Diabetes Pen Global Market Report 2024

The diabetes pen market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth observed during the historical period can be attributed to several factors, including the management of scarce water resources, aging water infrastructure, an increasing demand for quality water services, a rising demand for smart water solutions, and efforts aimed at improving efficiency in water operation processes.

The diabetes pen market size is expected to see strong growth in the next few years. It will grow to $37.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the upcoming period can be attributed to several factors, including the growing population and urbanization leading to increased water demand, rising concerns over water pollution and contamination, the imperative for efficient resource management, the necessity for accurate and real-time water data for informed decision-making, and the increasing demand for water reuse and recycling solutions. Major trends expected in the forecast period encompass advancements in digital technologies such as artificial intelligence (AI) and machine learning (ML), a rising adoption of Internet of Things (IoT) and cloud computing in water management systems, a pressing need to address water-related challenges globally, increasing investment in water infrastructure projects, and the escalating digitization of the utility sector.

The increasing global prevalence of diabetes is anticipated to drive the growth of the diabetes pen market in the coming years. Diabetes, characterized by elevated blood sugar levels, is a chronic metabolic disease affecting millions worldwide. Diabetes pens, a type of insulin delivery device, offer advantages such as accurate dosing, improved adherence, and reduced risk of hypoglycemia. They are favored by individuals requiring insulin due to their association with less injection site pain. For example, data from the World Health Organization in 2021 revealed that approximately 422 million people worldwide had diabetes, with a significant number of cases in low- and middle-income countries, leading to approximately 1.5 million deaths annually directly attributed to diabetes. Consequently, the rising global prevalence of diabetes is fueling the expansion of the diabetes pen market.

Key players in the diabetes pen market are focusing on innovation, with the development of products such as smart insulin pens aimed at enhancing insulin delivery management. Smart insulin pens, reusable self-injection devices, are designed to record insulin dose information, including the dose amount and time of injection. For instance, Medtronic plc, an Ireland-based medical device company, introduced the InPen in 2021. The InPen facilitates more effective insulin delivery control by transmitting dose data to a mobile app via Bluetooth technology. The app calculates the appropriate dose based on estimated carbohydrate intake and glucose levels, considering the insulin's residual activity in the user's body. It also monitors insulin temperature to maintain its potency. These features streamline insulin dosing procedures and enhance dose tracking.

In September 2023, Abbott Laboratories, a US-based healthcare company, acquired Bigfoot Biomedical Inc. This strategic acquisition is poised to bolster Abbott's presence in the diabetes market by expanding its product offerings and gaining access to Bigfoot Biomedical's customer base. The acquisition aims to improve diabetic care and patient outcomes through the integration of knowledge and technologies. Bigfoot Biomedical Inc., based in the US, specializes in diabetes management systems, including insulin pens and smart pen caps.

Major companies operating in the diabetes pen market report are F. Hoffman La Roche AG, Sanofi S.A., Astra Zeneca plc, Fujitsu Limited, Eli Lilly and Company, Bayer Cropscience Ltd., Ericsson, Novo Nordisk A/S, BD, Bristol-Myers Squibb, Teruma Medical Corporation, Smiths Group plc., Greinier Bio One International GmBH (U.S.), YPSOMED, Owen Mumford Ltd., WOCKHARDT, Nipro Europe Group Companies, Biocon, Copernicus, Mannkind Corporation, Jiangsu Delfu medical device Co., HTL-STREFA Inc., DeepSig, Injex UK Ltd.

North America was the largest region in the diabetes pen market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the diabetes pen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the diabetes pen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The diabetes pen market includes revenues earned by entities by insulin delivery, cartridge or prefilled, and dosing mechanism. The market value includes the value of related goods sold by the service provider or included within the service offering. The diabetes pen market also includes sales of fixed-dose pens, multi-dose pens, and adjustable-dose pens for providing select the desired amount of insulin to be injected services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

A diabetes pen is a medical device specifically designed for administering insulin to individuals with diabetes, serving as an alternative to traditional insulin delivery methods such as vial and syringe. It offers a convenient and user-friendly option, allowing individuals with diabetes to self-administer insulin discreetly and in a portable manner.

The primary products associated with diabetes pens include insulin pens and pen needles. Insulin pens are widely used as convenient tools for managing blood sugar levels in people with diabetes, offering simplicity in measuring and administering insulin. They come in both reusable and disposable options for insulin, glucagon-such as peptide-1, growth hormones, fertility, and osteoporosis treatment, and are distributed through various channels such as retail pharmacies, online medical stores, and diabetes clinics.

The diabetes pen market research report is one of a series of new reports that provides diabetes pen market statistics, including diabetes pen industry global market size, regional shares, competitors with a diabetes pen market share, detailed diabetes pen market segments, market trends and opportunities, and any further data you may need to thrive in the diabetes pen industry. This diabetes pen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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