What Fueled The Previous Growth In The Diabetes Pen Market?
The diabetes pen market has seen considerable growth due to a variety of factors.
• Over the past few years, the diabetes pen market has experienced robust growth. The market is projected to expand from $29.24 billion in 2024 to $31.22 billion in 2025, observing a compound annual growth rate (CAGR) of 6.8%.
The historic growth of the market can be ascribed to factors such as efficient management of limited water resources, the need to refurbish aging water infrastructure, an increasing demand for high-quality water services, a surge in the demand for smart water solutions, and enhancement in operation efficiency.
What Is The Expected Growth In The Diabetes Pen Market Size Evolve over the Forecast Period?
The diabetes pen market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the diabetes pen market is predicted to experience substantial growth, reaching $40.17 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%.
This growth during the prediction period can be credited to factors such as growing population and urbanization, the rise in water pollution and contamination, the necessity for effective resource management, the demand for accurate and instantaneous water data, and the rising requirement for water reuse and recycling. The forecast period is also likely to see key trends such as technological advancements in artificial intelligence and machine learning, increased implementation of internet of things and cloud computing, urgent requirements to tackle water-related issues, growing investments in water infrastructure, and increasing digitization in the utility sector.
What Main Forces Are Fueling Expansion In The Diabetes Pen Market?
The escalating global incidence of diabetes is predicted to stimulate the expansion of the diabetes pen market. Diabetes is a collection of chronic metabolic disorders characterized by high blood sugar levels, or hyperglycemia. Diabetes pens, a type of insulin delivery instrument, offer more precise dosage, improved compliance, and reduced risk of hypoglycemia. These pens also result in less discomfort at the injection site and are favored by those with diabetes who require insulin. For example, the American Diabetes Association, a US professional organization, reported in May 2023 that in 2021 the age-adjusted prevalence of impaired glucose tolerance (IGT) in adults aged 20-79 years worldwide was 9.1% (464 million), and this number is expected to rise to 10% (638 million) by 2045. Thus, the rising global incidence of diabetes is fueling the growth of the diabetes pen market.
What Are The Primary Segments In The Global Diabetes Pen Market?
The diabetes pen market covered in this report is segmented –
1) By Product: Insulin Pens, Pen Needles
2) By Usage: Reusable Injection Pens, Disposable Injection Pens
3) By Therapy: Insulin, Glucagon-like Peptide-1, Growth Hormones, Fertility, Osteoporosis
4) By Distribution Channel: Retail Pharmacies, Online Medical Stores, Diabetes Clinics
Subsegments:
1) By Insulin Pens: Pre-Filled Insulin Pens, Disposable Insulin Pens, Reusable Insulin Pens
2) By Pen Needles: Standard Pen Needles, Safety Pen Needles, Specialty Pen Needles
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What Trends Are Reshaping The Future Of The Diabetes Pen Market?
Major firms active in the diabetes pen sector are investing in the creation of novel products like virtually painless injections to improve user experience. Virtually painless injections are designed to ease the process of medication administration by reducing discomfort, with the end goal of enhancing patient comfort. This aims to simplify insulin management for people without causing fear or unease. For example, Roche AG, a medical equipment corporation from Switzerland, introduced ACCU-FINE pen needles in May 2022. These needles are intended to improve the experience of insulin delivery for users. The objective is to facilitate a nearly pain-free injection and to enhance adherence and health results for diabetes patients.
Who Are the Key Players In The Diabetes Pen Market?
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.
What Is The Most Dominant Region In The Diabetes Pen Market?
North America was the largest region in the diabetes pen market in 2024. 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.
