Global Insulin Delivery Pens Market: Overview
People suffering from diabetes make use of insulin pens to administer insulin in their bodies. Insulin is a vital hormone for people suffering from diabetes. Insulin pens come with a disposable needle, cartridge, and a dial for the measurement of dosage. The global insulin delivery pens market is likely to observe growth due to the rising popularity of the pens amongst the patients of diabetes. These pens are convenient, accurate, and are quite simple to use as compared to syringe and vial. However, not every diabetic patient will make use of insulin delivery pens for insulin administration.
Type, end user, and region are the three vital market parameters based on which the global insulin delivery pens market has been classified. Such detailed analysis of the market comes with the sole purpose to provide stakeholders with a detailed and clear analysis of the global insulin delivery pens market.
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Global Insulin Delivery Pens Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global insulin delivery pens market is mentioned below:
In January, 2019, US-based medical technology provider Bigfoot Biomedical, Inc. is utilizing artificial intelligence to come up with solutions for the purpose of optimization of delivery and dosing of insulin. The company has entered into an agreement of non-exclusive cooperation with a pharmaceutical company, Eli Lilly and Company. The cooperation is to support integration of the latter’s insulin products into the former’s highly advanced and latest systems.
Some of the prominent organizations in the global insulin delivery pens market comprise the below-mentioned:
- Becton, Dickinson and Company (BD)
- Novo Nordisk A/S
- Roche Holding AG
- Bigfoot Biomedical, Inc.
- Insulet Corporation
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Global Insulin Delivery Pens Market: Key Trends
The global insulin delivery pens market is characterized by the presence of the following restraints, drivers, and opportunities.
Convenience in the Use to Popularize Insulin Delivery Pens amongst Diabetic Population
These pens can be easily fitted with a specific insulin filled refill and easy to carry from one place to another. It also spares the patients to avoid the complicated process of extraction of insulin from a bottle using a syringe, which could prove to be inconvenient in public spaces. The traditional procedure is somewhat inconvenient for people with poor eyesight. Diabetes is a health condition with serious implications on the organs and overall health of a person suffering from the disease. This disease is becoming increasingly prevalent amongst the world population, which is estimated to play an important role in the development of the global insulin delivery pens market over the period of assessment, from 2020 to 2030.
Insulin pens are gathering momentum from its growing popularity amongst the diabetic patients who are finding it more convenient to use and carry along. In comparison to syringe and vials, insulin delivery pens are convenient, accurate, and simple. These pens are defined as a type of device for insulin injection.
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Global Insulin Delivery Pens Market: Geographical Analysis
North America is estimated to prevail over the global insulin delivery pens market over the period of assessment, from 2020 to2030. The dominance of North America is ascribed to the increased prevalence of diabetes in the region together with the presence of technologically advanced devices in the region. People living in this region are usually quick to adopt the technologically advanced medical devices so as to live better and healthier.
In addition to North America, another region is expected to present high growth opportunities – Asia Pacific. The growth of the market in Asia Pacific is due to presence of a large pool of diabetic patients. . There has been a rise in the disposable income of the people, which makes spending on advanced medical devices a viable option. Furthermore, emergence of favorable reimbursement policies is likely to augur well for the growth of the market in the tenure of analysis, from 2020 to 2030.
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