DIABETES INJECTION PENS MARKET ANALYSIS

Diabetes insulin pens are advanced forms of prefilled insulin syringes and pen needles that are used to inject insulin in the body of patients suffering from type-1 diabetes. These pens usually consist of an insulin cartridge that acts as an insulin reservoir and a dial that is used to measure the exact volume of insulin that is intended to be delivered to the patient. These cartridges and pens are available in different shapes and sizes and are also available in disposable and non-disposable types. Most of the diabetes pens are incorporated with insulin pen needles that are replaceable, thin, and extremely short to reduce the pain caused during injection. Several universal pen needles are also present in the market that fits to almost all the brands of insulin pens. These pens are handy, easy to carry around, and can be used in home settings to provide accuracy in dose delivery. This in turn, is increasing the demand for diabetes insulin pens.

Rising incidence of diabetes is expected to propel the demand for insulin injection pens

Rising incidence diabetes is one of the major factors responsible for growth of the global diabetes injection pens market. According to the American Diabetes Association, around 30.3 million of people in the U.S. suffered from diabetes, accounting for up to 9.4% of the total population in 2016. Moreover, according to the BMJ Open Diabetes Research & Care, around 387 million people in the world suffer from diabetes, out of which around 5-10% suffer from type-1 diabetes. Various other factors driving growth of the market include risk of needle-stick injuries and bacterial infection caused by regular use of syringes to inject insulin and the advancements technology related to diabetes pens, leading to development of painless devices for daily insulin injections. However, the availability of insulin patches and other substitutes for insulin delivery are expected to hamper the growth of the market.

Market Taxonomy:

On the basis of product type, the global diabetes injection pen market is segmented into:

• Insulin Pens
• Pen Needles

On the basis of usage, the global diabetes injection pens market is segmented into:

• Reusable
• Disposable

On the basis of distribution channel, the global diabetes injection pens market is segmented into:

• Hospital Pharmacies
• Retail Pharmacies
• Online Medical Stores
• Diabetes Clinics

North America to hold a dominant position in the global diabetes injection pens market, owing to advancements in technology development in the in diabetes pens

On the basis of region, the global diabetes injection pens market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America holds the dominant position in the global diabetes injection pens market, owing to increasing prevalence of type-1 diabetes as well as development of advanced injection pens by manufacturers in the region. For instance, according to the Centers of Disease Control and Prevention (CDC), around 5% of the people suffering from diabetes are diagnosed with type-1 diabetes and are unable to produce insulin naturally. This increases the demand for external insulin administration. Moreover, according to the Juvenile Diabetes Research Foundation, the healthcare burden due to type-1 diabetes in the U.S. accounted for up to US$ 14 billion in 2016. Asia Pacific is expected to witness fastest growth in the market, owing to rising awareness among the patients as well as evolving healthcare infrastructure.

Key players are focused on development of novel products to sustain their position in the highly consolidated market

Key players operating in the global diabetes injection pens market include Novo Nordisk A/S, AstraZeneca Plc, Biocon Ltd, Eli Lilly and Company, Becton, Dickinson and Company, and Jiangsu Delfu Co. Major players are consistently focused towards innovation and development in the existing technology to maintain their significance and establish their presence in the global diabetes injection pens market. For instance, Novo Nordisk in 2014 introduced a new insulin injection pen device NovoPen Echo that was the first-ever injection pen to deliver half a unit of insulin, with a memory function that records last dose and the time passed since the last injection.