Albany, New York, Nov. 13, 2017 (GLOBE NEWSWIRE) -- The global diabetes injection pens market is consolidated on account of the dominance of a few large players. The leading players within this market include Novo Nordisk A/S, AstraZaneca plc., Eli Lilly and Company, Biocon Ltd., and Sanofi S.A. According to the latest report by Transparency Market Research (TMR), the leading players within the market are focusing on incorporating the latest and advanced technological innovations for the manufacturing of state of art diabetes injection pens.
According to TMR, the global diabetes injection pens market will be worth US$9.7 bn by 2024. On the basis of product, the global diabetes injection pens market will be led by the insulin pens segment. By 2024, the insulin pens segment is anticipated to account for 64.8% of the total market share. This is because of the convenience insulin pens provide as compared to pumps and syringes. On the basis of distribution channel, the hospitals segment is expected to lead in the market. However, the online channel is currently gaining much traction in the recent years on account of the flourishing e-commerce sector worldwide. The online channel segment is expected to witness high growth during the forecast period on account of the growing adoption across developed markets such as the U.S., Germany, and the UK.
By usage, disposable pens will witness high demand across developing nations such as India and China and reusable injection pens will be preferred in developed nations such as Japan Germany and the U.K. It is estimated that the reusable pens market will enjoy a slightly larger share than the disposable pens segment.
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North America to Lead in Diabetes Injection Pens Market
On the basis of Geography the global diabetes injection market is expected to be led by North America on account of the heightened awareness about diabetes and its management coupled with advancements in technology. In addition to North America, Asia Pacific is also estimated to expanded healthy face during the period from 2016 to 2024 on account of the vast pool of patients suffering from diabetes. This is expected to expand the growth opportunities of this market within the region. Some of the other factors that are expected to support the growth of the market in Asia Pacific include product launches, ability of patients to pay for advanced medical products, increase awareness levels, and favorable regulations. The European diabetes pens market will witness sluggish growth as the market has reached its saturation point in this region.
Poor Lifestyle Choices and Lack of Physical Exercise to Increase Incidences of Diabetes
One of the key factors driving the global diabetic injection pens market is the increasing incidences of diabetes on account of poor lifestyle choices and lack of physical exercise. According to various statistics such as the American Diabetes Association or the International Diabetes Federation, the number of people dying on account of diabetes and complications resulting from Diabetes in the US is 71000 and that 415 million people suffered from diabetes in 2015 across the globe. This figure is expected to increase with each passing year. With this situation in the background, the market for diabetes injection pens is expected to flourish across the globe.
Increasing Case of Needle Stick Injuries to Propel Demand for Diabetes Injection Pens
The market for diabetes injection pens is also increasing on account of the growing number of cases of needle stick injuries. The use of needles leaves percutaneous piercing wounds if it is handled incorrectly. The disassembling and disposing of needles are also some of the other issues which are increasing patients’ preference towards diabetes injection pens. The design of diabetes injection pens is safe, cost effective, pain free in comparison to injections, as well as easy to use. Therefore, doctors are increasingly promoting the use of diabetes injection pens for type 1 diabetics.
Availability of Disposable Insulin Patches and Other Substitutes to Threaten Market for Injection Pens
One of the key factors that will affect the demand for diabetes injection pens market is the increasing availability of substitutes that are available in the markets today. The emergence of a wide range of advanced technology and substitute products will adversely affect the market's growth. In addition to this, disposable insulin patches and artificial pancreas are estimated to have a negative impact on the global diabetes injection pens market. A lack of favorable reimbursement policies will also act as a restraining factor for the growth of the market.
The global diabetes injection pens market is segmented as follows:
Global Diabetes Injection Pens Market, by Product Type
- Insulin Pens
- Pen Needles
Global Diabetes Injection Pens Market, by Usage
- Reusable Pens
- Disposable Pens
Global Diabetes Injection Pens Market, by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinics/ Centers
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