According to the research report, the opportunity in the global diabetes injection pens market is expected to be worth US$9.7 bn by the end of 2024 as compared to US$4.9 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to rise at a CAGR of 7.9%.
The leading players operating in the global diabetes injection pens market are Novo Nordisk A/S, Eli Lilly and Company, AstraZaneca plc., Biocon Ltd., and Sanofi S.A. Transparency Market Research reports that the competitive landscape in the global market is consolidated due to dominance of a few large players. “Incorporating latest technological innovations to manufacture state-of-art diabetes injection pens will remain the focus of these companies,” states the lead author of this research report.
Insulin Pens Show Continued Growth as Users Prefer it Over Pen Needles
On the basis of product, the global market is segmented into insulin pens and pen needles. Of these, the insulin pens are anticipated to assume the lead in the global market during the forecast period. By the end of 2024, the insulin pens segment is expected to acquire a share of 64.8%. The convenience of using insulin pens as compared to syringes and pumps is expected to drive their demand in the coming years. In terms geography, the global diabetes injection pens market is segmented into North America, Europe, Asia, Latin America, and Rest of the World. Currently, North America holds a dominating share in the global market due to a high degree of awareness about diabetes and its management. Asia Pacific is projected to grow at a steady rate during the forecast period due to a vast pool of patients that are expected to present a score of opportunities.
High Prevalence of Diabetes Creates Ample Opportunities for Diabetes Injection Pens
Poor lifestyle choices and lack of time to exercise are precursors to the life-altering disease known as diabetes. Genetic predisposition and side-effect of other ailments are also to cause diabetes. Statistics presented by the American Diabetes Association state that about 71,000 die each year due to diabetic complications across the U.S. On a similar note, the International Diabetes Federation stated that there were 415 million diabetics across the world in 2015 and the number is estimated to rise by 10% by 2040. These unfortunate figure indicate a high prevalence of diabetes across the world, which is expected to be the primary growth driver for the growth of the global diabetes injection pens market.
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The demand for diabetes injection pens is also expected to be fueled by the increasing cases of needle stick injuries. Usage of needles can lead to percutaneous piercing wounds due to incorrect handling, disassembling, or disposing. Owing to this, several healthcare professionals are promoting the usage of injection pens for administering insulin. Design and development of diabetes injection pens that are safe, easy to use, cost-effective, and relatively pain-free are also likely to encourage type 1 diabetics to use them.
Availability of Substitutes Restricts Market Growth
The steady market growth will waver due to the growing number of substitutes in the market. The introduction of a wide range of technologies are offer substitute products are likely to hamper market growth. Furthermore, the possibility of artificial pancreas and disposable insulin patches are also projected to have a negative impact on the global market in the coming years. Poor reimbursement policies for diabetes injection pens is also restraining the growth rate of the global market.