Diabetes Injection Pens Market to Record an Exponential CAGR by 2024
Transparency Market Research (TMR), a pioneer in market intelligence, has recently published a report that captures the prudent trends and growth dynamics of global diabetic injection pens market. Since the time of their inception in the market, the product line has witnessed drastic evolution. This, predominantly, is due to the consistent research interventions by academic and scientific organizations, and pharmaceutical companies. The TMR report states that the technological interventions have kept the competition cut-throat. As the number of players with similar products increase, the pressure to enhance sales figures rises. This forces players in the global market for diabetic injection pens to roll out new or upgraded products.
As a result, companies are able to provide something new to the HCPs (healthcare providers), and the prescription loyalty is sustained. While investments to develop fresh products remain consistent, companies in the global diabetic injection pens market are also on the lookout for new patented technology. This way, they will be able to save time on research, and will directly focus on scaling up or testing. The key players in the global market for diabetic injection pens are Biocon Ltd., Eli Lilly and Company, Sanofi S.A., and Novo Nordisk A/S.
Speaking about the growth dynamics in the forecast period (2016-2024), TMR analysts predict that the global diabetic injection pens market would grow from US$ 4.9bn in 2015 to US$9.7 bn in 2024 at a competent 7.9% CAGR.
The TMR report elucidates the factors underlying growth in each segment in the global market for diabetic injection pens. The report discusses in detail the dynamics of segments like disposable pens, reusable pens, and more. Another pertinent aspect that affects business is geography, and this TMR report spells the regional analysis for the global diabetic pens market. It states that North America will be the leading region in terms of revenue in the coming years.
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Focus on Convenience to Remain the Key for Growth
The idea behind diabetic injection pens is convenience. As companies begin to work out new ideas for their products, they realize the essence of monitoring consumer behavior consistently. And this helps players in the global diabetic injection pens market to focus on making products more use-friendly. By convenience, the products aim to make rendering an insulin shot a task for not more than 10 seconds. The idea is to eliminate dependence to deliver the medicine.
Having said that, several companies have also rolled out products that focus on cost and durability. While there are brands that harp on the need for a new pen every time the cartridge is out of insulin, there are aplenty in the market who provide products that last long. It is one thing less to worry for a consumer.
Strict Health Regime and Technology to Hamper Consumption
As much as technology is a strong bait for the players in the global diabetic injection pens market to sustain growth, it is also a threat in the background. It is the same pharmaceutical companies or those manufacturing medical devices that impel on the need for wearable to keep track of health. Not just that, determination and awareness among the patient population pushes them to get rid of insulin. Patients focus on controlling their blood sugar levels, and thus aim to switch back to tablets or reduce the dosage. This will deter growth in the global diabetic injection pens market.
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However, the rising diabetic population falling prey to sedentary lifestyle will nullify the counter effects of technology and help players remain relevant and sustain in the global diabetic injection pens market.
The above mentioned study is based on a Transparency Market Research report titled “Diabetes Injection Pens Market (Product – Insulin Pens and Pen Needles; Usage – Reusable Pens and Disposable Pens; Distribution Channels – Hospital Pharmacy, Retail Pharmacy, Online Sales, and Diabetes Clinics/ Centers) – Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2016 – 2024.”
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