New Jersey, NJ, July 15, 2019 (GLOBE NEWSWIRE) -- Fior Markets launched a study titled, ". As per the report, the global insulin pen market is expected to grow from USD 22.15 Billion in 2018 to USD 42.11 Billion by 2026 at a CAGR of 4.82% during the forecast period 2019-2026. Increasing incidences of diabetes in various age groups and rising usage of insulin pen in medical application, supplements, beverages and skin care is likely to spur the growth of the market.
Insulin pen is defined as a type of insulin injection device which is slightly larger in size than the pen, insulin refill in the pen. Insulin pen is easy to carry and can conveniently be fit with specific refill filled with insulin. It also prevents the patient from the cumbersome procedure of extraction with a syringe from the insulin bottle, thereby, reduces embarrassment in public and supplies convenience for poor vision and even blindness sufferers.
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Global Insulin Pen Market Key Findings:
- Growing R&D activities and rising usage of insulin pen in medical application, supplements, beverages and skin care are another two factors contributing to the global insulin pen market expansion. But safety concerns related to usage of infusion pen and strict rules for new products development may pose a major threat to the product.
- However, technological improvements in insulin infusion devices is likely to propel the growth of the global insulin pen market globally in coming years.
- The type segment is segmented into reusable insulin pen and disposable insulin pen. The reusable insulin pen segment has dominated the market with the highest market share of 52.48% in 2018. It contains a replaceable insulin cartridge which is when emptied, the cartridge can be discarded and a new one can be installed. A person must replace the disposable needle after each injection of insulin. With proper care, reusable insulin pens can last for several years. The reusable insulin pen can be of the refillable, Bluetooth connected or USB connected insulin pens. These type of insulin pen are widely used in the devices for the administration of insulin among diabetic patients, mostly in developed countries. However, disposable insulin pen segment hold a significant market share in the global insulin pens market and is anticipated to grow with highest CAGR of 5.11% during the forecast years.
- The application segment is segmented into hospitals, clinics and the chemist’s shops. The chemist’s shops segment is dominating the market with the highest market share of USD 10.90 Billion in 2018. Chemists are the most preferred medium for players in the disposable insulin pen market. Chemists are the most preferred medium for players in the disposable insulin pen market. Once a patient is diagnosed with diabetes, the need for hospitalization decreases compared to insulin administration by the patient. Most patients rely on diagnostic centers for getting their tests done and are likely to obtain their insulin pens from the chemist once the test results are positive. Therefore, a patient is likely to go the chemist for obtaining these pens, thereby fuelling the growth of disposable insulin pen in the chemist shops.
- The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The North America region is dominated the market with USD 8.74 billion in 2018 due to increasing number of diabetic patients, it becomes necessary to use insulin pens correctly. The rising diabetic population and the convenience of technologically advanced devices are the factors contributing to the growth of the market.
- Asia Pacific is the second leading region and is anticipated to grow rapidly due to the rising cases of diabetes in India and China. Also, as a disposable insulin pen is easier to use than the reusable variety, the global disposable insulin pen market potential is fairly high and is likely to increase in the coming years
- For instance, in 2019, Abbott entered into the partnership with Novo Nordisk to share insulin pen data with CGM system. This partnership will integrate insulin dose data from Novo Nordisk’s pre-filled, connected pens with digital health tools compatible with Abbott’s FreeStyle Libre system. Furthermore, this integration will enable health care professionals, caregivers and people with diabetes to view glucose and insulin data together. This will help them make more informed treatment decisions.
- For instance, in March 2017, Toujeo by Sanofi and Max SoloStar was approved by the US FDA and are the long-acting insulin pen with the highest capacity that will be offered in the market.
- Key players in the insulin pen market are Novo Nordisk, Sanofi, Smiths Medical, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, Insulet Corporation.
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All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment.
This study forecasts revenue and volume growth at global, regional, and country levels from 2016 to 2026. Fior Markets has segmented the global insulin pen market on the basis of below mentioned segments:
Global Insulin Pen Market, By Type:
- Reusable Insulin Pen
- Disposable Insulin Pen
Global Insulin Pen Market, By Application:
- Hospitals
- Clinics
- The Chemist’s Shops
Global Insulin Pen Market, By Regions:
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- South America
- Middle East and Africa
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