The rising predominance of diabetes in different age groups is an essential factor encouraging the growth of the insulin pen market globally. Also, developing R&D ventures are also advancing the market. However, concerns related to the usage of infusion pen and stringent laws for new product developments are restraining the growth of the market.
The global Insulin Pens Market is estimated to reach USD 46.43 Billion by 2028, according to a new report by Reports and Data. This can be mainly associated with the rising predominance of diabetes in different age groups along with developing R&D ventures which are boosting the growth of the market further. Technological improvements in insulin infusion devices are one of the growing trends in the market globally. Also, one of the principal factors leading to the growth of the market is the rising number of diabetics due to obesity, aging, and unhealthy lifestyles. Obesity is believed to be a significant factor influencing the growth of diabetes in individuals.
Diabetes is a significant health condition that is rapidly growing among the world population; therefore, the adoption of smart insulin pens is necessary for safe and effective control of insulin to people who have diabetes. Insulin pens have earned popularity in current years. The demand is due to the rapidly rising number of diabetic patients, and cost-effectiveness of the insulin pens. Also, the accurate and simple delivery function of appropriate dosing adds to the demand.
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Further key findings from the report suggest
- Insulin Pen is a type of insulin injection device, containing a refill in the pen. The way to operate it, is to fit it with the specific refill filled with insulin, fix the needle and pull off the needle cover. The operation is very convenient.
- Insulin pens make the process to measure the dosage easier as the number of shots is pre-set along with the dosage. It ensures that the exact insulin levels are maintained according to the patient's requirement. It is apparent that insulin pens offer the service that they need when compared to the bottle and syringe
- The rising predominance of diabetes in different age groups is an essential factor encouraging the growth of the insulin pen market globally. Also, developing R&D ventures are also advancing the market. However, concerns related to the usage of infusion pen and stringent laws for new product developments are restraining the growth of the market.
- Smart Insulin Pens is expected to witness the highest CAGR of 8.4% during the forecast period.
- The pre-filled insulin pen market under the Usage segment is expected to grow with the highest CAGR of 8.3% during the forecast period.
- Although some pens need users to insert a cartridge inside before use, most of the pens come pre-filled with insulin and are disposable. Users only have to be sure to check the round to confirm the absence of bubbles.
- The home-care setting of the End use segment accounts for the highest CAGR of 46.19% in 2018. The use of insulin pens at home saves on hospital or clinic fee, visiting costs, and waiting time. They are highly portable, small in size, and can be used anywhere at any time. Thus, higher user-friendliness and greater access to the device has made insulin users opt for self-care diabetes control options.
- The market players are primarily focused on developing new technologies to meet the requirement of users. Various companies are also involved in numerous merger & acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Emerging economies, such as India and China, contribute to the growth of the market in APAC which will grow at a CAGR of 8.1%, due to the presence of a massive population who are suffering from diabetes and its increasing awareness amongst individuals. Also, global merchants are growing their business in the Asia Pacific region and are rendering high-end products for diabetes care, which is the principal factor contributing to the growth.
- Key participants include Novo Nordisk, Sanofi, Smiths Medical Asd, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, Insulet Corporation
Regional segmentation comprises of a current and forecast estimation of the market in the key geographical regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers the scope of individual applications and types in each region. The report also covers details about production and consumption patterns, technological developments, revenue growth, market size, market share, key trends and demands influencing market growth in the region, and robust presence of key players in the region.
Market segment analysis:
End-User Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home care settings
Product Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Traditional insulin Pens
- Smart insulin Pens.
Usage Outlook (Volume, Thousand Units; and Revenue, USD Million; 2018-2028)
- Prefilled Insulin Pens
- Smart Insulin Pen Caps
- Reusable Insulin Pen Caps
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Regional analysis further covers a country-wise analysis to offer insights into key trends and demands in each major country that might affect the growth of the market in the region.
Regional analysis covers:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Features of the Global Insulin Pens Market Report:
- Comprehensive analysis of the key players operating in the market along with their SWOT analysis, their business profiles, business overview, market share, global position, and market value
- Identification and analysis of significant trends and factors driving revenue growth of the market
- Analysis of the competitive landscape along with strategic mergers, expansions, agreements, partnerships, joint ventures, acquisitions, and product launches
- Assessment of each market segment along with their growth trends and market revenue contribution
- Study of the key regions to pinpoint growth potential and study opportunities, threats, limitations, and risks
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