Diabetes Injection Pens Market Trend, Opportunity, and Forecast Analysis, 2024-2032

Diabetes Injection Pens Market Highlights

The global diabetes injection pens market is expected to cross a market size of USD 16.3 billion by the end of 2032. The market size was valued at USD 9.7 billion in 2023 and is expected to expand at a CAGR of 5.9% between 2024-2032.

• Over the mid-term, the growing prevalence of diabetes is the primary factor anticipated to drive the global diabetes injection pens market.
• The high cost of devices is a major factor to challenge the market growth.
• The North America diabetes injection pens market is projected to dominate the global market.

Diabetes Injection Pens Market Outlook

A medical device that is used by individuals having diabetes to administer insulin injection is known as diabetes injection pen. The device has been designed to provide a convenient, precise, and user-friendly method for delivering insulin therapy to the individuals who have diabetes for managing their blood sugar levels.

According to our experts at KD Market Insights, one of the primary factors associated with the growth of the global diabetes injection pens market is the growing prevalence of diabetes worldwide. The International Diabetes Federation (IDF) reported that 10.5% of the adult population aged between 20 and 79 years, had diabetes in the year 2021, and by 2045, 1 in 8 adults are expected to live with diabetes. As the prevalence of type 1 and type 2 diabetes increases, the demand for convenient and effective insulin delivery solutions would also increase, which is expected to contribute to the growth of the market during the forecast period. Novo Nordisk, Sanofi, and Eli Lilly and Company are some of the significant parties in the global market for diabetes injection pens.

                                         Get More Insights on This Report - Request Free Sample PDF

Diabetes Injection Pens Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global diabetes injection pens market are:

• Growing Trend of Self-Administration of Diabetes Treatment: Diabetic people around the globe are increasingly adopting the trend for self-management and self-administration of diabetes treatment. This shift is majorly as a result of the need to save their time and money spent on visiting a healthcare service provider for receiving these treatments. With advancements in healthcare, and the availability of diabetes injection pens, a diabetic patient has the convenience and flexibility to administer insulin without much complexities. Such growing preference for self-administration devices is therefore expected to drive the growth of the diabetes injection pens market during the forecast period.
• Increasing Advancements in Insulin Delivery Technology: The healthcare industry around the globe is growing significantly and so are the investments for the research and development of different healthcare products and services. As per our researchers, in the year 2022, the global R&D expenditure was more than USD 2.3 trillion. As such, the manufacturers of insulin delivery devices are also focusing on developing more user-friendly and customizable injection pens, such as prefilled pens, disposable pens, and smart pens with dose memory among others, which are expected to create numerous opportunities for market growth.

Which Probable Factors Could Hamper the Growing Diabetes Injection Pens Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of diabetes injection pens are:

• High Cost of Devices: The cost of diabetes injection pens as compared to traditional vial and syringe methods are usually very high, and hence, are not much pocket friendly. Owing to the high price of the product, the demand for these pens are usually severely hampered, thereby restricting the market growth.
• Concerns About Needle Anxiety: Many diabetic patients have the fear for the pain associated with insulin injections, despite the efforts of the insulin injection manufacturers to develop ultra-thin needles to minimize discomfort. This growing concern about needle anxiety is therefore expected to restrict the market growth during the forecast period.

How is the Global Diabetes Injection Pens Market Segmented?

Our experts at KD Market Insights have segmented the global diabetes injection pens market research report as:

What are the Probable Factors Influencing the North America Diabetes Injection Pens Market Forecast?

The North America diabetes injection pens market is majorly driven by the presence of a strong healthcare infrastructure in the region as well as for the fact that the region has one of the highest prevalence rates of diabetes among other regions worldwide. According to the statistics by the American Diabetes Association (ADA), 38.4 million Americans had diabetes representing 11.6% of the region’s population in the year 2021. Besides this, the growing emphasis on patient-centric healthcare in the region, along with the expansion of diabetes care infrastructure, such as clinics, specialty pharmacies, and diabetes education programs are also expected to contribute to the growth of the market during the forecast period.

As per our analysts at KD Market Insights, the following five players lead the North America diabetes injection pens market growth:

• Novo Nordisk
• Sanofi
• Eli Lilly and Company
• BD (Becton, Dickinson and Company)
• Companion Medical

Which Key Players Top the Global Diabetes Injection Pens Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global diabetes injection pens market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with diabetes injection pens market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global diabetes injection pens market share:

• Novo Nordisk
• Sanofi
• Eli Lilly and Company
• BD (Becton, Dickinson and Company)
• Owen Mumford
• Ypsomed Holding AG
• Companion Medical
• Emperra GmbH E-Health Technologies
• Haselmeier
• Biocon
• Wockhardt
• Merck KGaA

What are the Recent Developments Observed in the Diabetes Injection Pens Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global diabetes injection pens market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, Novo Nordisk stated that it has launched its next-generation diabetes injection pen in North America.

Further, Sanofi stated that it has received approval from the U.S. Food and Drug Administration (FDA) for its prefilled insulin injection pen.