Diabetic Injection Pens Market is anticipated to grow at a digit CAGR of 7.5% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Diabetic Injection Pens Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global diabetic injection pens market was estimated to be over US$ 6.5 billion in 2019. It is anticipated to grow at a digit CAGR of 7.5% from 2019 to 2030.
There are several factors propelling the growth of diabetic injection pen market, some of which are increasing prevalence of diabetes, growing geriatric population with diabetes and growth in popularity of diabetic injector pens among patients. Moreover, innovative advancements such as digital insulin pens and acceptance of these pens among population are anticipated to drive the market during the forecast period. To obtain better insights regarding the market scenario prominent players are focusing on organic growth strategies such as product approval, product launches, increasing focus on R&D activities to launch innovative products in the market. For instance,scientists are advancing their research to reduce the number of insulin injections which are required to maintain glycemic control, and to prevent hypoglycemic (low blood glucose) episodes.
According to The International Diabetes Federation (IDF), in 2019, approximately 463 million adults (20-79 years) were living with diabetes and by 2045 this number is anticipated to rise to 700 million. Moreover, diabetes caused around 4.2 million deaths in 2019. Thus, the rising cases of diabetes among population and the growing adoption of these insulin pens among the population are the factors anticipated to play a key role in the growth of diabetic injection pens market.
Moreover, the technology has positively influenced the growth of diabetic injection pens such improving healthcare outcome, greater accuracy and convenience of monitoring data easily. For instance, ESYSTA system, a product manufactured by Emperra GmbH E-Health Technologies which is fully automated, transmits data from the blood glucose meter and insulin pens using GSM and Bluetooth wireless technology. Such factors are anticipated to boost the diabetic injection pens market during the forecast period.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Diabetic Injection Pens Market by Usage (Reusable Pens and Disposable Pens), Product Type (Insulin Pens and Pen Needles), Distribution Channel (Hospital Pharmacy, Retail Pharmacy and Online Pharmacy) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/diabetic-injection-pens-market/246
However, the threat of alternative technologies for insulin delivery such as tablets, insulin patches are factors restraining the growth of the market. Moreover, higher cost of these pens such as Humalog’s, an insulin lispro injection, priced around and that of Admelog priced at around , might affect the growth of the market to a certain extent.
North America dominates the global diabetes injection pen market in 2018. The growth in this region can be attributed to increasing number of cases of diabetes, growing geriatric population in this region, development & advancement of diabetic injection pens by prominent players in the region. Moreover, increasing awareness about diabetes self-management is further anticipated to fuel the market growth in the forecast period.
Some of the prominent players in the global diabetic injection pens market include Novo Nordisk A/S, AstraZeneca, Eli Lilly and Company, BD, Sanofi, Owen Mumford Ltd., Shanghai Benemae Pharmaceutical Corporation, Jiangsu Delfu medical device Co.,Ltd, F. Hoffmann-La Roche Ltd & Biocon among others.
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