Diabetes Pen Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Diabetes Pen Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Major companies operating in the diabetes pen market are developing innovative products, such as smart insulin pens, to better manage their insulin delivery. A smart insulin pen is a reusable self-injection pen that records information about insulin doses, such as the amount injected and the time of injection. For instance, in 2021, Medtronic plc, an Ireland-based medical device company, launched InPen, which enables users to control insulin delivery more effectively by transmitting dose information to a mobile app via Bluetooth technology. The app determines the right dose based on estimated carbohydrate intake and glucose levels, taking into consideration the amount of insulin that is still active in the user's body. It keeps track of the temperature of the insulin, which is crucial for preserving the insulin's potency. The system's dose calculations and dose tracking facilitate the insulin dosing procedure.

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Major Key Players of the Market:

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.

Diabetes Pen Market 2024 Key Insights:

• The diabetes pen market is expected to grow to $37.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Diabetes Fuels Surge In Demand For Diabetes Pens
• Innovative Advancements In The Diabetes Pen Market With Smart Insulin Pen
• North America was the largest region in the diabetes pen market in 2023

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