The global diabetes injection pens market is projected to grow at a rapid rate due to the rising population of diabetic patients worldwide and the consequent increase in management and awareness about the disease. Smart insulin pens have surpassed the usage of traditional syringes, which can result in needlestick injuries, and have significantly speeded up the industry growth with the advent of mobile app technology connectivity. The product line has seen significant changes since its introduction in the market. This is mostly owing to academic and scientific institutions, as well as pharmaceutical firms, consistently intervening in research. These factors are likely to work in favor of the global diabetes injection pens market over the forecast period, from 2016 to 2024.
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Some prominent players that are operating in the global diabetes injection pens market include names such as Sanofi S.A., Novo Nordisk A/S, Biocon Ltd., AstraZeneca plc. Becton, Dickinson and Company, and Eli Lilly and Company.
The global diabetic injection pens market is expected to at a rate of 7.9% CAGR over the forecast period, from 2016 to 2024. The market is expected to grow from US$ 4.9 bn in 2015 to US$ 9.7 bn in 2024.
Rising Incidence of Type 1 Diabetes to Drive Market in the North America Region
In terms of region, the global diabetes injection pens market is classified into the principal regions of Latin America, Middle East and Africa, Asia Pacific, Europe, and North America. Regional classifications are expected to give a better understanding of the market forces at play at the regional scale.
Because of the rising incidence of type 1 diabetes and the development of sophisticated injection pens by manufacturers in the region, North America is likely to dominate the global diabetes injection pens market in the years to come. According to the Centers for Disease Control and Prevention (CDC), about 5% of persons with diabetes are diagnosed with type-1 diabetes, which means they are unable to make insulin on their own. The requirement for exogenous insulin delivery rises as a result. Due to growing patient awareness and changing healthcare systems, Asia Pacific is projected to expand at the rapid rate in the market.
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Rising Need to Decrease Pain during Insulin Administration is Expected to Boost Demand in the Market
Insulin pens for type 1 diabetes are improved versions of prefilled insulin syringes and pen needles that are utilized to deliver insulin into the bodies of patients with type 1 diabetes. These pens typically include an insulin cartridge that serves as an insulin buffer and a dial that measures the precise amount of insulin to be given to the patient. These cartridges and pens come in a variety of shapes and sizes, as well as disposable as well as non-disposable options. Insulin pen needles that are interchangeable, extremely short, and thin are included in the majority of diabetic pens to decrease pain during injection. These factors are likely to foster growth of the global diabetes injection pens market in the years to come.
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The rate of occurrence of diabetes is increasing. Diabetes is one of the key factors likely to drive expansion of the global diabetes injection pens market in the years to come. Other factors predicted to influence market growth comprise the bacterial infection associated with the regular use of syringes to inject insulin, technological advancements in diabetes pens, and risk of needle-stick injuries. All these factors are expected to have led to the emergence of pain free devices for daily insulin injections. The existence of insulin patches and other insulin delivery alternatives, on the other hand, is likely to stifle growth of the global diabetes injection pens market in the years to come.
The information provided in the review has been extracted from a TMR report titled “Diabetes Injection Pens Market (Product - Insulin Pens and Pen Needles; Usage - Reusable Pens and Disposable Pens; Distribution Channels - Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics/ Centers) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2016 - 2024”.
The global diabetes injection pens market is segmented based on:
Product
• Insulin Pens
• Pen Needles
Usage
• Reusable Pens
• Disposable Pens
Distribution Channels
• Hospital Pharmacy
• Retail Pharmacy
• Online Sales
• Diabetes Clinics/ Centers
Region
• Latin America
• North America
• Europe
• Japan
• Asia Pacific excluding Japan
• Middle East and Africa
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