Number of pages: 120 | Report Format: PDF | Published date: 06 February, 2020
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global diabetes injection pens market was pegged at US$ 7.0 billion in 2020 and is expected to witness a CAGR of 7.6% during the forecast period.
Diabetes injection pens help in the delivery of insulin to people suffering from diabetes. These pens contain a dial to measure dosage, cartilage, and a disposable needle. They are available in two forms viz. disposable and reusable. Disposable pens contain a prefilled cartilage and the entire pen is thrown away when it is empty. Whereas reusable pens allow replacing the cartilage when one gets empty. These pens help to deliver from 0.5 to 80 units of insulin at a time.
Insulin pens have several advantages over traditional insulin delivery methods. The advantages of using an insulin pen include user-friendliness, flexibility, and precise dose delivery, among others. Moreover, few pens have a memory feature that indicates the time and measure of the last dose.
The global diabetes injection pens market is mainly driven by the increasing prevalence of diabetes and the rising preference for self-management of diabetes. Moreover, technological advancements, new product launches, and increasing awareness of the benefits of using the insulin pen are some of the other factors playing a pivotal role to boost the diabetes injection pens market. However, the comparatively higher cost of diabetes injection pens and availability of alternatives such as patches and tablets are likely to hinder the market growth to a certain extent.
The global diabetes injection pens market has been analyzed from four perspectives: Product Type, Usage Type, Distribution Channel, and Region.
Diabetes Injection Pens Market by Product Type
Based on product type, the diabetes injection pens market has been segmented into insulin pens and pen needles. The insulin pens segment dominated the diabetes injection pens market in 2020. One of the major factors driving the segmental growth is the significantly growing demand for insulin pens owing to their user-friendliness and higher dose accuracy.
Diabetes Injection Pens Market by Usage Type
Based on usage type, the diabetes injection pens market has been segmented into reusable pens and disposable pens. The disposable pens segment held the largest market share of the diabetes injection pens market in 2020. Factors contributing to the growth of this segment include the advantages of using disposable syringes such as the lower risk of infections and greater dose accuracy.
Diabetes Injection Pens Market by Distribution Channel
Based on the distribution channel, the diabetes injection pens market has been segmented into hospital pharmacies, retail pharmacies, and online stores. The retail pharmacy segment held the largest market share in 2020, owing to ease of access to this distribution channel to patients.
Diabetes Injection Pens Market by Region
Regionally, the global diabetes injection pens market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the largest market share of the global diabetes injection pens market in 2020. The rising prevalence of diabetes is the major factor driving the growth of the diabetes injection pens market. According to National Diabetes Statistics Report, in 2018, 34.2 million people, or approximately 10.5% of the US population had diabetes. Moreover, factors such as the growing adoption of the diabetes injection pen, rising preference for diabetes self-management among patients, and the launch of technologically advanced products by players in this region are having a positive impact on the market growth.
Some of the prominent players operating in the global diabetes injection pens market includes:-