insulin brands in the coming years may help reduce prices through increased competition and availability of affordable biosimilar products. This can spur the diabetes injection pens market growth.

Major Market Opportunity – Untapped Potential in Developing Regions

Most of the future increase in the global diabetes population will occur in developing countries that are currently undergoing nutrition and lifestyle transition. While adoption of injection pens is gradually rising even in lower income settings, significant opportunities still remain untapped in these underpenetrated yet fast-growing diabetes markets. Increased awareness campaigns, expanded healthcare coverage and promotion of affordable generic devices can help boost injection pen usage, especially in Asia Pacific and Latin American countries where the economic burden of diabetes is rising sharply.

Major Market Trend – Connected Smart Pens With Digital Integration

One of the key trends emerging in the diabetes injection pens market is the introduction of ‘smart’ connected pens that can digitally store dosing history, integrate with mobile apps and cloud services. This allows remote monitoring by caregivers and physicians for better therapy management. Advanced features like Bluetooth connectivity, automatic log updates and customizable alerts are making connected pens more convenient to use. As digital health sees rapid innovation and adoption, smart pens equipped with such technologies are expected to gain prominence in the future to improve diabetes care outcomes.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it