According to a new research study by Global Insight Services (GIS), the Insulin Pens Market is expected to grow rapidly over the next 10 years to reach a value of more than the US $XX billion by 2031.
An insulin pen is an infusion device used to infuse insulin into diabetic patients. Patients suffering from type 1 diabetes prefer insulin pens for their management. Insulin pen overtures simpler administration of insulin into the body. It provides more precise dosages and less pain compared to vials and syringes and is also preferred by clinicians and patients. Insulin pen supports in improving quality of life and reducing fear of hyperglycemia.
Insulin Pens Market: Key Drivers
The increasing prevalence of diabetes across the globe is likely to boost the growth of the insulin pens market
In 2014, 8.5% of adults aged 18 years and older had diabetes. In 2019, diabetes was the direct cause of 1.5 million deaths and 48% of all deaths occurred before the age of 70 years. Between 2000 and 2016, there was a 5% increase in premature mortality rates (i.e., before the age of 70) from diabetes. In high-income economies, the premature mortality rate due to diabetes decreased from 2000 to 2010 but then increased from 2010-to 2016. Likewise, in lower-middle-income economies, premature mortality owing to diabetes raised across both periods.
Request Sample Pages of this Research Report: https://www.globalinsightservices.com/request-sample/GIS10230/
Growing healthcare spending on the treatment of Diabetes is likely to generate new growth opportunities in the market
The American Diabetes Association (ADA) released research on March 22, 2018, estimating the total cost of diagnosed diabetes has grown to $327 billion in 2017 from $245 billion in 201 when the cost was last examined. This figure represents a 26% increase over five years The largest components of medical expenditures are: hospital inpatient care (30% of the total medical cost), prescription medications to treat complications of diabetes (30%), anti-diabetic agents and diabetes supplies (15%) and physician office visits (13%).
The reusable insulin pen is likely to dominate the insulin pen market at a CAGR of XX% during the projection period.
The factors such different advantages of reusable pens, the most significant benefit comprise durability which assists in removing a barrier of large space required for disposable insulin pens and flexibility in carrying a 3–5-day supply. Meanwhile, the reusable insulin pens are more accurate in terms of fulfilling the dose accuracy according to international standards (ISO-11608-1).
Type 1 diabetes is expected to dominate the insulin pens market at a constant rate of XX% during the forecast period.
The rising prevalence of diabetes in the various age groups is an essential factor boosting the growth of the market. Adding to that, increasing R&D activities are also refueling the growth of the market.
The diabetes clinics segment is likely to dominate the insulin pens market at a CAGR of XX% during the forecast period.
The exponentially growing population of diabetic patients is prominently boosting the growth of the insulin pens market. Adding to that, an increase in government expenditure on diabetes is expected to create new technologies and therapies for inhibiting the rapidly rising prevalence of diabetes across the globe.
The key players of global insulin pens market are B. Braun Melsungen AG, Eli Lilly and Company, Artsana S.p.A., BD, Sanofi, Owen Mumford Ltd., Ypsomed AG, TERUMO CORPORATION, HTL-Strefa, Biocon, Julphar and Novo Nordisk among others.