Diabetes Pen Market Overview
The diabetes pen market is gathering traction due to the convenience offered by the device to end users. The ability of the diabetes pens to offer a measured dose of insulin at an individual’s convenience at any frequency is a major USP for market expansion. Increased awareness and growing levels of disposable income are expected to motivate the expansion of the diabetes market in the coming period.
Insulin is a hormone that is produced by the help of pancreas. However, during diabetes, the pancreas fails to produce the requisite insulin for the body. In order to inject insulin, a diabetes pen is required for the treatment of diabetes. The product consists of an insulin cartridge, one which is either integrated or bought separately, and a dial that is used to measure the dosage level. This is used with disposable pen needles that helps deliver the dosage. The high intake of sugar and carbs, increasing cases of obesity, and the evolving consumer lifestyle are some of the major factors spreading the prevalence of this disease.
The global Diabetes Pen Market is expected to grow at a notable CAGR of 7.10% during the forecast period between 2022 and 2030. Moreover, Market Research Future (MRFR) forecasts that the global market will garner a valuation of USD 44.6 billion by the end of the forecast period.
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KEYPLAYERS
The global diabetes pen market comprises numerous players, including Becton, Dickinson and Company (U.S.), AstraZeneca (U.K), Teruma Medical Corporation (Japan), F. Hoffman La Roche AG (Switzerland), Greinier Bio One International GmBH (U.S.), Bayer Cropscience Ltd. (Germany), and HTL STREFA SA (Poland). The players are innovating with new products and consistently conducting research and development activities to edge past the competition and strengthen their global reach.
Diabetes Pen Market Segmentation
channel, and product type.
By product type, the market divides into insulin pen needles and insulin pens.
By usage, the market segments into disposable pens and reusable pens.
By distribution channel, the market comprises of online sales, retail pharmacy, hospital pharmacy, and diabetes clinics.
Competitive Landscape
The global diabetes pen market comprises numerous players, including Becton, Dickinson and Company (U.S.), AstraZeneca (U.K), Teruma Medical Corporation (Japan), F. Hoffman La Roche AG (Switzerland), Greinier Bio One International GmBH (U.S.), Bayer Cropscience Ltd. (Germany), and HTL STREFA SA (Poland). The players are innovating with new products and consistently conducting research and development activities to edge past the competition and strengthen their global reach.
Feb 18th, 2019, Glooko, a diabetic’s data management organization, announced that its latest Novo Nordisk connected insulin pens will be connected to the diasend platform. The soon-to-be launched devices will be Novo Nordisk’s NovoPen 6 and NovoPen Echo Plus.
Diabetes Pen Market Regional Analysis
The global diabetes pen market is geographically segmented into the following four major regions: Asia Pacific, Europe, Americas, and the Middle East Africa.
North America holds the largest share of the global diabetes pen market. Moreover, the region is expected to garner consistent growth and expansion in the near future. The factor influencing this positive growth trajectory of the market is the presence of a large diabetic population, improved awareness of the consumers, and the reimbursement policies for diabetes management. Add to this, continual advancements in diabetes pen technology and increasing research and development activities are also expected to drive the regional market of North America.
Europe is the second-largest market in the global landscape and is expected to witness negligible growth during the forecast period. Herein, the growth of the region is attributed to the extensive usage of diabetes pen in the United Kingdom.
The Asia Pacific region is another key market in the global scenario. The region is positioned to grow in the fastest manner and cement its position as one of the leading regional markets over the forecast period. The Asia Pacific region is driven by the large pool of patients, improving awareness among the consumers, evolving healthcare infrastructure, and the increasing expenditure in healthcare. Additionally, new and innovative product launches and supportive regulations imposed by the government help speed up the market growth in this region. Countries like India, China, and Japan are expected to contribute majorly to the success of the market.
India is known to have a major percentage of people suffering from diabetes. Due to the rising old-age population with diabetic conditions and an irregular change in sugar levels, India is contributing significantly to the diabetes pen market.
Lastly, the Middle East Africa region is expected to attain steady and decent growth owing to the increasing awareness among the consumers concerning lifestyle-based diseases and the emergence of an influx of preventive measures to tackle the elevated sugar levels of individuals.
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