New York, According to a new market research report published by Global Insight Services ” Insulin Pens Market is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
An insulin pen is an infusion device used to infuse insulin into diabetic patients. Patients suffering from type 1 diabetes prefer insulin pens for their management. Insulin pen overtures simpler administration of insulin into the body. It provides more precise dosages and less pain compared to vials and syringes and is also preferred by clinicians and patients. Insulin pen supports in improving quality of life and reducing fear of hyperglycemia. The low cost of insulin pens increases their affordability among the g different groups group of people the insulin pens comprise two categories including reusable and disposable insulin pens. A prefilled insulin pen is a disposable pen that is preferred by people for insulin infusion. Insulin pen needles are shorter and thinner than syringes.
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Market Players of Global Insulin Pens Market
The key players of global insulin pens market are B. Braun Melsungen AG, Eli Lilly and Company, Artsana S.p.A., BD, Sanofi, Owen Mumford Ltd., Ypsomed AG, TERUMO CORPORATION, HTL-Strefa, Biocon, Julphar and Novo Nordisk among others.
Market Drivers:
Increasing prevalence of diabetes across the globe
Diabetes is a chronic disease that occurs either when the pancreas is unable to synthesize enough insulin or when the body cannot effectively use the insulin prepared by it. Insulin is a hormone that regulates blood sugar. Hyperglycaemia is a common effect of uncontrolled diabetes and over time leads to serious damage to many of the body’s systems, majorly the nerves and blood vessels. In 2014, 8.5% of adults aged 18 years and older had diabetes. In 2019, diabetes was the direct cause of 1.5 million deaths and 48% of all deaths occurred before the age of 70 years. Between 2000 and 2016, there was a 5% increase in premature mortality rates (i.e., before the age of 70) from diabetes.
Market Opportunities:
Growing healthcare spending on the treatment of Diabetes
The American Diabetes Association (ADA) released research on March 22, 2018, estimating the total cost of diagnosed diabetes has grown to $327 billion in 2017 from $245 billion in 201 when the cost was last examined. This figure represents a 26% increase over five years The largest components of medical expenditures are: hospital inpatient care (30% of the total medical cost), prescription medications to treat complications of diabetes (30%), anti-diabetic agents and diabetes supplies (15%) and physician office visits (13%). People with diagnosed diabetes incur average medical expenditures of $16,752 per year, of which about $9,601 is attributed to diabetes. On average, people with diagnosed diabetes have medical expenditures approximately 2.3 times higher than what expenditures would be in the absence of diabetes.
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Market Segmental Analysis
The global insulin pen market is bifurcated into various segments such as product type, indications, and distribution channels.
Insulin Pens Market by Product Type
The various product types comprised in the global insulin pens market are reusable insulin pens and disposable insulin pens. The reusable insulin pen segment is also sub-segmented into refillable pens, Bluetooth-connected smart insulin pens, USB-connected smart insulin pens, and cartridges.
Insulin Pens Market by Indication
The various indications comprised in the global insulin pens market are type 1 diabetes and type 2 diabetes.
Insulin Pens Market by Distribution Channel
The different distribution channels comprised in the global insulin pens market is hospital pharmacies, retail pharmacy, online sales, and diabetes clinics.
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