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Increasing Demand for Insulin Pens Market by 2027 Due to Inclination of patients towards insulin injection pens over syringes and vials

05-26-2020 11:01 PM CET | Health & Medicine

Press release from: The Insight Partners

Insulin Pens Market

Insulin Pens Market

Insulin pens are devices used for the diabetes patients to inject the insulin in the patient's body in desired quantity. The insulin pen is slightly larger than the writing pen in size and it contains the insulin in the refill. Insulin pens have made it convenient and less painful for the diabetic patients to take insulin. Not only insulin pen injects precise amount of insulin in the body but also it may be done in fewer steps than syringe.

Driving factors such as, rising incidence of diabetes, growing geriatric population, inclination towards insulin pens over conventional needles & syringes in insulin pens are expected to boost the market growth over the years. However, alternatives to pens for insulin administration and limitation associated with the insulin pens are likely to hamper the market growth. However, growing market in developing regions are likely to deliver substantial growth opportunities to improve market share for industry players in the near future.

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The global insulin pens market, based on product type is segmented into reusable, disposable, and smart insulin pen caps. In 2018, the reusable segment held the largest share of the market, by product type. The reusable segment is expected to witness rapid growth owing to key factors like advanced features that make reusable insulin pens safe and convenient, ease of use and the ability to deliver highly accurate doses. Moreover, the smart insulin pen caps segment of insulin pens market is expected to witness growth in its demand at a fastest CAGR of 9.9% during 2019 to 2027.

The key factors that are driving the growth of the market are rising incidence of diabetes, growing geriatric population, and increasing adoption of insulin pens over conventional vials and syringes. However, the factors restraining the market growth are the high cost of insulin pens and the availability of alternatives to insulin pens in the market. On the other hand, the high potential of market growth in the emerging economies is one of the growth opportunities for market players. In recent years, there has been considerable development in the field of medical drug delivery devices. Insulin administration is a common procedure in the diabetic population.

Traditional insulin syringes have several disadvantages that include the experience of pain by patients due to repeated pricks, discomfort in carrying both insulin bottle as well as syringe, risk of needle re-use associated infections and needle-stick injuries as well as difficulty in delivering a mixture of two or more liquids together in one syringe. Additionally, self-administration of insulin through syringes and vials is time-taking and difficult that has reduced the adoption of conventional insulin injection methods over the past years and led to increased adoption of injection pens.

Some of the prominent players operating in insulin pens market are, Novo Nordisk A/S, Owen Mumford, Sanofi, Ypsomed AG, Biocon, Companion Medical, BERLIN CHEMIE AG, Eli Lilly and Company, pendiq, and Emperra GmbH E-Health Technologies among others.

The market players are focused on bringing new and innovative products and services to sustain their position in the market. For instance, in June 2016, Haselmeier announced the German launch of the BerliPen areo 3 through BERLIN CHEMIE AG. Key features of this third-generation BerliPen are an optimized dose indicator, the innovative low-friction mechanism for smooth injection release in addition to an enhanced feeling of safety utilizing audible and tactile dose settings.

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Reason to Buy

- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the insulin pens market.

- Highlights key business priorities in order to assist companies to realign their business strategies.

- The key findings and recommendations highlight crucial progressive industry trends in the global insulin pens market, thereby allowing players across the value chain to develop effective long-term strategies.

- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Technology, Semiconductors, Healthcare, Manufacturing, Automotive and Defense.

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