Global Insulin Pen Market Size to witness a CAGR of 7.3% during 2022-2028

By Sachin Pashte  | Date: January 11, 2023

Global Insulin Pen Market Size to witness a CAGR of 7.3% during 2022-2028

Market Study Report adds new research on Insulin Pen market, which is a detailed analysis of this business space inclusive of the trends, competitive landscape, and the market size. Encompassing one or more parameters among product analysis, application potential, and the regional growth landscape, Insulin Pen market also includes an in-depth study of the industrys competitive scenario.

Market Introduction

Global Insulin Pen Market Analysis and Forecast 2019-2028, The global insulin pen market is expected to witness a considerable growth rate of around 7.3% during the forecast period 2022-2028.

People diagnosed with type 1 diabetes have to inject insulin on the regular basis. The increasing patient pool of type 1 diabetes is a major factor driving the demand for insulin pens globally. In addition, continuous technological advancements, like the use of smartphones and the internet with insulin pen offerings are expected to spur the growth of insulin pens in the forthcoming years. The needles on a reusable pen should be replaced periodically. Reusable pens are expected to gain significant traction, mainly driven by a growing base of environment and cost-conscious consumers.

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Market Segmentation

The global insulin pen market is segmented into type, product type, diabetes type, distribution channel, end-user, and region. Based on Type, the market is divided into Conventional Insulin Pen and Smart Insulin Pen. On the basis of Product Type, the market is divided into Reusable Pen and Disposable Pen.

Based on diabetes type, the market is divided into Diabetes Type 1 and Diabetes Type 2. On the basis of the Distribution Channel, the market is segmented into Hospital Pharmacies, Conventional Retail Pharmacies, and Online Pharmacies. Based on End Users, the market is divided into Hospitals, Clinics, and Homecare Settings.

Based on region, the market is divided into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific, and Middle East & Africa. Further, North America is divided into US and Canada. Latin America is further segmented on the basis of Brazil, Mexico, and the Rest of Latin America. Western Europe is further segmented into Germany, the UK, France, Spain, Italy, Benelux, Nordic, and the rest of western Europe. Eastern Europe is segmented into Russia, Poland, and the rest of Eastern Europe.

Based on the Asia Pacific, the market is further segmented into China, India, Japan, South Korea, Australia, ASEAN (Indonesia, Vietnam, Malaysia, etc.) countries, and the rest of Asia Pacific. Lastly, on the basis of the Middle East & Africa market is segmented into GCC Countries, South Africa, Turkey, and the rest of the Middle East & Africa.

Market structure and competitive landscape

The global insulin pen market is fragmented in nature, some of the prominent players that contribute significantly to the market growth include Novo Nordisk A/S, Sanofi S.A., Eli Lilly and Company, Medtronic plc, B. Braun Holding GmbH & Co. KG, Owen Mumford Ltd., YpsoMed AG, Biocon Limited, Terumo Medical Corporation, among others.

Product Launches, Mergers & Acquisitions, joint ventures, and R&D activities are key strategies adopted by the players in the global insulin pen market. These companies adopt numerous approaches to strengthen their market share and gain a competitive edge over other competitors

in the market.

Some of the key developments in the global insulin pen market include,

•           In March 2022, Novo Nordisk A/S launched the smart insulin pen NovoPen 6 and NovoPen Echo Plus in the UK market. By the use of this, people can monitor and record dosing information on their smartphones. These pens can record the amount of insulin injected via a near-field communication mobile application which can be reviewed by patent and healthcare professionals when required.

•           In November 2021, Biocon and Viatris launched an interchangeable insulin biosimilar named Semglee which is a substitute for Sanofi's diabetes drug Lantus. As per the company, the unbranded version of the biosimilar is 65% economical as compared to Sanofi's Lantus.

Questions And Answers: Global Insulin Pen Market

Q1. What is the CAGR that the Insulin Pen Market is expected to register through the projected duration?

Answer: The Insulin Pen Market is likely to register a CAGR of 7.3% over the forecast period.

Q2. Which Are the Key Players in Global Insulin Pen Market?

Answer: Novo Nordisk A/S, Sanofi S.A., Eli Lilly and Company, Medtronic plc, B. Braun Holding GmbH & Co. KG, Owen Mumford Ltd., YpsoMed AG, Biocon Limited, Terumo Medical Corporation among others are the leading players in worldwide Insulin Pen Market

For more details on this report: https://www.marketstudyreport.com/reports/global-insulin-pen-market-analysis-and-forecast-2019-2028  

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About Author

Sachin Pashte     ibmag.com

Sachin Pashte

Sachin is into market research and web marketing since the last 2 years and has worked on multiple projects across various industries. He has expertise in writing promotional content for market research reports while his personal interests include the games of footbal...

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