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.
Market Size – USD 21.71 Billion in 2018, Market Growth - CAGR of 4.4%, Market Trends –
Technological improvements in insulin infusion devices and new product developments are fuelling the market growth.
NEW YORK, April 15, 2019 (GLOBE NEWSWIRE) -- The global Insulin Pens Market is estimated to reach USD 41.80 Billion by 2026, 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.
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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.
Nevertheless, some limitations are there that restrain the market growth, such as two types of insulin cannot be mixed in an insulin pen, therefore, leading to more number of injections. The crucial factors that drive the growth of the market include lower cost of insulin pumps, growing diabetic population, and painless injections. The other benefit of the device is that it can be used by people with visual or motor skills impairments easily.
North America accounts for the largest market share of 33.50% in 2018. As the number of diabetic patients increases, it is necessary that insulin pens are used correctly. The growing diabetic population and the convenience of technologically advanced devices are the factors contributing to the rising growth of the market in North America. The number of sale of units of insulin Pens is expected to grow steadily during the forecast period.
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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
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For the purpose of this report, Reports and Data have segmented global Insulin Pens Market on the basis of Product, End-User, Usage, and region:
End-User Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home care settings
Product Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
- Traditional insulin Pens
- Smart insulin Pens.
Usage Outlook (Volume, Thousand Units; and Revenue, USD Million; 2016-2026)
- Prefilled Insulin Pens
- Smart Insulin Pen Caps
- Reusable Insulin Pen Caps
Regional Outlook (Volume, Thousand Units; and Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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