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Insulin Pens, Syringes, Pumps And Injectors Global Market Report 2021: COVID 19 Implications And Growth to 2030

Insulin Pens, Syringes, Pumps And Injectors Global Market Report 2021: COVID 19 Implications And Growth to 2030

  • April 2021
  • 175 pages
  • ID: 6067880
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the insulin pens, syringes, pumps and injectors market are Novo Nordisk A/S (Denmark), Eli Lilly and Company, Medtronic plc (Ireland), Abbott, and Insulet Corporation (US).

The global insulin pens, syringes, pumps and injectors market is expected to grow from $18.83 billion in 2020 to $19.26 billion in 2021 at a compound annual growth rate (CAGR) of 2.3%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2020. The market is expected to reach $25.12 billion in 2025 at a CAGR of 6.9%.

The insulin pens, syringes, pumps, and injectors devices and equipment market consists of sales of insulin pens, syringes, pumps and injectors, and related services.Insulin pens are reusable pen-like tools used to inject desired the dose of insulin into the blood of a diabetic patient.

Insulin helps to ensure that glucose levels in the patient’s blood are appropriate.Insulin syringes are the reusable devices used to inject insulin which is specifically made for self-administration.

Insulin pumps and injectors are the devices that are used to deliver insulin continuously throughout the day to the diabetic patient and maintain blood glucose levels.

Resistance towards self-injection by patients is restraining the insulin pens, syringes, pumps, and injectors market.The fear of injections causes anxiety in some patients thus causing them to avoid the use of insulin injections and being inconsistent in their insulin uptake.

According to a report by, National Center for Biotechnology Information (NCBI) anxiety about and the fear of injection-associated pain has been estimated to affect approximately 30%–50% of patients, before the initiation of diabetes education interventions.The report also stated that close to 28% of patients were unwilling to initiate insulin therapy, if prescribed because they were not confident about handling the injections and the anticipated needle pain due to self-injection.

This resistance to self-injection due to the fear of needles is hampering the growth of the market.

In 2020, Medtronic, an Irish medical device company agreed to acquire Companion Medical, a manufacturer of InPen, for an undisclosed amount.The connected insulin pen helps users to manage their diabetes by tracking insulin doses and active insulin.

This acquisition is an ideal strategic fit for Medtronic, to further simplify diabetes management and improve outcomes by optimizing dosing decisions for a large number of people using multiple daily injections (MDI). Companion Medical was founded by people with diabetes that fuels their drive to create insulin technologies that enable users to live their lives with diabetes solutions that make sense.

An increase in the prevalence of diabetes globally is driving the growth of the insulin pens, syringes, pumps, and injectors market.The increase in the number of people suffering from obesity, unhealthy eating habits, physical inactivity, and the increasing geriatric population are some of the key factors which are leading to the increase in the global prevalence of diabetes.

According to the US Centers for Disease Control and Prevention (CDC) in 2020, around 34.2 million people in the U.S. were suffering from diabetes. Also, according to the International Diabetes Federation, in 2019, globally approximately 463 million adults were living with diabetes; by 2045, this number would rise to 700 million, driving the insulin pens, syringes, pumps, and injectors market.

The insulin pens, syringes, pumps, and injectors devices and equipment market is regulated by authorities such as the US FDA and European Medicines Agency.For instance, FDA’s Title 21 of the Code of Federal Regulations (CFR) provides guidelines for proper labeling of medical devices such as food, drugs, cosmetics, and other medical devices, the manufacturers of these devices must comply and adhere.

FDA also provides strict label warnings prohibiting the sharing of insulin injectable medicines, to avoid infections in patients which are caused by the sharing of these insulin devices.

Many companies are focusing on technological advancements in insulin delivery systems to deliver insulin effectively and safely.For instance, in June 2018, the US Food and Drug Administration approved MiniMed 670G hybrid closed looped system for curing diabetic individuals aged between 7-13 years of age.

It is a diabetes management device that automatically monitors glucose and provides appropriate level insulin doses needed.It requires little or no input from the user.

Similarly, in February 2019, the FDA also approved the Tandem Diabetes Care t: Slim X2 insulin pump.This pump uses interoperable technology that allows patients to customize their diabetes management devices according to their preferences.

These devices contain automated insulin dosing systems, continuous glucose monitors, blood glucose meters, or other electronic devices.

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