Dublin, July 11, 2024 (GLOBE NEWSWIRE) -- The "Diabetes Pen - Market Insights, Competitive Landscape, and Market Forecast - 2030" report has been added to ResearchAndMarkets.com's offering.
The Diabetes Pens Market was valued at USD 24.01 billion in 2023, growing at a CAGR of 4.70% during the forecast period from 2024 to 2030 to reach USD 31.56 billion by 2030.
Factors such as increasing prevalence of lifestyle disorders, such as diabetes and obesity, increasing awareness regarding the ease-of-use of diabetes pens, the improvement in patient adherence and compliance to treatment regimen, and technologically advanced products such as smart insulin pens, are expected to drive the diabetes pens market. Additionally, the added advantages offered by diabetes pens over conventional syringe and vials mode of insulin administration is further expected to boost the market growth.
Diabetes Pens Market Dynamics:
According to the data provided by the International Diabetes Federation (IDF) Diabetes Atlas Ninth Edition 2019, there were approximately 463 million adults in the age group 20-79 years. The figures are expected to reach to 700 million by 2045. It further stated that over 20 million live births (1 in 6 live births) are affected by diabetes during pregnancy. Moreover, 374 million people are at increased risk of developing type 2 diabetes. In addition to above mentioned facts, as per IDF, an estimated number of 223 million women (20-79 years) were living with diabetes in 2019. This number is projected to increase to 343 million by 2045. It mentioned that 20 million of live births had some form of hyperglycaemia in pregnancy of which 84% were due to gestational diabetes (GDM).
Diabetes is a major cause of blindness, kidney failure, heart attacks, stroke and lower limb amputation. Moreover, many women with GDM experience pregnancy-related complications which includes high blood pressure, obstructed labour, and large birth weight babies. It has been observed that on an average about half of women with a history of GDM develop type 2 diabetes within five to ten years after delivery.
As diabetes can be extremely debilitating in terms of quality of life, insulin administration becomes imperative in the treatment of diabetes. Diabetes pens are one of the popular devices that have gained traction over the years due to their ease-of-use and other advantages over conventional syringe-administration of insulin.
These devices are virtually painless in their operation, portable and discreet in their appearance, safer in insulin administration, less time consuming than their conventional counterparts, as well as more cost effective.
However, non-availability of all types of insulin in cartridges, limitation in not mixing of two different types of insulin as well as chances of contamination of the diabetes pens may prove to be certain restraints to the diabetes pens market growth.
Diabetes Pens Market Segment Analysis:
Diabetes Pens market by Product Type (Disposable and Reusable [Conventional and Smart]), Application (Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes), End-User (Hospitals & Clinics, Homecare Settings, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)
In product segment of the diabetes pens market, the reusable diabetes pen category is expected to account for the larger market share during the forecast period. The reusable diabetes pens allow for the insertion of an insulin cartridge into the delivery chamber of a diabetes pen that is required to be replaced with a new cartridge once the old cartridge is exhausted or expired. Reusable diabetes pens offer advantages such as greater flexibility in terms of reusing the same pen if prescription for the insulin type changes. Moreover, considering the long-term benefit, the reusable diabetes pen appear to be more economical compared to conventional diabetes pens.
Furthermore, the rising popularity of connected diabetes management devices have led to the development of smart insulin pens such as INPEN System, Novo Pen 6, and Novo Pen Echo. These pens offer patients a smart option for diabetes management. These devices offer features such as dose calculation and tracking and provides helpful reminders, alerts, and reports. They also allow data sharing between healthcare provider and the patient thereby facilitating in the follow-ups by patients and patient-monitoring by physicians.
Therefore, all these above stated factors are predicted to contribute in driving the diabetes pens market forward in the forecast period.
Asia-Pacific is expected to register fastest growth in the Overall Diabetes Pen Market:
Among all the regions, Asia-Pacific is expected to account for the significant market share in the diabetes pens market. Asia-Pacificis predicted to register the fastest growth the diabetes pens market because of the high prevalence of diabetes, increase in the awareness regarding diabetes and its management, improving disposable income, among other factors in the region.
One of the key factors supporting the growth of the diabetes pens market in the region is the high prevalence of diabetes. This can be supported by the facts provided by IDF. According to the IDF Diabetes Atlas 9th Edition, an estimated 87.6 million adults aged 20-79 years were living with diabetes in the South-East Asia region in 2019, representing a regional prevalence of 8.8%. About 56.7% of these diabetes cases were undiagnosed. As per the data provided by the IDF, in 2019, China had the highest number of diabetics worldwide, with 116 million people with diabetes, which was followed by India (77 million people with diabetes). Furthermore, the factsheet by the WHO also states that the prevalence of diabetes has been higher in developing economies than in developed nations.
Diabetes Pens Market Key Players:
Some of the key market players operating in the diabetes pens market includes BD, Medtronic, Terumo Group, F Hoffmann-La Roche Ltd., BIGFOOT BIOMEDICAL, INC, Eli Lilly and Company, Novo Nordisk A/S, Emperra GmbH E-Health Technologies, Copernicus (Nemera), ARKRAY USA, Inc., Ypsomed AG, HTL-Strefa (MTD Medical Technology and Devices S.A), Trividia Health, Inc, Sanofi and others.
Key Takeaways from the Diabetes Pens Market Report Study
- Market size analysis for current diabetes pens market size (2023), and market forecast for 6 years (2024 to 2030)
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the global diabetes pens market.
- Various opportunities available for the other competitor in the diabetes pens market space.
- What are the top performing segments in 2023? How these segments will perform in 2030.
- Which is the top-performing regions and countries in the current diabetes pens market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for diabetes pens market growth in the coming future?
For more information about this report visit https://www.researchandmarkets.com/r/nn0n12
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