Inclination of patients towards insulin injection pens over syringes and vials is expected to be a driving factor to foster the growth of insulin pens market
According to a new market research study titled 'Insulin Pens Market - Global Analysis and Forecasts by Product Type, Application and Distribution Channel', the global insulin pens market is expected to reach US$ 8,286.6 Mn in 2027 from US$ 3,957.0 in 2018. The market is estimated to grow with a CAGR of 8.8% from 2019-2027.
The report highlights the trends prevalent in the global insulin pens market and the factors driving the market along with those that act as deterrents to its growth.
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The key factors that are driving the growth of the market are rising incidence of diabetes, growing geriatric population, and increasing adoption of insulin pens over conventional vials and syringes.
However, the factors restraining the market growth are the high cost of insulin pens and the availability of alternatives to insulin pens in the market. On the other hand, the high potential of market growth in the emerging economies is one of the growth opportunities for market players.
In recent years, there has been considerable development in the field of medical drug delivery devices. Insulin administration is a common procedure in the diabetic population.
Traditional insulin syringes have several disadvantages that include the experience of pain by patients due to repeated pricks, discomfort in carrying both insulin bottle as well as syringe, risk of needle re-use associated infections and needle-stick injuries as well as difficulty in delivering a mixture of two or more liquids together in one syringe. Additionally, self-administration of insulin through syringes and vials is time-taking and difficult that has reduced the adoption of conventional insulin injection methods over the past years and led to increased adoption of injection pens.
The insulin pens market on the basis of product type is segmented in to disposable and reusable. In 2018, the disposable segment held the largest market share of 62.6% of the insulin pens market, by product type.
The disposable insulin pens segment is expected to dominate its market share in 2018 owing to the advantages offered by these type that include ease of use, low cost, less threat of needle-stick infection and others. The similar segment is also anticipated to witness the fastest growth rate of 9.0% during the forecast period, 2019 to 2027 owing to its rising usage as pre-filled cartridges in the newly launched insulin dosages by leading pharmaceutical manufacturers.
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