Diabetes Pen Market is Contemplated to Grow at a CAGR of 4.72% and is Predicted to Reach USD 30.33 Billion by 2026, Analyzes DelveInsight
Diabetes Pen market is anticipated to surge due to factors like increasing prevalence of diabetes, the rising patient awareness regarding the ease-of-use of diabetes pens, the improvement in patient adherence and technologically advanced products such as smart insulin pens are expected to increase the overall demand for Diabetes Pen, thus driving the growth of the Diabetes Pen market.
Las Vegas, USA, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Diabetes Pen Market is Contemplated to Grow at a CAGR of 4.72% and is Predicted to Reach USD 30.33 Billion by 2026, Analyzes DelveInsight
Diabetes Pen market is anticipated to surge due to factors like increasing prevalence of diabetes, the rising patient awareness regarding the ease-of-use of diabetes pens, the improvement in patient adherence and technologically advanced products such as smart insulin pens are expected to increase the overall demand for Diabetes Pen, thus driving the growth of the Diabetes Pen market.
DelveInsight's Diabetes Pen Market Insights and Forecast report provides the current and forecast Diabetes Pen market, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Diabetes Pen market.
Some of the salient features from the Diabetes Pen Market report:
As per an analysis by DelveInsight, APAC is predicted to register the fastest growth in the diabetes pens market because of the high prevalence of diabetes, increase in awareness regarding diabetes and its management, improving disposable income, among other factors in the region.
Major pharma players working proactively in the Diabetes Pen market include BD, Medtronic, Terumo Group, F Hoffmann-La Roche Ltd., BIGFOOT BIOMEDICAL, INC, Eli Lilly and Company, Novo Nordisk A/S, and others.
DelveInsight estimates that Global Diabetes Pen Market is expected to grow at a CAGR of 4.72% during the forecast period from 2021 to 2026 and is anticipated to reach USD 30.33 billion by 2026.
In May 2021, Medtronic plc received the CE (Conformité Européenne) Mark approval for their InPen smart insulin pen for expanded functionality as multiple daily injections (MDI), owing to the launch of such devices and market development, there will be a rapid growth observed in Diabetes Pen market during the forecast period.
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Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin, a hormone that regulates blood sugar, or when the body cannot effectively use the insulin it produces. It can be classified into three main types namely, Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes. Among all the most common is type 2, usually affecting adults as a result when the body becomes resistant to insulin or produce insufficient insulin.
The Diabetes Pen ensures delivery of insulin in the patient's body in patients suffering from diabetes. The pen is composed of a cartridge that carries insulin hormone, a dial to measure the insulin dosage and disposable pen needles that are injected to deliver insulin into the body.
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Geographically, the global Diabetes Pen market is studied for North America, Europe, Asia- Pacific, and the Rest of the World. In terms of revenue share, APAC is predicted to register the fastest growth in the diabetes pens market because of the high prevalence of diabetes, increase in awareness regarding diabetes and its management, improving disposable income, among other factors in the region.
According to DelveInisght estimates, in the product segment of the Diabetes Pen market, the reusable Diabetes Pen category is expected to account for the larger market share during the forecast period. Reusable Diabetes Pens offer advantages such as greater flexibility in terms of reusing the same pen if a prescription for the insulin type changes.
In May 2021, Eli Lilly entered into agreements with four companies DexCom, Inc., Glooko Inc., myDiabby Healthcare and Roche - to advance connected solutions and streamline care for diabetic patients living outside of the United States. These companies offer unique diabetes management platforms which will be compatible with Lilly’s Tempo Pen™ (approved in several global markets) and Tempo Smart Button™ (currently in late-stage development).
Learn more about the Diabetes Pen Market Landscape @ Diabetes Pen Market Landscape
Diabetes Pen Market Drivers and Barriers
One of the key factors supporting the growth of the Diabetes Pen market in the region is the high prevalence of diabetes that will lead to a greater demand for Diabetes Pen in the market, further elevating the market growth. There are great opportunities for Diabetes Pen market penetration for the countries like the United States, the UK, and Italy as the prevalence rate is high in these countries also. Moreover, considering the long-term benefit, the reusable Diabetes Pen appears to be more economical compared to conventional Diabetes Pens. Hence, the launch of new innovative products will lead to an increased demand for reusable Diabetes Pen, further leading to an increase in the Diabetes Pen market growth.
The demand for Diabetes Pen is primarily affected by the outbreak of the COVID-19 pandemic because of the delay in the supply and manufacturing of the products.
To discuss more about the short/long-term impact of COVID-19 get a snapshot of the report Diabetes Pen Market
Scope of the Diabetes Pen Market Report
Study Period: 2018-2026
Key Companies: BD, Medtronic, Terumo Group, F Hoffmann-La Roche Ltd., BIGFOOT BIOMEDICAL, INC, Eli Lilly and Company, Novo Nordisk A/S, and others.
Diabetes Pen Market Segmentation
By Product Type
Disposable
Reusable
Conventional
Smart
By Application
Type 1 Diabetes
Type 2 Diabetes
Gestational Diabetes
By End-User
Hospitals & Clinics
Homecare Settings
Others
By Geography
North America
Europe
Asia-Pacific
Rest of World
Delveinsight Analysis: The Diabetes Pen market is expected to grow at a CAGR of 4.72% and will reach USD 30.33 billion by 2026.
Table of Contents
1 | Diabetes Pen Market Report Introduction |
2 | Diabetes Pen Market Executive summary |
3 | Regulatory and Patent Analysis |
4 | Diabetes Pen Market Key factors analysis |
5 | Diabetes Pen Porter’s Five Forces Analysis |
6 | COVID-19 Impact Analysis on Diabetes Pen Market |
7 | Diabetes Pen Market Layout |
8 | Diabetes Pen Global Company Share Analysis – Key 3-5 Companies |
9 | Diabetes Pen Market Company and Product Profiles |
9.1 Medtronic | |
10 | Project Approach |
11 | KOL Views |
12 | DelveInsight Capabilities |
13 | Disclaimer |
14 | About DelveInsight |
Learn more about the report offerings @ Diabetes Pen Market Outlook
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