The Global Insulin Pens Market to gain from rising prevalence of diabetes around the world. Fortune Business Insights recently announced a report, titled “Insulin Pens Market Size, Share and Global Trend by Product Type (Disposable, Reusable), By Application (Type 1 Diabetes, Type 2 Diabetes), By Distribution Channel (Online Pharmacies, Hospital Pharmacies, Retail Pharmacies, Diabetes Clinics), Geography Forecast till 2026.”
The market is expected to witness high demand in North America owing to the increasing prevalence of diabetes in nations such as the U.S. and Canada. Additionally, rapid technological advancements in insulin pens in the region is likely to propel growth in the market.
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key Players Covered in the market research report are
- Braun Medical
- Eli Lilly and Company
- Novo Nordisk
- Owen Mumford Ltd
- Ypsomed AG
- Terumo Medical Corporation
- HTL-Strefa, Inc.
Increasing Healthcare Expenditure to Drive Market
Increasing per capita income and increasing healthcare expenditure are some factors anticipated to drive the global market during the forecast period. Additionally, technological upgrades in the insulin pens is likely to propel adoption of pens.
For instance, Novo Nordisk A/S announced the launch of a bluetooth connected smart insulin pen in 2018. The smart pen is enabled to record the dose of insulin and timely logs. The amount of pain is comparatively less to normal insulin pens.
On the contrary, high price of insulin pens and looming risk of administering wrong dose of insulin are some factors that may restrain the global insulin pens market.
In addition to this, growth in Europe is expected to be commendable backed by the shifting consumer preference in favor of self-administering medicines rather than depending on hospitals and clinics. This is further expected to increase the growth rate of the global market. Besides this, Asia Pacific is expected to expand at a relatively higher CAGR owing to a large patient pool present in the region. Furthermore, innovative market penetration strategies used by key players in the region is anticipated to facilitate adoption of insulin pens.
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“Key player are expected to raise awareness and promote self-use of insulin pens. This in turn is likely to facilitate the adoption of insulin pens among patients and enable growth in the global insulin pens market.” Said a lead analyst at Fortune Business Insights.
Launch of Toujeo to Propel Growth
The global market is witnessing entry of new players in the market. Key developers are focusing on technological upgrades in insulin pens to strengthen their brand presence. For instance, Sanofi received the Food and Drug Administration approval for its new insulin pen, named Toujeo Max SoloStar, in 2018. The pen offers long-lasting insulin action for special patients, in order to reduce the number of injections. This is anticipated to fuel the demand in the global market.
Segmentation of the Global Insulin Pens Market
By Product Type
- Type 1 Diabetes
- Type 2 Diabetes
By Distribution Channel
- Online Pharmacies
- Hospital Pharmacies
- Retail Pharmacies
- Diabetes Clinics
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