Diabetes Injection Pens Market
Diabetes Injection Pens Market (Product - Insulin Pens and Pen Needles; Usage - Reusable Pens and Disposable Pens; Distribution Channels - Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics/ Centers) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2016 - 2024
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Global Diabetes Injection Pens Market: Snapshot
Owing to the increasing number of diabetics in the world and consequent rise in awareness and management, the global diabetes injection pens market is expected to expand at a remarkable pace. The evolution of smart insulin pens has taken over traditionally used syringes that cause needlestick injury, and has remarkably propelled the market with mobile app technology connectivity.
The global diabetes injection pens market is estimated to be worth a US$9.7 bn by 2024, rising from a US$4.9 bn earned in 2015. The market is expected to expand at 7.9% healthy CAGR during the forecast period of 2016 to 2024
Insulin Pens Generating More Revenue by Diabetics
Based on segmentation by product, two important classifications of the global diabetes injection pens market are pen needles and insulin pens. Insulin pens have a larger share in the market as 90.0% of the diabetic population in Asia and Europe prefers them instead of pen needles. According to the 2015 statistics, insulin pens collected an over 65.0% as leading revenue generator. Insulin pens are cost-efficient, hence they could make massive sales among the diabetic population.
Diabetes injection pens are sold by means of hospital, pharmacies, diabetes centers and clinics, retail pharmacies, and online methods. Among these distribution channels, buying injection pens from hospitals are more preferred, and this contributed to a share of over 33.0% to the global diabetes injection pens market as of 2015. Owing to the availability of a flourishing global e-commerce sector, the online channel is becoming much more noticeable. However, since the adoption of diabetes injection pens in hospitals is rising in the developed markets such as Germany, the U.K., and the U.S., this segment is expected to witness immense growth through the forecast period.
Based on their usage, diabetes injection pens are classified into two types: disposable and reusable. Although both these segments have almost equally contributed to the market share, reusable pens have a slightly upper hand. Developing countries such as India and China prefer to use disposable pens, whereas countries such as Germany, the U.K., and Japan would rather pick reusable pens.
North America Contributing Largest Share is Dominating Injection Pen Market
The global diabetes injection pens market is studied on the basis of key geographies Asia, Latin America, North America, Europe, and the Rest of the World. Among these, North America and Europe dominated the market in 2015. In North America, the U.S. secured a stronger share of 94.0% in 2015. This was due to growing healthcare awareness regarding the management and treatment of glucose levels, increasing research and development activities, and various technological advancements.
Asia Pacific is also expected to exhibit strong growth during the forecast period due to significant contributions from India, China, and Japan. On the other hand, there is a probability of Europe expanding at a slow rate as the regional market has reached its saturation point.
Some of the leading players in the global diabetes injection pens market are Eli Lilly and Company, Dickinson and Company, AstraZeneca plc, Novo Nordisk A/S, and Sanofi S.A. The vendor landscape is dominated by a few companies, thus rendering the market consolidated.
Diabetes Injection Pens Market to Earn Notable Revenues Owing to Increasing Number of Diabetic Patients
Attributable to the expanding number of diabetics on the planet and subsequent ascent in mindfulness and the executives, the worldwide diabetes infusion pens market is required to extend at an astounding speed. The development of shrewd insulin pens has taken over generally utilized needles that cause needlestick injury, and has amazingly moved the market with versatile application innovation availability.
The thought behind diabetic injection pens is accommodation. As organizations work out groundbreaking thoughts for their items, they understand the quintessence of observing customer conduct reliably. What's more, this aides major parts in the worldwide diabetic injection pens market to zero in on making items more use-accommodating. By comfort, the items intend to make delivering an insulin shot an assignment for not over 10 seconds. The thought is to kill reliance to convey the medication.
Despite the strong sense of innovation, the diabetic injection pens market, may face certain challenges. It is the very drug organizations or those assembling clinical gadgets that instigate on the requirement for wearable to monitor wellbeing. Not simply that, assurance and mindfulness among the patient populace pushes them to dispose of insulin. Patients center around controlling their glucose levels, and along these lines intend to switch back to tablets or decrease the dose. This will stop development in the worldwide diabetic injection pens market.
Notwithstanding, the rising diabetic populace falling prey to inactive way of life will invalidate the counter impacts of innovation and assist players with staying pertinent and support in the worldwide diabetic injection pens market.
In spite of that, few organizations have additionally carried out items that emphasis on cost and strength. While there are brands that harp on the requirement for another pen each time the cartridge is out of insulin, there are galore in the market who give items that keep going long. It is one thing less to stress for a customer.
Global Diabetes Injection Pens Market: Overview
This report on diabetes injection pens market studies the current as well as future prospects of the market globally. The stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, providing services of diabetes injection pens products such as insulin pen and pen needles as well as new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This section also provides the overall information and data analysis of the global diabetes injection pens market with respect to the leading market segments based on major products segment, end users, and geographies.
Global Diabetes Injection Pens Market: Segmentation
Based on the product type, the diabetes injection pens market has been segmented into: insulin pen and pen needles. In term of diabetes injection pen usage products divided into reusable pens and disposable pens. Each of the market segments have been extensively analyzed based on the market related factors such as increasing rate of diabetes incidences worldwide, technological advancement, and growing number of use of reusable pens in various geographies. Moreover, historical year-on-year growth have been taken into consideration while estimating the market size. The market size and forecast in terms of US$ million for each segment has been provided for the period from 2014 to 2024. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2016 to 2024, considering 2015 as the base year.
Global Diabetes Injection Pens Market: Drivers and Trends
The market overview section of the report explores the market dynamics such as drivers, restraints, and opportunities that currently have a strong impact on the diabetes injection pens market and could influence the market in the near future. Market attractiveness analysis has been provided in the market overview section in order to explain the intensity of competition in the market across different geographies. The competitive scenario among different market players is evaluated through market share analysis in the competitive landscape section of the report. All these factors would help market players to take strategic decisions in order to strengthen their positions and expand their shares in the global diabetes injection pens market.
Global Diabetes Injection Pens Market: Geographical Outlook
Geographically, diabetes injection pens market has been segmented into five major regions: North America, Europe, Asia, Latin America, and Rest of World. The market size and forecast for each of these regions has been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2015 as the base year. The report also provides with market size and forecast for major countries in the respective regions. A detailed qualitative analysis of factors responsible for driving and restraining the market growth and future opportunities has been provided in the market overview section. This section of the report also provides with market attractiveness analysis, Porter’s five forces analysis, value chain analysis, pricing analysis and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global diabetes injection pens market.
Key Players Mentioned in this Report are:
The key findings section included in the report would assist existing market players in expanding their market shares, and new companies in establishing their presence in the global diabetes injection pens market. The report also profiles key players operating in the diabetes injection pens market which are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca plc, Biocon Ltd., Sanofi S.A., Becton, Dickinson and Company, Owen Mumford Ltd., Jiangsu Delfu Co. and Wockhardt Ltd. The global diabetes injection pens market is dominated by three global vendors that accounts for more than 74% share of the global market.
The global diabetes injection pens market is segmented as follows:
Global Diabetes Injection Pens Market, by Product Type
- Insulin Pens
- Pen Needles
Global Diabetes Injection Pens Market, by Usage
- Reusable Pens
- Disposable Pens
Global Diabetes Injection Pens Market, by Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinics/ Centers
Global Diabetes Injection Pens Market, by Geography
- North America
- Rest of the Europe
- Rest of Asia
- Latin America (LATAM)
- Rest of LATAM
- Rest of World
- Australia & New Zealand
- South Africa