Diabetes Injection Pens Market: Snapshot
The global diabetes injection pens market has expanding at a remarkable pace over the years owing to the soaring number of diabetics around the world and a consequent rise in awareness about this disease and its management. The development of smart insulin pen technology products such as pen caps connected with mobile apps has also significantly propelled this market. In addition to this, the preference for insulin pens over syringes has greatly increased owing to the rising incidence of needlestick injuries.
The opportunity in the global diabetes injection pens market was pegged at US$4.9 bn in 2015 and is expected to be worth US$9.7 bn by 2024. If these values hold true, the market is poised to expand at a healthy CAGR of 7.9% during the forecast period.
Insulin Pens Gain Preference over Pen Needles
Insulin pens and pen needles are the two major product types in the diabetes injection pens market. Among these, insulin pens garnered the larger share, accounting for just over 65.0% in 2015. Europe and Asia are among the leading consumers of insulin pens, where 90.0% of the diabetic population prefer these devices to pen needles. Although the U.S. lagged behind in the usage of insulin pens in the past, the country is likely to gain prominence in the coming years owing to the many benefits these devices offer. Pen needles also generate significant revenue; although these products are lower in cost, they are sold in large numbers among the diabetic population.
Based on distribution channel, diabetes injection pens are sold via retail pharmacies, hospital pharmacies, online methods, and diabetes clinics and centers. Hospitals form the distribution channel of choice for patients and this segment accounted for a share of over 33.0% in 2015. The online channel is gaining much prominence in recent years owing to a thriving e-commerce sector across the globe. This segment is slated to witness immense growth through the forecast period as its adoption rises in developed markets such as the U.K., the U.S., and Germany.
On the basis of usage, diabetes injection pens are of two types: reusable and disposable. Both the segments account for an almost equal share in the global market, with reusable pens enjoying a slightly larger share. It has been noted that disposable pens are preferred in developing economies such as China and India, while patients in developed countries such as the U.K., Japan, and Germany prefer reusable injection pens.
Despite Major Share in Diabetes Injection Pens Market, Europe to Witness Slow Growth
From a geographical point of view, the global market for diabetes injection pens comprises Europe, North America, Latin America, Asia, and the Rest of the World. In 2015, North America and Europe accounted for the dominant share in the overall diabetes injection pens market, followed by Asia and Latin America.
The U.S. takes the lead in the diabetes injection pens market in North America, accounting for a massive 94.0% share in 2015. This can be attributed to an extensive diabetic population in the country, various technological advancements, surging research and development practices and growing healthcare awareness about the treatment and management of glucose levels.
Although Europe accounts for a significant share in the diabetes injection pens market, it is a saturated industry and is likely to expand at a slow rate. On the other hand, Asia is projected to exhibit strong growth during the forecast period, with major contribution from countries such as India, Japan, and China. New product launches, favorable regulations, the ability of patients to pay for advanced medical products and devices, and growing awareness levels are likely to drive the market for diabetes injection pens in Asia.
Sanofi S.A., Becton, Dickinson and Company, Owen Mumford Ltd., Novo Nordisk A/S, Biocon Ltd., Wockhardt Ltd., Eli Lilly and Company, AstraZeneca plc, and Jiangsu Delfu Co. are the leading players in the global diabetes injection pens market. The market is known to be highly consolidated, with just a handful of companies dominating the vendor landscape.
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