The market penetration rate of insulin pens is low, and the industry has great potential for future development

An insulin pen is a device that facilitates insulin injection for diabetics. The refill of the insulin pen can be more accurate dose, avoid the cumbersome insulin extraction process, easy to carry, can also reduce the patient's injection pain, and the cost is lower than that of the insulin pump, so it is favored by patients, and the industry has developed rapidly in recent years.

In terms of the development of insulin pens in the global market, the current market penetration rate of insulin pens in Europe and Japan is relatively high, reaching more than 70%. However, in China and India, because insulin pens are not covered by medical insurance, the current market penetration rate of insulin pens is relatively low under the high cost of use and expenses, and the future development of insulin pens in my country has great potential.

The users of insulin pens are mainly used by patients with type 2 diabetes, and type 2 diabetes mostly occurs after the age of 35 to 40. Therefore, the aging of the population in my country is accelerating, and the number of diabetic patients is increasing. In 2019, the number of people with diabetes in China is about 120 million, of which Type 2 diabetes is more common. Due to the huge number of diabetes patients in my country, and the number of people is also showing a trend of rapid growth, the market demand for insulin pens will increase accordingly.

From the perspective of production, the global insulin pen market is mainly occupied by three European and American companies, whose insulin series products account for 85% of the global insulin market. At present, the main manufacturers of insulin pens in China include Gan & Lee Pharmaceutical Co., Ltd. and Wanhai Medical.

Analysts said that insulin pens, as the main tool for the treatment of patients with type 2 diabetes, have been driven by the growing number of diabetic patients in recent years, and the market demand has risen. On the whole, my country's insulin pens have not yet achieved domestic substitution and are expensive, so the current market penetration rate is low, and the future insulin pen industry has great potential for development.