The global insulin pens market is expected to reach US$ 8,286.6 Mn in 2027 from US$ 3,957.0 in 2018. The market is estimated to grow with a CAGR of 8.8% from 2019-2027.
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 for market growth in emerging economies is one of the growth opportunities for market players.
Key Benefits for Insulin Pens Market:
- This study includes the global Insulin Pens market analysis, trends, and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and global Insulin Pens market opportunity.
- The global Insulin Pens market size is quantitatively analyzed from 2014 to 2027 to highlight the financial competency of the Insulin Pens industry.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.
– Table of Contents
– List of Tables & Figures
– Research Methodology
In recent years, there has been considerable development in the field of medical drug delivery devices. Insulin administration is a standard 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 a 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. 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.
Global insulin pens market was segmented by product type, application, and end user. The insulin pens market on the basis of product type is segmented in to disposable and reusable. In 2018, the disposable segment held the largest market share of 62.6% of the insulin pens market, by product type. The disposable insulin pens are expected to dominate its market share in 2027 owing to the advantages offered by these type that include ease of use, low cost, less threat of needle-stick infection, and others. The similar segment is also anticipated to witness the fastest growth rate of 9.0% during the forecast period, 2019 to 2027 owing to its rising usage as pre-filled cartridges in the newly launched insulin dosages by leading pharmaceutical manufacturers.
Some of the major primary and secondary sources included in the report for the insulin pens market are World Health Organization, American Diabetes Association, National Institute of Diabetes and Digestive and Kidney Diseases, Diabetes UK, Centers for Disease Control and Prevention, Chinese Diabetes Society, International Diabetes Federation, and others.
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