During forecast period 2017 to 2023, the global diabetes pen market is expected to reach USD 9.85 billion by 2023 at a CAGR of 8.45%
The prevalence of diabetes cases has risen incrementally in the past few decades, giving way to the growth of devices that can control it. Reports that appraise the medical device industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is forecasted to surge with a CAGR of 8.45 % in the approaching period.
The diabetes pen market is gathering traction due to the convenience offered by the device to end users. The ability of the diabetes pens to offer a measured dose of insulin at an individual’s convenience at any frequency is a major USP for market expansion. Increased awareness and growing levels of disposable income are expected to motivate the expansion of the diabetes market in the coming period.
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The notable companies functioning in the diabetes pen market are Medical Corporation (Japan), AstraZeneca (U.K), Teruma Greinier Bio One International GmBH (U.S.), Becton, Dickinson and Company (U.S.), F. Hoffman La Roche AG (Switzerland), Bayer Cropscience Ltd. (Germany), and HTL STREFA SA (Poland).
The segmentation study of the diabetes pen market is segmented on the basis of product, usage, distribution channel, and region. Based on the product, the diabetes pen market comprises of insulin pen needles and insulin pens. Based on the usage, the diabetes pen market is segmented into disposable pens and reusable pens. Based on the distribution channel, the diabetes pen market is segmented into retail pharmacy, hospital pharmacy, online sales, and diabetes clinics. Based on the region, the diabetes pen market comprises of the Middle East, Americas, Europe, Asia Pacific, and Africa.
Detailed Regional Analysis
The regional evaluation of the diabetes pen market consists of regions such as the Middle East, Americas, Europe, Asia Pacific, and Africa. The North American region is the principal market for the diabetes pen market due to the presence of a huge diabetic population base and improved awareness and reimbursement policies for diabetes management. Furthermore, continuous technological developments in diabetes pen and growing research and development practices are driving this market in the North American region.
The European region is the second major market for diabetes pen, which is anticipated to flourish at a CAGR of 1.05% in the period from 2017 to 2023.
The Asia Pacific region is anticipated to be the fastest mounting market for diabetes pen over the forecast period. The evolving healthcare infrastructure, advancing awareness, a big patient pool, and increasing healthcare spending is driving the Asia Pacific diabetes pen market. Besides, new product launches and promising regulations are expected to speed up the growth of this market in the Asia Pacific region. The prevalence of obesity and other lifestyle diseases are acting as risk factors for the diabetes pen market, which is boosting the demand for diabetes pen. In the Middle East and Africa region, the market will observe steady development owing to increasing awareness concerning lifestyle diseases and preemptive measures to tackle elevated sugar levels in the African region.
The improvement of the distribution channels in the market is anticipated to stimulate market growth considerably. The beneficial nature of the monetary and fiscal policies is expected to tip towards strong growth in the market. Moreover, the escalation in international transactions is estimated to reinforce the development of the market noticeably.
The economies around the world are responding to the market forces by applying advantageous policies and cutbacks so as avert a slowdown in the advancement of the market. The variations in the income levels globally are backing the growth of the market substantially. The upsurge in personal discretionary spending is projected to lead to the development of the market. The optimistic effect exerted by governments in the progress of the market is anticipated to direct the market towards robust development in the approaching years. The volatility perceived in the forces that are supporting the growth of the market is expected to lead to a rather slow pace of growth.
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