Market Trends of North America Insulin Pens Industry
Insulin cartridges in reusable pens are expected to witness significant growth over the forecast period
Insulin cartridges in reusable pens hold the highest share in the North American insulin pens market in the current year.
Most insulins are easily accessible as they are manufactured in the form of cartridges. Cartridges are cost-effective, compared to disposable insulin pens in the long run. Most insulin device manufacturing companies produce reusable insulin pens that are compatible with various insulin manufacturers' cartridges. These insulin cartridges are consumer-friendly, as they are smaller and less noticeable compared to classic vial-and-syringes and are more portable for consumers. Open cartridges do not need to be refrigerated, making storage easy for consumers.
The North American region has witnessed an alarming increase in the prevalence of diabetes in recent years. In developed countries, such as the United States and Canada, the rate of diabetes is at an all-time high, mainly due to lifestyle changes. According to the Division of Metabolism and Endocrinology Products in the FDA's Center for Drug Evaluation and Research, "Patients want effective treatment options for diabetes that are as minimally intrusive on their lives as possible, and the FDA welcomes the advancement of new therapeutic options that can make it easier for patients to control their condition".
According to Diabetes Canada, new 2022 figures showed the continued rising trend of diabetes rates in Canada with no signs of leveling or decreasing. Diabetes continues to affect more Canadians than ever before. The new diabetes figures show a steady, continued increase in diabetes in the country, with 11.7 million Canadians living with diabetes or prediabetes; more than 5.7 million Canadians are living with diagnosed diabetes (type-1 or type-2 diabetes).
Therefore, owing to the rising prevalence of diabetes and improved patient compliance, the insulin cartridges in reusable pens segment is anticipated to witness growth over the analysis period.
The United States holds the highest market share in the North America Insulin Pens Market in the current year
The United States held the highest market share in the North American insulin pen market in the current year and is expected to register a CAGR of about 5% over the forecast period.
An estimated 1.4 million Americans are diagnosed with diabetes every year, according to the American Diabetes Association. Diabetes is one of the leading causes of death in Canada and other North American countries. The growing incidence, prevalence, and progressive nature of the disease have encouraged treatment options for diabetic patients. The ADA also helps with the costs of insulin and diabetes medication. Medicare drug plans cover insulin not used in an insulin pump and other drugs necessary to treat diabetes. In addition to providing prescription drug coverage, Medicare Part D plans may cover supplies necessary to inject insulin, including syringes, needles, alcohol swabs, and gauze.
The World Health Assembly Resolution 2022 recommended the integration of prevention and treatment of diabetes into primary health services, the development of pathways for a substantial increase in access to insulin, the promotion of convergence and harmonization of regulatory requirements for diabetes medicines and technologies, and improved diabetes monitoring and surveillance. Furthermore, it involves the WHO advising the Member States to ensure the uninterrupted treatment of people living with diabetes in humanitarian emergencies. This important milestone provides a global mandate for diabetes efforts for the next decade.
The roll-out of many new products, increasing international research collaborations in technological advancement, and increasing awareness about diabetes among people are some of the market opportunities for the players in the market.
