PUBLISHER: Grand View Research | PRODUCT CODE: 1511931
PUBLISHER: Grand View Research | PRODUCT CODE: 1511931
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.