Diabetes insulin pen market size was significantly large in 2022 and is expected to continue to register rapidly inclining revenue CAGR during the forecast period. Diabetes is a common lifestyle condition. Rising global population has surged the incidence of this disease throughout time. A disposable insulin pen is a prefilled pen that is meant to be discarded after a single use. Reusable pens enable the insertion of a pen fill, allowing for multiple uses. A reusable pen\’s needles should be replaced on a regular basis.
Over the forecast period, the global diabetes insulin pen market is expected to rise at a healthy rate. Diabetes is becoming more common among people of all ages, which has resulted in the increasing demand for these pens. Furthermore, the ease of use and precision of insulin doses would contribute to the growth of the global diabetes pen market. Insulin pens or injection pens are used by diabetics to control their blood sugar levels. It is a simple and practical method of administering insulin by injection. It removes the need for patients to carry a vial and syringe, thereby allowing them to supply insulin easily at work or at school. When compared to syringes, it takes significantly less time.
The research includes a detailed analysis of the market\’s major segments, trends, drivers, restraints, competitive landscape, and other important variables.
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COVID 19 Impact Analysis
- The global diabetes insulin pen market report offers information and expansive coverage of the current scenario in the market, including impact and changes resulting from the COVID-19 pandemic and emergence of variants of the virus.
- The virus outbreak and social distancing norms and restrictions severely disrupted the overall business landscape and operations worldwide.
- Both negative and positive impacts of the COVID-19 pandemic have been analyzed and details provided in the report.
- COVID-19 pandemic and lockdowns have resulted in several countries shutting down airports, ports, and commercial and domestic transportation. This had impacted manufacturing activities and operations globally and took a toll on the economy of various countries.
- Complete country-wide lockdowns and partial lockdowns had major impact on demand-side and supply-side on the manufacturing sector.
- Sudden and drastic downturn in economic activity caused a slowdown in production and also resulted in employment loss to a major extent.
- Supply impacts were further compounded due to challenges on the demand-side owing to reduced disposable income, depleting savings, and increased concerns and uncertainties.
- The initial impact of the second wave hit small businesses and retailers the hardest owing to liquidity crunches and stretched working capital.
- Healthcare infrastructure also bore major brunt of the results as systemic issues resulted in inability to accommodate patients and shortage of crucial supplies and medical equipment.
- Companies continue to maintain stringent safety regulations and social distancing norms, and the restrictions on number of workers and personnel allowed to work on work floors and office and factory settings etc., at any given time continues to cause ripple effects across various industries and sectors.
- Emergence of variants of the virus and rise in infection rates during the initial waves and subsequent lockdowns has severely impacted operations and disrupted supply chains.
- Companies are making robust and urgent attempts to get accustomed to restrictions and need to deploy more stringent safety measures for workforce and personnel and to manage operations in a ‘new normal’ currently.
- Revenues have been impacted significantly across sectors and industries, and across all major and developing economies, and companies continue to deploy various strategies and focus on managing core tasks as the challenge continues on a global scale.
- Experts are yet to ascertain whether the situation and challenges will clear up or continue indefinitely, but emergence of new variants and potential outbreaks are expected to remain on the horizon for a few more years.
Global diabetes insulin pen market revenue growth is primarily driven by the product’s simplicity, reliability, and ability to be administered directly by the patient without the aid of a physician. The pen needle, a removable attachment, forms an integral part of the pen injector. The length of the needle and its sharpness is critical to ensure that the medication reaches the target tissues. In recent years, the prevalence of chronic diseases has surged dramatically. Conditions, such as diabetes, osteoporosis, Cardiovascular Disease (CVD), and multiple sclerosis necessitate daily or weekly drug administration, which is commonly done with pen injectors. These injectors have become the new standard in the field of injectable drug delivery methods in this fast increasing market.
Although pen needles are a convenient and hassle-free way to administer medications, they are also linked to needlestick injuries, infections, hyperglycemia, and discomfort. Because the dose of insulin pens cannot be controlled, some individuals suffer from hyperglycemia. As a result of their ability to execute automated insulin suspension and reduce the danger of hypoglycemia, there has been a change in diabetes treatment options in Europe. The country has replaced insulin pens with insulin pumps. This is a big stumbling block to market expansion. Although needle-free drug delivery methods have helped to solve this problem to some extent, their therapeutic applications still remain restricted.
Based on regional analysis, the North American market is expected to register robust revenue CAGR over the forecast period. The region holds the largest diabetes insulin pen market share. Growing prevalence of diabetes and the presence of favourable reimbursement scenario for pen needles would aid growth in the upcoming years. Additionally, federal initiatives to create awareness about injection techniques, increasing market penetration by leading players, development of improved pen needle technologies, and ongoing projects will boost the market in the North American region.
Key companies in the global market include Becton, Dickinson and Company, Novo Nordisk, Ypsomed Holding AG, B. Braun Melsungen AG, Owen Mumford, Terumo Corporation, Nipro Corporation Allison Medical, AdvaCare Pharma, Berpu Medical Technology, ARKRAY, GlucoRx, and HTL-STREF.
For the purpose of this report, has segmented global diabetes insulin pen market on the basis of type, application, and region:
Type Outlook (Revenue, USD Billion; 2023-2032)
- Disposable Pens
- Refilled Pens
Application Outlook (Revenue, USD Billion; 2023-2032)
- Diabetes Type-1
- Diabetes Type-2
Regional Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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