Industry Background:
Diabetes is one of the popular diseases among the population is caused due to an increase in blood sugar level for a long period. This is due to either pancreas not producing enough insulin or cells of the body not responding to the insulin produced. Diabetes treatment provides a treatment for diabetes patient through insulin diet, oral hypoglycaemic drugs, non-insulin injectable drugs, and diabetes care therapies. Many regional governments have been taking many initiatives providing diabetes cure treatment. Insulin pens are mostly used for the treatment of diabetics. According to an article published by the International Diabetes Federation, in 2017, more than 352 million people were at risk of developing type 2 diabetes in Europe. Hence, it will affect the growth of the market in the future. In addition, an increase in awareness about chronic diseases is the major drivers which are propelling the growth of the marketThis growth is primarily driven by Increasing Government Initiatives for Providing Diabetes Cure Treatment across the Globe
.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | Unit |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Medical Devices sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Novo Nordisk A/S (Denmark) , Eli Lilly and Company (United States) , AstraZeneca Plc. (United Kingdom), Becton Dickinson (United States) , Sanofi (France) , Owen Mumford Ltd. (United Kingdom), Jiangsu Delfu medical device Co., Ltd (China). and Wockhardt Ltd (India), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2020, Medtronic acquired Companion Medical, the manufacturer of InPen, an FDA-cleared smart insulin pen system paired with an integrated diabetes management app. and In 2020, InnovationZed Co., Ltd. and A. Menarini Diagnostics, a company specializing in diagnostic and preventive medicine, signed a commercial partnership agreement to sell the insulin pen 'InsulCheck Connect' add-on device.
In 2020, Medtronic has released a smart insulin pen. 'INPEN' is for people who need multiple injections every day. The pen is integrated with real-time Guardian Connect continuous blood glucose management (CGM) data. This integrated system provides users with real-time glucose readings and dosage information. and In January 2018, the BIOCORP (France) Company has received clearance in Europe for EASYLOG, an adaptor for insulin pens connected via the internet. Hence, it will help in strengthening the position of the company
Influencing Trend:
Adoption of Smart Insulin Products or pens and Increasing Population Suffering from Diabetes due to Sedentary Lifestyle
Market Growth Drivers:
Increasing Government Initiatives for Providing Diabetes Cure Treatment across the Globe, Rising Demand for Fast, Safe and Better Diabetes Care Products and Increasing Prevalence of Diabetes Globally
Challenges:
High Price of this Insulin pens and Increasing awareness related to health concerns of people
Restraints:
Preference for Other Alternative Drug Delivery Modes Such as Insulin Patches, Tablets are a Major Restraining Factor and Limited Usage of Smart Insulin Pens for Patients Requiring a Mixture of two Types of Insulin Drug
Opportunities:
Increasing Preference of Diabetes Injection Pen over the Traditional Vial-And-Syringes Due to the Rising Incidence of Needle Stick Injuries and Growing Number of Product Approvals for Injection Pen by Health Authorities for Treatment of Diabetes
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Diabetes Injection Pens Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Diabetes Injection Pens Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Diabetes Injection Pens players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Diabetes Injection Pens Study Sheds Light on
The Diabetes Injection Pens Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Diabetes Injection Pens industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Diabetes Injection Pens industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.