Insulin Pens Market Size To Reach $12.41 Billion By 2030

Insulin Pens Market Growth & Trends

The global insulin pens market size is anticipated to reach USD 12.41 billion by 2030, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 8.08% during the forecast period, 2024 to 2030. Key drivers propelling market growth include rising prevalence of diabetes worldwide. According to the International Diabetes Federation, approximately 537 million adults were living with diabetes in 2021, a number expected to rise to 643 million by 2030. This escalating figure has significantly fueled the demand for effective and convenient insulin delivery methods, such as insulin pens.

The international agreement aims to stop the rise of diabetes and obesity by 2025. Currently, the majority of the global diabetic population of approximately 422 million resides in lower-income countries, contributing to 1.5 million deaths annually due to type 2 diabetes. Over recent decades, there has been a steady increase in diabetes rates. The latest data from the IDF Diabetes Atlas indicates a global diabetes prevalence rate of 10.5%, with nearly 44.7% of cases remaining undiagnosed. Future forecasts from the IDF suggest that by 2045, the number of adults with diabetes could reach 783 million, or roughly 12.5% of the global population, marking a 46% increase. This uptrend significantly outpaces the anticipated global population growth of 20% for the same timeframe.

Advancements in insulin pen technology, the growing geriatric population, and increasing investments in healthcare infrastructure across various regions have been crucial in market expansion. Furthermore, the shift towards modern insulin delivery devices over traditional syringes and vials has played a pivotal role in market expansion. However, the market faces challenges such as high costs associated with insulin pen therapy and limited reimbursement policies in developing countries. Despite these barriers, ongoing research and development efforts to introduce innovative, cost-effective insulin pens are anticipated to overcome these hurdles.

 Request a free sample copy or view report summary: Insulin Pens Market Report

Global Insulin Pens Market Report Highlights

• By type, the insulin pens market is categorized into disposable and reusable insulin pens, with disposable pens holding the largest market share due to their convenience and hygiene benefits

• By end use, the insulin pens market is segmented into hospitals & clinics, homecare, and others. Among these, homecare segment captured the largest market share of 48.21% in 2023

• Furthermore, North America insulin pens market dominated the market by capturing the highest revenue share of 40.73% in 2023 owing to its well-established healthcare infrastructure, high diabetes prevalence, and strong presence of leading market players

• The Asia Pacific region is expected to witness the fastest growth rate (CAGR) of 8.8% during the forecast period, driven by increasing healthcare expenditure, rising diabetes awareness, and improving healthcare facilities in emerging economies such as China and India

Insulin Pens Market Segmentation

Grand View Research has segmented the global insulin pens market, on the basis of type, end-use, and region:

Insulin Pens Type Outlook (Revenue, USD Million, 2018 - 2030)

• Reusable Insulin Pens

• Disposable Insulin Pens

Insulin Pens End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Hospitals & Clinics

• Homecare

• Others

Insulin Pens Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • Thailand

  • South Korea

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players in the Insulin Pens Market

• Medtronic

• Novo Nordisk A/S

• Sanofi

• Eli Lilly and Company

• Ypsomed AG

• Insulet Corporation

• B. Braun SE

• Owen Mumford Ltd.

• Tandem Diabetes Care, Inc.