According to a new market report published by Transparency Market Research “Diabetes Injection Pens Market: By Product: (Insulin Pens and Pen Needles), By Usage: (Reusable Pens and Disposable Pens) and By Distribution Channels (Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics/ Centers): Global Industry Analysis, Size, Share, Growth, Trends, & Forecast, 2016-2024” the global Diabetes Injection Pens Market was valued at US$ 4,900.0 Mn in 2015 and is expected to grow at a high CAGR of 7.9% from 2016 to 2024, to reach an estimated value of US$ US$ 9,731.9 Mn in 2024.
The report on global diabetes injection pens market has been classified on the basis of four categories product type, usage type, distribution channels, and geography (regions & countries). Major product segment included insulin pen and pen needles. In term of diabetes injection pen usage products divided into reusable pens and disposable pens. The report offers a detailed description behind the steady growth rate of the market and a possible growth trajectory at the global as well as regional level in terms of value and the market share for each diabetes injection pens segment. The report is thus, compiled with the prime intent of updating the stakeholders with the incumbent market dynamics through a graphical illustration and in-depth analysis of each segment considered within the study scope.
Geographically, the report has been segmented into five regions: North America, Europe, Asia, Latin America and Rest of World. These regions are further segmented into major national markets such as in North America (U.S. and Canada), Europe (U.K., Germany, Italy, Spain, France, Russia, and Rest of Europe), Asia (China, Japan, India, Australia, Indonesia, Malaysia, and Rest of Asia), Latin America (Brazil, Mexico, and Rest of Latin America), and Rest of World (Australia & New Zealand, South Africa, and RoW).
North America leads the global diabetes injection pens market commanding more than 36% share in the global market in 2015. High prevalence of diabetes in the U.S., coupled with increasing demand for advanced technology reusable pens have led the growth of market in the U.S. and helped North America sustain an edge in the global diabetes injection pens market. Moreover, major factors such as aging population, highly structured health care industry, and availability of well-defined reimbursement policies from public and private health insurance firms fuel the growth of the pain management devices market in the U.S. Also, North America is expected to dominate the market in the forecast period due to early availability of advanced technologies and higher penetration of diabetes care services across the region.
Europe held the second largest market share in 2015 with contribution of around 35.2% in 2015.
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Europe is the second leading market due to high adoption rate for insulin pen over syringe vials combination has been the major factor responsible for this region holding leading position in this market segment. Demand for diabetes injection pens in countries such as Spain, France, Denmark, and the Netherlands is also increasing gradually. Germany is considered a highly promising market for diabetes injection pens due to increasing acceptability of technologically advanced reusable insulin pen products. Additionally, increasing geriatric population and rising incidence of chronic diseases of diabetes is driving the market in the region
Asia is the fastest growing regions in the global market in upcoming forecast period. Although Asia currently doesn’t hold substantial market size compared to the global market, it has enormous growth potential and is the fastest-growing market in terms of CAGR. Improvement in health care reforms in select countries of Asia Pacific, namely, India, Malaysia China, and Indonesia has enabled access to novel healthcare solutions and thus increased life expectancy of the population. Also, Asia is a relatively untapped market than the developed regions. Hence, the region presents better opportunity for growth in this market.
China and India are the most populous countries in the world and have the maximum number of diabetic patients. In Latin America, Brazil is the key market which accounted for the largest share of the diabetes injection pens market in Latin America. Due to rising investments in health care and growing medical tourism, Brazil is expected to register high growth during the forecast period. Recent economic development and ongoing investments in health care infrastructure within the country would contribute largely to the growth of this market in the region.
The key players operating in the diabetes injection pens market are Novo Nordisk A/S, Eli Lilly and Company, AstraZeneca plc, Biocon Ltd., Sanofi S.A., Becton, Dickinson and Company, Owen Mumford Ltd., Jiangsu Delfu Co. and Wockhardt Ltd. The global diabetes injection pens market is fragmented with presence of few large and small scale vendors that operates global market. However, the global market is dominated by three major players.
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