The global insulin pen market is expected to register a significant CAGR over a forecast period.
An insulin pen is a infusion device used to pervade insulin to diabetic patients. Patients suffering from type 1 diabetes prefer insulin pen for their treatments.
Insulin pen offers easier administration of insulin into the body. It provides more accurate dosages and less pain compared to vials and syringes and also preferred by clinicians and patients.
Insulin pen helps in improving quality of life and reduces fear of hyperglycemia. Low cost of insulin pen increases its affordability among different age group of people.
Most of the insulin pen comprises of two categories including reusable and disposable insulin pens. Prefilled insulin pen are disposable pen which are preferred by people for insulin infusion.
Insulin pen needles are shorter and thinner than syringes. Insulin pen should not be shared as there is a risk of transmission of diseases such as hepatitis B.
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European and Japanese market for insulin pen is growing at a moderate rate as these are mature market. Growth in these regions is also driven by rising aging population and rising number of diabetic patients.
The U.S., India, China and Brazil are some emerging countries for the growth of insulin pen device market as these are less penetrated market. These markets have huge potential because it consists of large base of aging population which further give rise to diabetes.
As a result, manufacturing companies are now focussing on Asian market for catering the demand of insulin pen devices.
Rising prevalence of diabetes in various age groups is an important factor driving the growth of the Global insulin pen market. In addition, increasing R&D activities are also boosting the insulin pen market.
However, safety issues related to usage of infusion pen and stringent rules for new products development are restraining the growth of the insulin pen market.
Penetrating into the U.S. market is expected to be one of the major challenges for insulin pen market as these markets are dominated by infusion pump. Technological advancements in insulin infusion devices is one of the recent market trends in global insulin pen market.
In addition, new products development is also considered as an important market trend in global insulin pen markets. Some of the operating companies in global insulin pen market are Novo Nordisk, Smiths Medical Asd, Inc., Health Care Center, P.B Pharmaceuticals, Nipro Medical Corporation and INJEX.
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