Insulin Syringes Market Analysis | 2022-2028

Market Highlights

The Insulin Syringes Market was estimated at US$ 1.73 billion in 2021 and is expected to grow at a CAGR of 4.7% during 2022-2028 to reach US$ ~2.38 billion in 2028.

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What are insulin syringes?

Insulin syringes are medical devices specifically designed for administering insulin, a hormone used to regulate blood sugar levels in individuals with diabetes. These syringes are calibrated to accurately measure and deliver specific insulin doses, ensuring precise treatment for patients who need to inject insulin regularly. They typically feature fine needles and clear markings to facilitate accurate dosing. Insulin syringes come in various sizes to accommodate insulin concentrations and dosing requirements. Some variants also incorporate safety features to prevent accidental needlesticks or cross-contamination. The use of insulin syringes is a common method for delivering insulin therapy in both clinical and home settings.

Market Dynamics

The body's metabolism of fat and carbohydrates is controlled by insulin. It is a peptide hormone that aids in controlling the metabolism of glucose and is released in the pancreas by beta cells of the islets of Langerhans. Cells in skeletal muscle and adipose tissues take glucose from the blood as a result. An insulin syringe helps diabetic people receive the correct dosages of insulin. The insulin syringes come in several sizes, such as 3/10 cc, 1/ 2 cc, and 1 cc, and are made up of three parts: needles, barrel, and plunger.

During the anticipated period, the expansion of the insulin sector in the market is anticipated to be fueled by the launch of generic insulin and the quickly growing need for novel insulin for the regulation of blood sugar levels in both type 1 and type 2 diabetes. Eli Lilly and Company introduced Lispro, a generic form of Humalog insulin with a quick onset of action, in March 2019. For diabetic individuals, it will be available at a considerably lower cost.

The world's aging population and rising diabetes cases are two key factors fueling the market's expansion. In addition, people's adoption of unhealthy lifestyles and rising obesity rates influence market growth. The demand for insulin syringes is significantly influenced by the rise in healthcare costs. Demand has increased as a result of the rising prevalence of diabetes. By 2040, the number of individuals with diabetes is predicted to reach 642 million, according to the International Diabetes Federation (IDF). Because of the growing number of diabetics, the target market is anticipated to expand steadily throughout the forecast period. Diabetic patients frequently utilize these products when injecting insulin or any other injectable medication. Diabetes is very likely to affect obese individuals.

As a result of greater digitization, businesses may now offer their products online. An increasing number of businesses are selling insulin syringes online. Around the world, diabetes affects both urban and rural populations, with 36% of cases occurring in rural areas and 64% in urban areas.

As the global market moves away from human insulin, which can be produced at a minimal cost, and toward more expensive analogues, lower-income countries are being forced to shoulder an unsustainable financial burden (synthetic insulins). Human insulin is typically just as effective as analogues, but analogues cost at least 1.5 times as much and, in some circumstances, three times as much. Three multinational corporations control more than 90% of the insulin industry, making it difficult for smaller businesses to compete for customers. For years, the cost of insulin in the US has been rising rapidly, placing diabetics and their families in a precarious position.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• Most of the market's consumers come from developing nations. For the producers, the growth in diabetes incidence is a major driver. By building a solid retail distribution infrastructure, businesses can benefit from these unique market dynamics. For persons aged 20 to 79 worldwide, diabetes is expected to result in direct healthcare costs of USD 286 billion annually.

Segments Analysis

By Syringe Size Type

The segment is bifurcated into 3/10 CC syringe (0.3ml), 1/2 CC syringe (0.5ml), 1CC syringe (1ml), and others. The 1ml syringe size accounted for the majority of sales in 2021. These syringes are appropriate for dosages greater than 50 units and include a 2-unit graduation. A 1 mL syringe may be the best choice for an adult who needs a large dose of insulin.

By Application Type

The segment is divided into type 1 diabetes, and type 2 diabetes. In 2021, the insulin syringes market's greatest revenue share was attributed to Type 2 Diabetes. This is brought on by an increase in type-2 diabetes prevalence on a global scale. Around 462 million individuals globally, or 6.28 per cent of the world's population, had type 2 diabetes in 2019, according to the World Health Organization.

By End-User Type

The market is divided into hospitals & clinics, home care settings, and others. The hospital & clinics segment generated the largest revenue share in the insulin syringes market as a result of the population's increasing prevalence of chronic conditions including diabetes and obesity. Additionally, the industry for insulin syringes is significantly fueled by the constantly expanding elderly population. Around 34.2 million people were given a diagnosis of diabetes in 2019, with 14.3 million of those over 65 years old having the condition, according to the American Diabetes Association.

Regional Analysis

The insulin syringes market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America held the biggest revenue share and was the market for insulin syringes. This is mostly due to the region's advanced technology and recent product launches by significant market players. According to the Centers for Disease Control and Prevention, diabetes is the seventh leading cause of death in the US (CDC). Diabetes is no longer just a problem for wealthy nations; it is also becoming more prevalent in low- and middle-income nations.

Key Players

With the development of web-based oncology solutions and Artificial Intelligence (AI)-based OIS solutions, key players are largely focusing on implementing technological innovation. This is projected to positively impact market growth in the near future.

• Eli Lilly and Cipla, an Indian global pharmaceutical firm, partnered in October 2021. Through this agreement, Lilly's Diabetes medications Trulicity and Humalog were intended to reach a wider audience in India. Furthermore, Lilly is anticipated to give Cipla all of its rights, subject to regulatory approval, for the promotion, distribution, and sale of Trulicity & Humalog in India.
• The US FDA granted Lyumjev, a rapid-acting insulin, approval in August 2021 to Eli Lilly. The continuous 100 units/mL subcutaneous insulin infusion (CSII) with an insulin pump is anticipated to aid adults with type 1 and type 2 diabetes in controlling their blood sugar levels as a result of its approval.
• Semglee, the first interchangeable biosimilar product, was approved by the FDA in July 2021 by Biocon Biologics and Viatris. This approval makes pharmacy counters possible to witness demand for the Lantus substitution Semglee by the end of 2021.

The following are the major players in the insulin syringes market:

• Abbott Laboratories
• Beckton and Dickinson Company
• Biocon Ltd
• Cardinal Health Inc
• Eli Lilly and Company
• Hindustan syringe and medical device Ltd
• Medline Industries
• Nipro Medical Corporation
• Novo Nordisk A/S
• Terumo Corporation

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

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