According to the latest report published by Credence Research, Inc. “Diabetes Injection Pens Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global diabetes injection pens market was valued at US$ 5.6 Bn in 2016, and is expected to reach US$ 10.7 Mn by 2025, expanding at a CAGR of 7.2% from 2017 to 2025.
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The global diabetes injection pens market is anticipated to progress at a considerable pace over the upcoming years due to increasing diabetes prevalence and corresponding rise in patients in need of regular insulin administration. Introduction of insulin pens and the subsequent smart insulin pens has significantly contributed to rapid proliferation of diabetes injection pens market. Furthermore, growing incidence of needle stick injury corresponding to growing users of insulin injections is additionally driving patients to opt for diabetes injection pens.
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The global diabetes injection pens market is segmented based on diabetes type (type I and type II diabetes), product type (insulin pens and insulin pen needles), form (disposable and reusable) and geographical distribution. Based on geographical distribution, the global diabetes injection pens market is distributed into five major regional markets namely North America (U.S., Canada), Europe (EU7, CIS, rest of Europe), Asia Pacific (Japan, China, rest of Asia Pacific), Latin America (Brazil, Mexico, rest of Latin America) and Middle East and Africa (GCC, rest of Middle East and Africa).
Among the considered regions, Europe is observed to be a saturated market with moderate movements, where introduction of breakthrough technology may bring an upswing in the market. United States is the largest revenue generating country-level market with large diabetes prevalence and better awareness and reimbursement for diabetes management.
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On the other hand, Asia Pacific is observed to be the fastest progressing regional market. Evolving healthcare infrastructure, improving awareness and growing healthcare expenditure majorly drive Asia Pacific diabetes injection pens market.
Overall competition in the global diabetes injection pens market is intense and it is anticipated that similar competitive environment shall prevail through the forecast period.
Some of the notable players in the global diabetes injection pens market are AstraZeneca plc, Becton, Dickinson and Company, Biocon Ltd., Eli Lilly and Company, Jiangsu Delfu Co., Novo Nordisk A/S, Owen Mumford Ltd. and Wockhardt Ltd.