Diabetes Pen Market 2024-2033: Competitor Assessment, Industry Size And Major Players

"The Business Research Company has released its latest global market reports, covering insights for 2024 and offering projections up to 2033.

The Business Research Company presents an extensive market research report on the Diabetes Pen Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:
The diabetes pen market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to managing scarce water resources, ageing water infrastructure, escalating call for quality water services, rising demand for smart water solutions, improving efficiency in operation.

The diabetes pen market size is expected to see strong growth in the next few years. It will grow to $37.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing population and urbanization, increasing water pollution and contamination, need for efficient resource management, need for accurate and real-time water data, increasing demand for water reuse and recycling. Major trends in the forecast period include advancements in digital technologies such as ai and ml, increasing adoption of iot and cloud computing, pressing need to address water-related challenges, increasing investment in water infrastructure, escalating digitization of the utility sector.

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Key Market Players:
Major companies operating in the diabetes pen market report are F. Hoffman La Roche AG, Sanofi S.A., Astra Zeneca plc, Fujitsu Limited, Eli Lilly and Company, Bayer Cropscience Ltd., Ericsson, Novo Nordisk A/S, BD, Bristol-Myers Squibb, Teruma Medical Corporation, Smiths Group plc., Greinier Bio One International GmBH (U.S.), YPSOMED, Owen Mumford Ltd., WOCKHARDT, Nipro Europe Group Companies , Biocon, Copernicus, Mannkind Corporation, Jiangsu Delfu medical device Co., HTL-STREFA Inc., DeepSig, Injex UK Ltd.

Market Drivers:
The increasing prevalence of diabetes worldwide is expected to propel the growth of the diabetes pen market going forward. Diabetes refers to a group of chronic metabolic diseases characterized by elevated blood sugar levels (hyperglycemia). Diabetes pens are a type of insulin delivery device that allows for more accurate dosing, better adherence, and less hypoglycemia risk. The pens are also associated with less injection site pain and are preferred by people with diabetes requiring insulin. For instance, in 2021, according to the World Health Organization, a Switzerland-based intergovernmental organization, there were about 422 million people worldwide with diabetes, with the majority living in low- and middle-income countries, and 1.5 million deaths directly attributed to diabetes each year. Therefore, the increasing prevalence of diabetes worldwide is driving the growth of the diabetes pen market.

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The diabetes pen market covered in this report is segmented -
1) By Product: Insulin Pens, Pen Needles
2) By Usage: Reusable Injection Pens, Disposable Injection Pens
3) By Therapy: Insulin, Glucagon-like Peptide-1, Growth Hormones, Fertility, Osteoporosis
4) By Distribution Channel: Retail Pharmacies, Online Medical Stores, Diabetes Clinics

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