Diabetes Insulin Pen Market Scope
Insulin pens make it easier to take insulin because they combine the medication and the syringe in one convenient unit. Insulin pens are preloaded with insulin, including premixed insulin. They're easy to use: just twist or snap on a new needle, dial a dose, inject the insulin, and dispose of the used needle in a needle-safe sharps container. Certain insulin pens are disposable, which means that once the insulin is gone or expired, the pen can be discarded, whereas other pens can be reused after a new insulin cartridge is inserted. Many brands offer color-coded pens with different designs to help consumers identify the type of insulin they are using at a glance. This reduces administration time and makes them more portable. Some new models come with a digital application.
|Unit||Value (USD Million)|
|Key Companies Profiled||Eli Lilly and Company (United States), Medtronic (Ireland), Novo Nordisk (Denmark), Sanofi (France), Becton, Dickinson and Company (United States), Biocon (India), Diamesco (South Korea), Emperra (Germany), Guangzhou Medsinglong Medical Equipment (China) and HK Zion Industry (China)|
Major players have been investing in R&D and new product development due to the increasing number of diabetic 2 prevalence in patients. The Smartpen technology undertaken by a few major players has made them stand out in the market. Whereas the High cost of products has been holding the market growth as there are many substitute products which do cost less. The key players have been looking for mergers and acquisitions to have better products in the portfolio as well as due to high technological requirements it has made it a bit convenient for new players to enter the market.
Eli Lilly and Company (United States), Medtronic (Ireland), Novo Nordisk (Denmark), Sanofi (France), Becton, Dickinson and Company (United States), Biocon (India), Diamesco (South Korea), Emperra (Germany), Guangzhou Medsinglong Medical Equipment (China) and HK Zion Industry (China) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Jiangsu Delfu Medical Device (China), Owen Mumford (United Kingdom), Shanghai Umitai Medical Technology (China), SUN MEDICAL CO., LTD (Japan), Suzhou Peng Ye Medical Technology Co., Ltd. (China), Triones Technology (India) and Ypsomed (Switzerland).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Diabetes Insulin Pen market by Type and Region with country level break-up.
On the basis of geography, the market of Diabetes Insulin Pen has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2021.
Market Leaders and their expansionary development strategiesNovo Nordisk in December 2021 announced the acquisition of Dicerna Pharmaceuticals. Following the expiration of Novo Nordisk’s cash tender offer for Dicerna, Novo Nordisk has today acquired all outstanding shares of common stock of Dicerna at a price of USD 38.25 per share in cash, without interest and less any applicable tax withholding.
In March 2022 Novo Nordisk launches the first smart insulin pens for NHS patients. The new devices NovoPen 6 and NovoPen Echo Plus – are insulin self-injection pens that record information such as when and how much insulin is administered, with the data uploaded to an app via near-field communication (NFC) link so it can be reviewed by the patients themselves and healthcare professionals.
In an effort to reduce the serious risk of infection spread through sharing of multi-dose diabetes pen devices intended for single patient use only, the U.S. Food and Drug Administration (FDA) is requiring additional label warnings prohibiting sharing of these injectable medicines. Insulin pens and pens for other injectable diabetes medicines should never be shared among patients, even if the needle is changed. Sharing pens can result in the spread of serious infections from one patient to another. To promote safe use, we are requiring that pens and packaging containing multiple doses of insulin and other injectable diabetes medicines display a warning label stating “For single patient use only.”
Diabetes Insulin Pen Market Dynamics:
|Trends Influencing Market|
- Smart Pen Technology has Been Showing a Trending Impact on the Market.
- Higher Availability of Substitute Products.
- High Cost of Product has Been Holding the Market Growth.
- Growing R&D for Diabetic Instruments and Support Will be developing more Opportunities.
Key Target AudiencePharmaceutical companies, New Entrants and Investors, Legalized Cannabis Distributors and Suppliers, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others