Global Insulin Pens Market 2019-2023 | Growing Prevalence of Diabetes Cases Impacting the Market Growth | Technavio
The global insulin pens market 2019-2023 is expected to post a CAGR of close to 9% during the forecast period, according to the latest market research report by Technavio.
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Technavio predicts the global insulin pens market to post a CAGR of close to 9% by 2023. (Graphic: Business Wire)
A key factor driving the expansion of the insulin pens market is the growing prevalence of diabetes cases. High incidences of diabetes have increased the demand for insulin pens in the market. Diabetic patients can often manage their blood sugar levels through physical activities, controlled diet, and medications. Diabetic patients have increased health risks and in most of the cases, before the onset of diabetes, prediabetes sets in. This is considered a serious health condition wherein the blood sugar levels are higher than normal but not high enough yet to be diagnosed as type 2 diabetes. The growing new diabetes and prediabetes cases have been increasing growth opportunities for vendors in the market.
This market research report on the global insulin pens market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing focus on smart insulin pens as one of the key emerging trends in the global insulin pens market:
Global insulin pens market: Increasing focus on smart insulin pens
Companies are striving to grow in the market by incorporating advanced technologies into their products and services. In line with this, the companies are focusing on offering smart insulin pens. These devices can improve data accuracy and storage. The data can further be shared with medical professionals to assist them in improving the treatment quality. To provide remote patient monitoring, companies are focusing on developing insulin pens that can be connected using the Bluetooth. Also, a few developed countries provide reimbursement on smart insulin pens as well.
“Companies such as Companion medical have developed InPen that combine innovative health management applications with Bluetooth. This facilitates constant tracking, monitoring, and calculating the required insulin therapy. Another company that develops smart insulin pens is Emperra. It develops ESYSTA that transfers the injected insulin dose data to its ESYSTA portal. The data also includes the date and time of injection. These smart insulin pens can help in effective diabetes management. Thus, this move could increase the adoption rate of these devices,” says a senior analyst at Technavio.
Global insulin pens market: Segmentation analysis
This market research report segments the global insulin pens market by product (reusable insulin pens and disposable insulin pens) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of 43%, followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the increasing focus on smart insulin pens and the growing prevalence of diabetes cases
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20181119005369/en/