July 26th, 2022 DelveInsight Business Research Releases

The Global Diabetes Pen Market to witness growing demand for Diabetes Pen, which is primarily attributed to the factors such as the increasing prevalence of lifestyle disorders, such as diabetes and obesity, increasing awareness regarding the ease-of-use of diabetes pens, the improvement in patient adherence and compliance to the treatment regimen, and technologically advanced products such as smart insulin pens, are expected to drive the Diabetes Pen Market.

According to the latest report published by DelveInsight Diabetes Pen Market Insight, Competitive Landscape & Market Forecast 2027, the global Diabetes Pen Market is expected to witness appreciable growth in product demand owing to various reasons, one of the major factors influencing the growth of the Diabetes Pen Market is the advantages offered by diabetes pens over conventional syringe and vials mode of insulin administration is further expected to boost the market growth. Also, the Diabetes Pens market is witnessing growth due to the rising requirement for these devices to cater to the large diabetic patient population globally.

Interested in knowing how the Diabetes Pen Market is expected to grow by 2027? Click to get a snapshot of the Diabetes Pen Market Sample Report

Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin, a hormone that regulates blood sugar, or when the body cannot effectively use the insulin it produces. It can be classified into three main types, namely, Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes. Among all the most common is type 2, usually affecting adults as a result when the body becomes resistant to insulin or produces insufficient insulin.

The Diabetes Pen ensures insulin delivery in the patient’s body in patients suffering from diabetes. The pen comprises a cartridge that carries insulin hormone, a dial to measure the insulin dosage, and disposable pen needles that are injected to deliver insulin into the body.

Among all the regions, APAC is expected to witness the fastest growth in the revenue in the diabetes pens market during the forecast period.  The reasons for this fast growth can be correlated to the large patient population in the region, rising disposable income, and increasing focus of the market players in improving their market access in the APAC region. APAC is predicted to register the fastest growth in the diabetes pens market because of an awareness of diabetes and its management, and improving disposable income, among other factors in the region.

According to DelveInisght estimates, in the product segment of the Diabetes Pen market, the reusable Diabetes Pen category is expected to account for the larger market share during the forecast period. Reusable Diabetes Pens offer advantages such as greater flexibility in terms of reusing the same pen if a prescription for the insulin type changes.

In May 2022, Eli Lilly entered into agreements with four companies DexCom, Inc., Glooko Inc., myDiabby Healthcare and Roche – to advance connected solutions and streamline care for diabetic patients living outside of the United States. These companies offer unique diabetes management platforms which will be compatible with Lilly’s Tempo Pen™ (approved in several global markets) and Tempo Smart Button™ (currently in late-stage development).

Want to understand better why the APAC region is captivating the major Diabetes Pen Market share? Click to get a snapshot of Diabetes Pen Market Analysis

Some of the key market players operating in the diabetes pens market includes BD, Medtronic, Terumo Group, F Hoffmann-La Roche Ltd., BIGFOOT BIOMEDICAL, INC, Eli Lilly and Company, Novo Nordisk A/S, Emperra GmbH E-Health Technologies, Copernicus (Nemera), ARKRAY USA, Inc., Ypsomed AG, HTL-Strefa (MTD Medical Technology and Devices S.A), Trividia Health, Inc, Sanofi, and others.

One of the key factors supporting the growth of the Diabetes Pen market in the region is the high prevalence of diabetes that will lead to a greater demand for Diabetes Pen in the market, further elevating the market growth. There are great opportunities for Diabetes Pen market penetration for the countries like the United States, the UK, and Italy as the prevalence rate is high in these countries also. Moreover, considering the long-term benefit, the reusable Diabetes Pen appears to be more economical compared to conventional Diabetes Pens. Hence, the launch of new innovative products will lead to an increased demand for reusable Diabetes Pen, further leading to an increase in the Diabetes Pen market growth.

The demand for Diabetes Pen is primarily affected by the outbreak of the COVID-19 pandemic because of the delay in the supply and manufacturing of the products. 

To better understand the short/long-term impact of COVID-19 on the Diabetes Pen Market. Get a snapshot @ Diabetes Pen Market Impact Due to COVID-19

Scope of the Diabetes Pen Market Report

Delveinsight Analysis: As per DelveInsight estimates, the Global Diabetes Pens Market was valued at USD 24.01 billion in 2022, growing at a CAGR of 4.70% during the forecast period from 2022 to 2027 to reach USD 31.56 billion by 2027.

Know more about which key player is set to dominate the Diabetes Pen Market @ Key Diabetes Pen Companies

Know more about Diabetes Pen @ Diabetes Pen Market Report Sample

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DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports Pharma companies by providing comprehensive end-to-end solutions to improve their performance.  

https://www.delveinsight.com/medical-devices

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