Worldwide, millions of people suffer from the chronic disease of diabetes. Numerous diabetics depend on insulin therapy to adequately control their blood sugar levels. With vials and syringes, insulin was traditionally delivered, necessitating exact measurement and administration. A practical substitute, known as Insulin Pens Market, has been made possible by technological developments. As a result of their portability, precision dosage, and ease of use, these devices have become incredibly popular in recent years. The Insulin Pens Market will be examined in this blog post, along with the factors that have contributed to its remarkably rapid expansion.
The insulin pen business has expanded significantly in recent years, revolutionising how diabetes is treated. Insulin pens are practical, user-friendly tools that make administering insulin easier. They provide diabetics with an accurate and convenient way to manage their blood sugar levels. This blog post examines the variables that have fueled the growing acceptance of insulin pens in the diabetes care industry.
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Between 2023 and 2033, the market for insulin pens is projected to grow at a CAGR of 6.5%. The market is expected to be worth 35 billion US dollars by 2023. The market is projected to be valued US$ 66 billion by 2033. According to Future Market Insights (FMI), the market for insulin pens is expected to grow dramatically over the next ten years, reaching a value of US$ 30,407.5 Million by the end of 2021.
Due to their simplicity and usability, insulin pens have become more and more popular. They do away with the requirement for manually drawing and measuring insulin doses with the use of a pre-filled cartridge and disposable needles. It is a hassle-free solution for patients to adjust their desired dose, especially for those with limited dexterity or visual impairments.
Key Takeaways from Insulin Pen Services Market Study:
- Reusable insulin pens are expected to account for over 49% the global market share by 2031, supported by a growing base of environment and cost-conscious consumers.
- Hospital pharmacies will account for 33.8% of the market share in 2031. The soaring influx of patients for treatment and intensive care support supports growth.
- The U.S. is projected to be the fastest-growing regional market with a CAGR of 5.6% through 2021-2031 owing to the matured healthcare sector of the country.
- The U.K. and Germany are leading markets in Europe, accounting for more than 18% and 25% in 2021.
- China is the largest and fastest growing market in East Asia, exhibiting a 4.7% CAGR through 2031.
- Australia is leading the Oceania market, accounting for more than 85% of insulin pen revenues in 2021.
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Who is winning?
The global insulin pen market is set to expand due to the rising prevalence of type 1 and type 2 diabetes. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the ailment, besides offering effective patient care.
Some of the leading players in the insulin pen market include but are not limited to NovoNordisk A/S, Sanofi, Eli Lilly, Diamesco Co., Ltd., BigFoot Biomedical, Inc, Medtronic plc, Emperra GmbH E-Health Technologies, YpsoMed AG, and DUKADA Aps.
Insulin Pens Market by Category
By Product Type:
- Reusable Insulin Pen
- Refillable Pens
- Bluetooth Connected Smart Insulin Pen
- USB Connected Smart Insulin Pen
- Cartridge
- Disposable Insulin Pens
- Smart Insulin Pens Caps
- Insulin Pump
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By Indication:
- Type 1
- Type 2
Distribution Channel:
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinic/Center
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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