01 Oct 2020
Posted in Medical Devices
The growth of global insulin pen market decelerates to 2.3% in 2020 due to COVID-19
The insulin delivery market has been negatively affected by the major upheavals experienced in diabetic care due to COVID-19. The insulin pen market, which was seeing a compound annual growth rate (CAGR) of 5.1% prior to COVID-19, according to leading data and analytics company GlobalData, has now decreased to show 2.3% growth in 2020 due to new patient start delays from physician office closings associated with COVID-19. Similar has been seen in the more traditional insulin pumps markets, according to GlobalData, a leading data and analytics company.
Tina Deng, MSc, Principal Medical Devices Analyst at GlobalData, comments: “As people lose healthcare coverage due to unemployment in the pandemic, some patients may choose cheaper alternatives to diabetes care products such as insulin vials. As the pricing of insulin pens has skyrocketed over the last several years in the US, affordability may hammer device penetration during the COVID-19 crisis.”
COVID-19 not only causes life-threatening conditions for some patients with diabetes, but also affects diabetic care globally.
Deng concludes: “As more medical facilities resumed their diabetic care services, the insulin pen market is recuperating. Affordability programs from manufacturers for those who have been prescribed insulin pens can help increase access to these products. GlobalData expects the global insulin pen market to recover gradually by the end of 2020 or the beginning of 2021.”