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Inclination of patients towards insulin injection pens over syringes and vials is expected to be a driving factor to foster the growth of insulin pens market
According to The Insight Partners market research study titled “Insulin Pens Market – Global Analysis and Forecasts by product type, application and distribution channel”. The global insulin pens market is expected to reach US$ 8,862.0 Mn in 2027 from US$ 4,199.7 in 2018. The market is estimated to grow with a CAGR of 8.8% from 2019-2027. The report highlights trend prevalent in the global insulin pens market and the factors driving the market along with those that act as deterrents to its growth.
The global insulin pens market, based on product type is segmented into reusable, disposable, and smart insulin pen caps. In 2018, the reusable segment held the largest share of the market, by product type. The reusable segment is expected to witness rapid growth owing to key factors like advanced features that make reusable insulin pens safe and convenient, ease of use and the ability to deliver highly accurate doses. Moreover, the smart insulin pen caps segment of insulin pens market is expected to witness growth in its demand at a fastest CAGR of 9.9% during 2019 to 2027.
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The key factors that are driving the growth of the market are rising incidence of diabetes, growing geriatric population, and increasing adoption of insulin pens over conventional vials and syringes. However, the factors restraining the market growth are the high cost of insulin pens and the availability of alternatives to insulin pens in the market. On the other hand, the high potential of market growth in the emerging economies is one of the growth opportunities for market players. In recent years, there has been considerable development in the field of medical drug delivery devices. Insulin administration is a common procedure in the diabetic population.
Traditional insulin syringes have several disadvantages that include the experience of pain by patients due to repeated pricks, discomfort in carrying both insulin bottle as well as syringe, risk of needle re-use associated infections and needle-stick injuries as well as difficulty in delivering a mixture of two or more liquids together in one syringe. Additionally, self-administration of insulin through syringes and vials is time-taking and difficult that has reduced the adoption of conventional insulin injection methods over the past years and led to increased adoption of injection pens.
In recent years, there has been a considerable developments in the field of medical drug delivery devices. Insulin administration is a common procedure in diabetic population. Traditional insulin syringes have several disadvantages that includes experience of pain by patients due to repeated pricks, discomfort in carrying both insulin bottle as well as syringe, risk of needle re-use associated infections and needle-stick injuries as well as difficulty in delivering mixture of two or more liquids together in one syringe.
Additionally, self-administration of insulin through syringes and vials is time-taking and difficult that has reduced the adoption conventional insulin injection methods over the past years and led to increased adoption of injection pens.
On the contrary, insulin pens have emerged as a solution to combat all the existing issues of the needles and vials for drug delivery offer several advantages that has led to rapid shift of patients’ preference towards their use. The injection pens that facilitates easy attachment and retraction of pen needles does not need a skill set and require fewer steps than that of syringes and vials. The pre-filled insulin syringes requires minimum steps of selecting the dose volume and attachment of pen needle which is very feasible for patients that practice self-administration of insulin on everyday basis.
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Moreover, the availability of insulin in different types provide variety of options to the users to find the best suitable option according to their needs. According to a research survey published in Patient Preference and Adherence 2015, approximately 95.2% of patients participated in the survey that inject insulin regularly found pen injection method easy to use hassle-free as compared to conventional vial and syringes use. Thus, the inclination of patients towards insulin injection pens over syringes is expected to be a driving factor to foster the growth of insulin pens market.
Some of the prominent players operating in insulin pens market are, Novo Nordisk A/S, Owen Mumford, Sanofi, Ypsomed AG, Biocon, Companion Medical, BERLIN CHEMIE AG, Eli Lilly and Company, pendiq, and Emperra GmbH E-Health Technologies among others. The market players are focused on bringing new and innovative products and services to sustain their position in the market. For instance, in June 2016, Haselmeier announced the German launch of the BerliPen areo 3 through BERLIN CHEMIE AG. Key features of this third-generation BerliPen are an optimized dose indicator, the innovative low-friction mechanism for smooth injection release in addition to an enhanced feeling of safety utilizing audible and tactile dose settings.
What questions does the Insulin Pens Market report answer about the regional reach of the industry
The report claims to split the regional scope of the Insulin Pens Market into North America, Europe, Asia-Pacific, South America & Middle East and Africa. Which among these regions has been touted to amass the largest market share over the anticipated duration
How do the sales figures look at present How does the sales scenario look for the future
Considering the present scenario, how much revenue will each region attain by the end of the forecast period
How much is the market share that each of these regions has accumulated presently
How much is the growth rate that each topography will depict over the predicted timeline
The scope of the Report:
The report segments the global Insulin Pens Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Insulin Pens Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.
Reasons for buy this Report
Highlights key business priorities to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Insulin Pens Market, thereby allowing players to develop effective long term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest to components, type, and end-users.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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