Diabetes Injection Pens Market is Expanding at a 7.9% CAGR between 2016 and 2024
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.
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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.
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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.