The global Diabetes Pen Market Size is expected to exhibit a strong 8.45% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global diabetes pen market is mainly driven by the growing prevalence of diabetes and technological innovations in the design of diabetes pens. The report provides a detailed analysis of the major drivers and restraints acting on the market, as well as providing a comprehensive overview of the major economic factors likely to have an impact on the market in the coming years. The key players operating in the global diabetes pen market are also profiled in the report to give readers a clear picture of the competitive landscape of the market.
Diabetes pens are used to inject insulin into diabetic patients. The growing prevalence of diabetes around the world is likely to be the major drivers for the diabetes pen market over the forecast period. More than 8% of all adults around the world suffer from diabetes, with middle income and low income countries exhibiting a rapid growth in the prevalence of diabetes in recent years and decades. This has made it a major global healthcare concern, with governments all over the world dedicating resources to combat the growing prevalence of the disease. Government efforts to combat diabetes also include encouraging the development of more efficient and effective diabetes pens and other implements and making them more accessible to patients. This is likely to be a key driver for the global diabetes pen market over the forecast period.
Technological innovation in diabetes pens is also likely to be a key driver for the global diabetes pens market over the forecast period. Achieving effective delivery of insulin with minimal effort and wastage is the major target for manufacturers of diabetes pens. Significant development in medical technology is likely to lead to the development of more progressive, improved diabetes pens over the forecast period, driving the market on to greater heights in the coming years.
Leading players in the global Diabetes Sandals market include HTL STREFA SA, Bayer Cropscience Ltd., Becton Dickinson and Company, F. Hoffman La Roche AG, Greinier Bio One International GmbH, Teruma Medical Corporation, and AstraZeneca. Major players in the global diabetes pens market are likely to focus on product development efforts in the coming years in order to make a mark on the market. Collaborations to mutually improve the technological platform behind diabetes pens are also likely to remain a popular strategy for players in the diabetes pens market.
In September 2019, Novo Nordisk announced a collaboration agreement with Medtronic, enabling the two companies to join forces and provide digital offerings from a unified platform. This agreement completes Novo Nordisk’s objective of signing agreements with all major continuous glucose monitor producers.
The same month, Xeris Pharma’s glucagon therapy received FDA approval for combating extremely low levels of blood sugar.
The global diabetes pens market is segmented on the basis of product type, usage, distribution channel, and region.
By type, the global diabetes pens market is segmented into insulin pens and insulin pen needles.
On the basis of usage, the global diabetes pen market is segmented into reusable and disposable.
By distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, online sales, and diabetes clinics.
The Americas hold a dominant share in the global diabetes pen market and are likely to lead the global market over the forecast period due to the growing prevalence of diabetes and the growing awareness regarding diabetes pens. Growing consumption of junk food and growing prevalence of sedentary lifestyles in North America have resulted in a growing prevalence of diabetes, leading to a growing demand for effective diabetes medication. The strong presence of major healthcare industry players in North America has allowed for smooth growth of the market and is likely to remain a major driver for the diabetes pens market over the forecast period.
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