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 Drivers
Increasing prevalence of diabetes worldwide
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. In high-income economies, the premature mortality rate due to diabetes decreased from 2000 to 2010 but then increased from 2010-to 2016. Likewise, in lower-middle-income economies, premature mortality owing to diabetes raised across both periods.
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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.
Market Players of Insulin Pens Market
Some of the key players of Insulin Pens Market are B. Braun Melsungen AG (US), Eli Lilly and Company (US), Artsana S.p.A. (US), Becton Dickinson (US), Sanofi (France), Owen Mumford Ltd. (UK), Ypsomed AG (Switzerland), TERUMO CORPORATION (Japan), HTL-Strefa (US), and Biocon (US).
Key Developments in Insulin Pens Market
March 2022: Novo Nordisk launched the first smart insulin pens for NHS patients. Its smart insulin pens are available in the UK, giving people treated within the NHS diabetes access to devices that can monitor and record dosing information for the first time.
September 2021: Novo Nordisk smarten up its disposable insulin pens with digital diabetes device maker Biocorp.
May 2021: Eli Lily and Company signed a strategic international agreement with four companies- DexCom, Inc., Glooko Inc., myDiabby Healthcare, and Roche- to advance connected solutions and streamline care for people living with diabetes in the market outside the United States. These companies offer unique diabetes management platforms which will be compatible with Lilly’s Tempo Pen and Tempo Smart Button to support people with diabetes and healthcare professionals.
Market Segmentation
The Insulin Pens Market is segmented into Product Type, Indication, Distribution Channel, and Region. On the basis of Product Type, the Insulin Pens Market is segmented into Reusable Insulin Pen, and Disposable Insulin Pens. Based on Indication, the market is bifurcated into Type 1 Diabetes and Type 2 Diabetes. Based on Distribution Channel, the market is segmented into Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and Rest of the World.
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