Disposable Insulin Pen Market Trends

Growth Drivers

• Government efforts to improve accessibility: As diabetes becomes a global health concern, several governing bodies intend to invest in the market to make treatment more accessible to afflicted residents. As per the Agency for Clinical Innovation, to cut down on waste related to healthcare and achieve net zero emissions by 2035, the Northern Sydney Local Health District (NSLHD) launched a project to transition to reusable pens. These initiatives, coupled with bulk procurement by public medical settings and additional subsidies, are cumulatively mitigating the financial barrier in this sector, enabling a scope for worldwide expansion.
• Ongoing product innovations and R&D investments: The research cohort to develop next-generation technology for the market is creating new business opportunities by diversifying the pipeline. To keep pace and provide a better product experience, manufacturers are continually improving the designs of insulin pens. This includes redesigned ergonomic grips, adjustable dosage measurements, and better methods for handling insulin pens for elderly or visually impaired patients. Improvements in smart integrations also contribute to the advancement of insulin pens. Such improvements typically involve improvements to existing products and designs to decrease errors in diabetes management. Continually innovating will not only attract new users but will also encourage existing patients to upgrade to the new technology.
•  Shift toward home care and self-administration: The movement towards home care and self-administration of medications is strongly fueling the increase in the market. Due to healthcare systems globally placing much more of an emphasis on patient-centered care and also a reduction in hospital visits, a larger pool of individuals with diabetes are moving towards self-monitoring of their diabetes conditions independently at home. Disposable insulin pens present a simple, easy, and portable solution in line with this movement for individuals managing their diabetes. These pens do not require the use of traditional syringes and vials, which offers benefits to insulin delivery and traditional delivery use of syringes with vials.

Challenges

• Growing prevalence of counterfeits: These products often impact consumer trust and create hesitation among investors, hindering gradual expansion in the disposable insulin pen market. The phenomenon of counterfeit or low-quality disposable insulin pens is a serious threat to patient safety in some areas of the globe. This has ultimately resulted in a loss of patient trust for using insulin pen therapy as well as reputational risks to legitimate manufacturers. While it is possible to establish systems to combat counterfeiting - such as novel packaging, authentication technologies, or tightened regulations - it would require a significant amount of upfront time and cost.
• High cost of devices: The cost of disposable pens can be viewed as an element of low affordability in countries with limited healthcare budgets and patient affordability in low-and middle-income countries. As the cost of insulin pens climbs, fewer diabetes patients/diabetics may not have the luxury of options to choose convenience over price. Therefore, some diabetic patients may select cheaper options that are less convenient. For manufacturers that do not have reduction or subsidy approaches, growth may stagnate in lower and moderate price regions.