Diabetic pen cap is a digital device that helps patients remember the last time when they had their insulin injection. For a diabetic patient forgetting even a single dose of insulin can be very dangerous and can cause various severe effects. Diabetic pen cap is a device which is very easy to use and no technical expertise is required to operate it. In a diabetic pen cap there is a built-in timer on an LCD display. This built in timer of diabetic pen cap automatically saves the time when the cap is attached on to the diabetic pen and resets the time as soon as the diabetic pen cap is removed. In this way a diabetic patient is saved from the anxiety of not knowing for sure whether s/he has taken the last shot or not.
According to the data of a recent market research conducted by Novo Nordisk at least one out of three people skip their insulin doses or do not follow the dosage as prescribed by the doctor at least three times a month. This data indicates the potential for the market of diabetic pen cap to grow.
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Diabetic Pen Cap Market: Drivers and Restraints
The market for the diabetic pen cap is expected to be driven by the increase in the number of diabetic patient. The market can also grow owing to the increasing awareness of people regarding diabetic pens and diabetic pen caps. The increase in the disposable income of people can lead to increased expenditures in convenient healthcare methods like diabetic pen caps. Diabetic pen caps market can be driven swiftly due to the advertisements and internet connectivity which is increasing around the globe. As the product is new so there are not much manufacturers in the market and this can lead to increased profit for the established players.
The major challenges that this market can face is the strict regulatory policies from various government regulatory authorities like FDA. Also the short life span of the product can work as a limiting factor for the growth of diabetic pen caps market.
Diabetic Pen Cap Market: Segmentation
The market for diabetic pen caps can be segmented on the basis of end user and regions
On the basis of end user
- Retail pharmacies
- Online pharmacies
On the basis of region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa
Diabetic Pen Cap Market: Overview
The market for diabetic pen caps is expected to grow in the forecast period as new technologies are coming that can attract more number of customers. Positive feedback from consumers can also be a factor for the growth of this market. The ultra simplicity of a diabetic pen cap can also become the reason behind its success. The device starts counting the time once the diabetic pen cap is placed over the diabetic pen. The timer of the diabetic pen cap can count the time upto 100 minutes. Diabetic pen caps can be used for almost a year and this is one factor that can also challenge the growth of this market. The battery of the diabetic pen cap is neither required to be changed nor required to be changed till 12 months.
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Diabetic Pen Cap Market: Region-wise Outlook
The diabetic pen cap sell was initially started in the European countries and the response of the people was observed. After the success of the diabetic pen caps in the European market and the collection of revenue from the European market the product was launched in the North American market. Now the diabetic pen caps are also available in the Asia Pacific and Middle Eastern market.
Diabetic Pen Cap Market: Key Market Participants
The major players involved in the manufacturing of diabetic pen caps include Timesulin, Novopen Echo, The bee and Gocap.