The worldwide diabetes reusable insulin delivery pen market is anticipated to reach USD 6 billion by 2026.
Diabetes reusable insulin delivery pen is used for injecting insulin into the patients suffering from diabetes. These pens consist of insulin cartridge and a dial to measure the dose.
Factors such as rising population of diabetes patients and increasing demand for human insulin analogue are expected to drive the market growth.According to the Diabetes Research Institute, as of 2018, there were 34.2 million people in the US suffering from diabetes, i.e. 10.5% of the US population.Hence, high prevalence of diabetes plays major role in the market growth. Other factors responsible for the market growth include growing popularity of reusable insulin pen among consumers due to their low cost over disposable pens.
However, safety issues related to usage, wastage of insulin with each use, and stringent rules for development of new products in the healthcare industry isexpected to negatively impact the market growth during the forecast period.
By country, the worldwide diabetes reusable insulin delivery pen market is segmented into the US, the UK, Canada, France, Italy, Spain, Germany, Netherlands, Poland, Sweden, Turkey, Australia, Japan, China, India, and Brazil.
The US market held a leading market share in 2019 owing to high prevalence of diabetes. According to the National Diabetes Institute, in 2018, there were approximately 1.5 million new cases of diabetes diagnosed among US adults aged 18 years or more. The market in the UK, Canada, France, and Germany are expected to demonstrate significant growth owing to the well-developed healthcare infrastructure and rising awareness regarding the device. The market in India is expected to grow at the fastest CAGR owing to the increasing healthcare expenditure and growing number of diabetes cases. According to the World Bank, the healthcare expenditure of India was 3.53% of its GDP in 2017. The market in other countries such as Italy, Spain, Netherlands, Poland, Sweden, Turkey, Australia, Japan, China, and Brazil arealso expected to grow at significant growth rates owing to growing prevalence of diabetes.
Key market players covered in the report includeSanofi (France), Ypsomed (Switzerland), Biocon Ltd (India), Novo Nordisk (Denmark), Eli Lilly & Company (US), Owen Mumford (UK), and Berlin-Chemie AG (Haselmeier) (Germany). Companies are involved in strategies such as product approvals and agreements for gaining competitive advantage over theircounterparts.
Servopen by Ypsomed was amongst the first reusable insulin delivery pen. It was first launched in China in 2010.
In January 2019, Novo Nordisk launched the NovoPen 4, which is a latest version of the NovoPen. This device has a feature that it doesn’t let the patient dial up more insulin than is left in the cartridge. With this, the company created a competitive edge in the market as the NovoPen 4 is the most attractive reusable insulin pens in the market.
In November 2017, Sanofi launched the AllStar Pro reusable pen injector in Europe. With this, the company expanded its reusable pens portfolio.
In January 2014, Eli Lilly and Company launched the HumaPenSavvio, a reusable insulin pen in India. This pen was co-promoted by Boehringer Ingelheim GmbH in India. The company gained a significant market share in India with the introduction of this device.
Have Any Query? Ask Our Experts: https://www.reportocean.com/industry-verticals/sample-request?report_id=DPI8
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believe in providing the quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is “one-stop solution” for individuals, organizations, and industries that are looking for innovative market research reports.
Get in Touch with Us:
Name: Pragya Niranjan
Address: 500 N Michigan Ave, Suite 600, Chicago, IIIinois 60611 – UNITED STATES
Tel: +1 888 212 3539 (US – TOLL FREE)