Global diabetes injection pens market is expected to be worth US$9.7 bn by the end of 2024 as compared to US$4.9 bn in 2015. Between the forecast years of 2016 and 2024, the global market is projected to rise at a CAGR of 7.9%.
Albany, NY -- (SBWIRE) -- 01/05/2017 -- The global diabetes injection pens market has expanding at a remarkable pace over the years owing to the soaring number of diabetics around the world and a consequent rise in awareness about this disease and its management. The development of smart insulin pen technology products such as pen caps connected with mobile apps has also significantly propelled this market. In addition to this, the preference for insulin pens over syringes has greatly increased owing to the rising incidence of needlestick injuries.
The opportunity in the global diabetes injection pens market was pegged at US$4.9 bn in 2015 and is expected to be worth US$9.7 bn by 2024. If these values hold true, the market is poised to expand at a healthy CAGR of 7.9% during the forecast period.
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Insulin Pens Gain Preference over Pen Needles
Insulin pens and pen needles are the two major product types in the diabetes injection pens market. Among these, insulin pens garnered the larger share, accounting for just over 65.0% in 2015. Europe and Asia are among the leading consumers of insulin pens, where 90.0% of the diabetic population prefer these devices to pen needles. Although the U.S. lagged behind in the usage of insulin pens in the past, the country is likely to gain prominence in the coming years owing to the many benefits these devices offer. Pen needles also generate significant revenue; although these products are lower in cost, they are sold in large numbers among the diabetic population.
Based on distribution channel, diabetes injection pens are sold via retail pharmacies, hospital pharmacies, online methods, and diabetes clinics and centers. Hospitals form the distribution channel of choice for patients and this segment accounted for a share of over 33.0% in 2015. The online channel is gaining much prominence in recent years owing to a thriving e-commerce sector across the globe. This segment is slated to witness immense growth through the forecast period as its adoption rises in developed markets such as the U.K., the U.S., and Germany.
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On the basis of usage, diabetes injection pens are of two types: reusable and disposable. Both the segments account for an almost equal share in the global market, with reusable pens enjoying a slightly larger share. It has been noted that disposable pens are preferred in developing economies such as China and India, while patients in developed countries such as the U.K., Japan, and Germany prefer reusable injection pens.
Despite Major Share in Diabetes Injection Pens Market, Europe to Witness Slow Growth
From a geographical point of view, the global market for diabetes injection pens comprises Europe, North America, Latin America, Asia, and the Rest of the World. In 2015, North America and Europe accounted for the dominant share in the overall diabetes injection pens market, followed by Asia and Latin America.
The U.S. takes the lead in the diabetes injection pens market in North America, accounting for a massive 94.0% share in 2015. This can be attributed to an extensive diabetic population in the country, various technological advancements, surging research and development practices and growing healthcare awareness about the treatment and management of glucose levels.
Although Europe accounts for a significant share in the diabetes injection pens market, it is a saturated industry and is likely to expand at a slow rate. On the other hand, Asia is projected to exhibit strong growth during the forecast period, with major contribution from countries such as India, Japan, and China. New product launches, favorable regulations, the ability of patients to pay for advanced medical products and devices, and growing awareness levels are likely to drive the market for diabetes injection pens in Asia.
Sanofi S.A., Becton, Dickinson and Company, Owen Mumford Ltd., Novo Nordisk A/S, Biocon Ltd., Wockhardt Ltd., Eli Lilly and Company, AstraZeneca plc, and Jiangsu Delfu Co. are the leading players in the global diabetes injection pens market. The market is known to be highly consolidated, with just a handful of companies dominating the vendor landscape.