New York, June 16, 2023 (GLOBE NEWSWIRE) -- The global Insulin Pens Market is set to reach US$ 35.2 billion by the end of 2033. Rising worldwide prevalence of diabetes has encouraged insulin pen manufacturers to invest in the development of innovative products, driven by increased research and development efforts and government funding support. This has led the global insulin pens market to reach US$ 16.2 billion in 2022. From 2023 to 2033, the market is projected to expand at a CAGR of 7.3%.
Self-administration allows individuals with diabetes to take an active part in managing their condition. Insulin pens provide a user-friendly and convenient method for self-administration, enabling patients to self-administer insulin doses without relying on healthcare professionals or caregivers. This empowerment fosters a sense of independence and control over diabetes management, leading to improved patient satisfaction and adherence.
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Self-administration with insulin pens can contribute to better treatment adherence compared to traditional methods such as vials and syringes. The pens are designed to be easy to use, with features like dose displays, dose memory, and dose correction options, which help reduce dosing errors. The simplicity and accuracy of insulin pens promote better adherence to prescribed insulin regimens, leading to improved glycemic control and reduced risk of complications.
Insulin pens are generally easier to operate compared to traditional insulin administration methods. Healthcare professionals can provide patients with concise training and education on using insulin pens, including proper injection techniques and dose adjustments. The simplified training process reduces the learning curve for patients and caregivers, enabling them to quickly adopt and use insulin pens effectively.
Focus on self-administration addresses the evolving needs and preferences of patients with diabetes, promoting greater engagement, adherence, and independence in their diabetes management. Insulin pens provide a convenient, user-friendly, and empowering option for self-administration, making them a preferred choice for many individuals with diabetes and contributing to the growth of the insulin pens market.
Key Takeaways from Market Study
- The global insulin pens market is predicted to reach US$ 35.2 billion by 2033.
- Reusable insulin pens held 52.5% share of the global market in 2022.
- In the indication category, diabetes type I led the market with a share of 68.6% in 2022.
- By distribution channel, hospital pharmacies accounted for a market share of 34.7% in 2022.
- The U.S. market for insulin pens was valued at US$ 4.7 billion in 2022.
“Demand growing for development of innovative technologies such as connected smart pens for insulin delivery to improve diabetes management,” says an analyst at Persistence Market Research.
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Market Competition
Key players in this market are focused on developing partnerships and collaborations with other companies to expand their research and development activities related to insulin pens. Apart from this, they are striving to diversify their product portfolios. Novo Nordisk A/S, Eli Lilly and Company, Sanofi, Medtronic plc., Ypsomed AG, Stevanato Group, Solteam Incorporation Co. and more
For instance:
- Smart MDI system was launched in Europe by Medtronic in September 2022. This system combines the strength of predictive glucose warnings from the Guardian 4 smart continuous glucose monitoring (CGM) system with the precision of personalized insulin dosage data from the InPen smart insulin pen.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the insulin pens market in its latest study, presenting a historical demand assessment for 2015 to 2022 and projections for 2023 to 2033.
The research study is based on product (reusable insulin pens, disposable insulin pens, smart insulin pens), indication (diabetes type I, diabetes type II), and distribution channel (hospital pharmacies, drug stores, retail pharmacies, online pharmacies), across seven regions of the world.
For additional insights on how the growth of the insulin pens market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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