Feb 27, 2020, 04:46 EST
Bronx, United States, Feb 27, 2020, 04:46 /Comserve / -- Type-1 diabetes segment is expected to drive the growth of the global insulin pens market by application
According to a new market research study titled ‘Insulin Pens market - Global Analysis and Forecasts by Product, and End User. The global insulin pens market is expected to reach US$ 8,862.0 Mn in 2027 from US$ 4,199.7 in 2018. The market is estimated to grow with a CAGR of 8.8% from 2019-2027. The report highlights the trends prevalent in the global insulin pens market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to the rising incidence of diabetes, growing geriatric population, increasing prevalence of obesity across the globe, and rapid technological advancement in insulin pens.
Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes, namely diabetes type-I and diabetes type-II, also termed as diabetes mellitus. Incidences and the prevalence of diabetes are steadily increasing across the globe. Type 2 diabetes is the most common form of diabetes and has grown alongside cultural and societal changes. In high-income countries, up to 91% of adults with the disease have type 2 diabetes. According to the International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017 and; it is expected to reach 629 million by 2045 across the globe. Owing to the rising prevalence of diabetes across various countries, the increasing demand for the insulin pens for the treatment of the diabetes is expected to increase in the coming years.
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The insulin pens market on the basis of application is segmented in to diabetes type-1 and diabetes type-2. In 2018, the diabetes type-1 segment held the largest market share of 72.7% of the insulin pens market, by the application. The diabetes type-1 segment is expected to dominate its market share in 2027 as insulin administration treatment is mandatory, in spite of its low prevalence among these patients as compared to patients suffering from type-2 diabetes. The similar segment is also anticipated to witness the fastest growth rate of 9.1% during the forecast period, 2019 to 2027.
Some of the prominent players operating in insulin pens market are, Novo Nordisk A/S, Owen Mumford, Sanofi, Ypsomed AG, Biocon, Companion Medical, BERLIN CHEMIE AG, Eli Lilly and Company, pendiq, and Emperra GmbH E-Health Technologies among others. The market players are undertaking collaborative research procedures to benefit a large number of people suffering from diabetes and reduce hospital visits by incorporating digital options for monitoring and expert consultations. For instance, in February 2019, Glooko partnered with Novo Nordisk and launched connected insulin pens, NovoPen 6 and NovoPen Echo Plus, on its diasend platform. With diasend, doctors were able to see and advice patients based on recorded insulin dose data from connected Novo Nordisk pens without having to invest additional time. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global insulin pens market as follows:
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