Global Diabetes Pen Market was valued US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a 10.4% CAGR of around during a forecast period.
Global Diabetes Pen Market
Diabetes is a major chronic disease across the world. Changing lifestyle, high intake of carbohydrates and sugar, and fatness are the main factors elevating the prevalence of the disease. A diabetes pen is used to inject insulin for the treatment of diabetes. Diabetes is considered as the most commonly occurring chronic disease. Whereas, the occurrences of disease is increasing day by day with the surge in population.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
The report contains a detailed list of factors that will drive and restrain the growth of the diabetes pen market. The global diabetes pen market is anticipated to drive the market because of its ease in use and accurateness, the market makes high usage of diabetic pens. Also, growing R&D activities and increasing usage of insulin pen in supplements, medical application, skincare, and beverages are another two factors contributing to the global diabetes pen market growth. But safety concerns associated with the usage of infusion pen and strict rules for new product development may pose a major threat to the product. However, the use of additional drug delivery modes such as insulin patches, tablets is the key factor hampering the global market growth.
Diabetes and its complications bring about major economic loss to people with diabetes and their families, and health systems and national economies through direct medical price and loss of work and wages. While the major cost drivers are hospital and outpatient care, a contributing factor is an increase in cost for analog insulins 1 which are progressively prescribed despite little evidence that they provide important advantages over cheaper human insulins.
Global Diabetes Pen Market Segment analysis:
The report covers the segments in the diabetes pen market such as product type, indication, types, and end-user. Based on product type, the insulin pens segment is expected to grow at the highest XX% CAGR during the forecast period. Pen needles create main revenue owing to its low cost and, they are retailed in large numbers between the diabetic populations.
By usage, reusable insulin is expected to account for the largest XX% market share by 2027. The reusable insulin includes a replaceable insulin cartridge which is when deflated, the cartridge can be discarded and a new one can be installed. A person must change the disposable needle after each injection of insulin. With proper care, reusable pens for insulin can last for some years.
Global Diabetes Pen Market Regional analysis
The North America region has dominated the market with US$ XX.14 billion in 2019 because of the rising number of diabetic patients, it becomes necessary to use insulin pens correctly. The growing diabetic population and the convenience of technologically advanced devices are the factors contributing to the growth of the diabetes pen market.
Emerging economies, such as India and China, contribute to the growth of the market in APAC which will grow at a CAGR of 8.1%, because of the presence of a massive population who are suffering from diabetes and its increasing awareness amongst individuals.
The report also focuses on global major leading industry players of Global Diabetes Pen Market providing information such as company profiles, capacity, production, price, cost, revenue and contact information. Such as, in 2018, Eli Lilly collaborated with Boehringer Ingelheim for the advancement and commercialization of Basaglar (Insulin Glargine).
•In March 2018, FDA appropriate Sanofi’s new insulin pen, Toujeo Max SoloStar. The pen holds more long-acting insulin in order to decrease the number of injections for patients who need long-acting insulin.
•In April 2018, Sanofi launched a short-acting insulin product, Admelog, which is existing in vials as well as in insulin pens.
The objective of the report is to present a comprehensive analysis of the Global Diabetes Pen Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Diabetes Pen Market dynamics, structure by analyzing the market segments and project the Global Diabetes Pen Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Diabetes Pen Market make the report investor’s guide.
Scope of the Global Diabetes Pen Market
Global Diabetes Pen Market, By Product Type
• Insulin Pens
• Insulin Pen Needles
Global Diabetes Pen Market, By Indication
• Type I Diabetes
• Type II Diabetes
Global Diabetes Pen Market, By Usage
Global Diabetes Pen Market, By Therapy
• Glucagon-like Peptide-1
• Growth Hormones
Global Diabetes Pen Market, By End Users
• Home Care Settings
Global Diabetes Pen Market, by Regions
• North America
• Latin America
• Middle East and Africa (MEA)
Key players operating in Global Diabetes Pen Market
• Novo Nordisk A/S
• Eli Lilly and Company
• Jiangsu Delfu Medical Device Co.
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