The Europe insulin pen market is expected to reach US$ 1,829.7 Mn in 2027 from US$ 900.8 Mn in 2018. The market is estimated to grow with a CAGR of 8.4% from 2019-2027.
The growth of the insulin pen market is primarily attributed to the growing geriatric population and rising incidence of diabetes. However, availability of alternatives for drug delivery and limitations associated with insulin pens are likely to pose a negative impact on the market growth. On the other hand, development of cost efficient pen needles is likely to have a positive impact on the growth of the European insulin pen market in the coming years.
Diabetes among geriatric population is a growing public health burden worldwide. It is a major cause morbidity and mortality in ageing population that later largely attributable to various chronic complications. Ageing population is poised to become one of the most significant transformation with a heavy impact on the social and economic level across the Europe. According to a report of United Nation in 2017, there were approximately 183 million people aged 60 or above across the Europe in 2017 and was projected to reach to 247.2million by 2050. The number of geriatric population is expected to grow significantly in Europe, Diabetes has been growing as a major health problem and a significant burden on the population and on health systems of developing countries. There are about 60 million people with diabetes in the Europe, or about 10.3% of men and 9.6% of women aged 25 years and over. Prevalence of diabetes is increasing among all ages in the European Region, mostly due to increases in overweight and obesity, unhealthy diet and physical inactivity. The elderly people are more likely to have diabetes than younger people, and the effect of the disease on quality of life is particularly deep in this population. With increase in the number of geriatric population, the prevalence of the diabetes has increased. Therefore, the demand of insulin pens, which are devices that facilitate easy administration of insulin are expected to increase in the forecast period.
In 2018, the disposable segment held a largest market share of 62.6% of the insulin pen market, by product. The disposable is expected to dominate its market share in 2027 owing to the rise in the prevalence of the diabetes and presence of the several market players that offers technically advanced products. The disposable segment is also anticipated to witness the fastest growth rate of 8.6% during the forecast period, 2019 to 2027.
Retail pharmacies segment a largest market share of 39.8% of the insulin pen market, by distribution channel in 2018. This segment is also expected to dominate the market in 2027 owing Chemists and retail pharmacies are considered to be the most preferred channel for patients using diabetes insulin pens. Retail pharmacies are among the most go-to places opted by the patients resulting in the high share and growth of the segment in the insulin pens market over the coming years. E-Commerce segment is also expected to grow at the fastest growth rate of 9% during the forecast period, 2019 to 2027.
Some of the major primary and secondary sources for insulin pen included in the report are, Owen Mumford, LTD., Novo Nordisk a/s, Companion Medical , Berlin-Chemie AG, Pendiq GmbH, Emperra GmbH E-Health Technologies, Eli lilly and company, Ypsomed Ag, SANOFI, Biocon, and others.