Fort Collins, Colorado, Oct. 17, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Diabetes Injection Pens Market size was valued at USD 3.9 Billion in 2022 to reach USD 8.5 Billion by 2032 with a CAGR of 8.3%.
Over 422 million people worldwide have diabetes, responsible for about 1.5 million deaths yearly. Diabetes injection pens are used to inject insulin into the subcutaneous tissue. The increase in diabetes prevalence is driving the growth of the market for injection pens.
Type I diabetes prevalence has increased among the young population, leading to a rise in demand for diabetes injection pens. These devices are preferred because of their ease of handling and safety in dosage regulation. Awareness campaigns by health organizations have led to early detection of diabetes and increased medication demand.
In 2021, the WHO launched the Global Diabetes Compact to improve diabetes prevention and care in low and middle-income countries. The growing prevalence of diabetes in young people opens up opportunities for market expansion in various regions. Recent developments in diabetes injection pens present opportunities to integrate smart technologies for better diabetes management. This can facilitate research and development in the diabetes injection pens market.
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Segmentation Overview:
The global diabetes injection pens market has been segmented into product, usage, distribution channel and region. Insulin pens, particularly disposable ones, have high demand in the market due to the daily insulin requirement of people with diabetes. Disposable injection pens, which are more prevalent than reusable ones, are easier to handle and are prescribed to those with finger dexterity problems and reduced vision.
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Diabetes Injection Pens Market Report Highlights:
- The global diabetes injection pens market growth is anticipated at a CAGR of 8.3% by 2032.
- Adopting advanced reusable injection pens is driving growth in the diabetes market.
- North America dominates the market due to the high prevalence of diabetes, with approximately 1.45 million Americans living with insulin-dependent diabetes. The region's market growth is also due to advancements in healthcare technology and new drug developments.
- Some prominent players in the diabetes injection pens market report include AstraZeneca plc, Becton Dickinson and Company, Biocon Ltd., Eli Lilly and Company, Jiangsu Delfu Co., Novo Nordisk A/S, Owen Mumford Ltd., Wockhardt Ltd., Emperra GmbH, Diamesco Co. Ltd., Medtronic Plc., Bigfoot Biomedical, Ypsomed Holding AG.
Industry Trends and Insights:
- Ypsomed offers Human Factors services to help pharmaceutical partners develop self-injection solutions and speed up regulatory approval.
- Bigfoot Biomedical's Unity system pairs constant glucose monitoring with smart insulin pen caps for pump-ineligible type II diabetics.
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Diabetes Injection Pens Market Segmentation:
- By Product: Insulin pen, needle pens
- By Usage: Disposable, reusable
- By Distribution Channel: Hospital pharmacies, retail pharmacies, online medical stores and diabetes clinics
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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