Insulin Delivery Pens Market Expected to Reach US$ 9,100 Million by 2027 - Future Market Insights
Reusable Insulin Pens is the largest segment by product type in the Global Insulin Delivery Pens Market, which is Estimated to Represent over US$ 3,400 Mn, or 64.6% share of the total market in 2017 and is Projected to reach over US$ 9,100 Mn by the end of 2027
Valley Cottage, NY, December 19, 2017 (Newswire.com) - Introduction of new products in the global insulin delivery pens market
With the advancements in technology, many new products are being introduced in the global insulin delivery pens market. The types of products currently available include reusable insulin pens, disposable insulin pens and smart insulin pen caps. Reusable insulin pens include different types of pens that can be used over and over again. Types within the reusable insulin pens category include refillable insulin pens, Bluetooth connected smart insulin pens and USB connected smart insulin pens. Disposable insulin pens contain a prefilled cartridge and the entire pen is disposed or thrown away when the cartridge is empty, allowing a one-time dose adjustment. Smart insulin pen caps record dosage data and helps patients with diabetes to manage their condition more effectively.
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Reusable insulin pens is the largest segment by product type in the global insulin delivery pens market, which is estimated to represent over US$ 3,400 Mn, or 64.6% share of the total market in 2017 and is projected to reach over US$ 9,100 Mn by the end of 2027, expanding at a robust CAGR of 10.2% over the forecast period 2017–2027. The second place in the global insulin delivery pens market is taken by the disposable insulin pens segment, which is behind the reusable insulin pens segment in terms of revenue, but is expected to grow at a higher CAGR of 11.0%.
Advanced features of Bluetooth connected smart insulin pens make it the most popular product type
The new slew of insulin pens with Bluetooth and cloud based technology has transformed the whole diabetes management system across the global healthcare industry. Bluetooth connected smart insulin pens have the ability to track insulin dosage and critical dose data, such as time, date and amount of insulin administered to a patient. This results in an accurate dosing allowing more efficient diabetes management. It enables automatic transfer of patient data via Bluetooth technology to the patient’s smartphone.
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This data can then be transferred to a cloud-based platform, making it accessible to healthcare providers. Bluetooth connected smart insulin pens enable target type 1 and type 2 diabetic patients to have mobile access to their insulin dosage data along with a more accurate record of therapy. The Bluetooth connected smart insulin pens sub-segment is expected to grow at a strong CAGR of 10.9% during the forecast period.
However, refillable insulin pens will still lead the market with the highest market value throughout the forecast period. Disposable insulin pens hold a significant share in the global insulin delivery pens market with the second highest market value of over US$ 5,300 Mn estimated by the end of the forecast period in 2027. The smart insulin pen caps segment is expected to grow at a high CAGR of 11.2% during 2017-2027.
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Rise in needle stick injuries in North America boosting regional demand for smart insulin pens
North America represents the most lucrative market for insulin pen products, followed by Western Europe and APEJ. North America and Caribbean accounted for more than half of the healthcare expenditure spent on diabetes treatment with the USA accounting for US$ 320 Bn in 2015. High incidence rate of needle stick injuries and associated serious consequences persuade health care professionals to use injection pens in North America. Also, in North America there has been strong presence of industry players who are applying for new product indication. The North America insulin delivery pens market is expected to witness a market value of just under US$ 2,000 Mn in 2017 and this is estimated to increase to over US$ 5,500 Mn by the end of the forecast period in 2027.
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Source: Future Market Insights