Diabetes Pen Market Growth Trajectory Through 2024-2033

The Diabetes Pen Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Diabetes Pen Global Market Report 2024, The diabetes pen market size has grown strongly in recent years. It will grow from $27.37 billion in 2023 to $29.24 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to managing scarce water resources, ageing water infrastructure, escalating call for quality water services, rising demand for smart water solutions, improving efficiency in operation.

The diabetes pen market size is expected to see strong growth in the next few years. It will grow to $37.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to growing population and urbanization, increasing water pollution and contamination, need for efficient resource management, need for accurate and real-time water data, increasing demand for water reuse and recycling. Major trends in the forecast period include advancements in digital technologies such as ai and ml, increasing adoption of iot and cloud computing, pressing need to address water-related challenges, increasing investment in water infrastructure, escalating digitization of the utility sector.

The increasing prevalence of diabetes worldwide is expected to propel the growth of the diabetes pen market going forward. Diabetes refers to a group of chronic metabolic diseases characterized by elevated blood sugar levels (hyperglycemia). Diabetes pens are a type of insulin delivery device that allows for more accurate dosing, better adherence, and less hypoglycemia risk. The pens are also associated with less injection site pain and are preferred by people with diabetes requiring insulin. For instance, in 2021, according to the World Health Organization, a Switzerland-based intergovernmental organization, there were about 422 million people worldwide with diabetes, with the majority living in low- and middle-income countries, and 1.5 million deaths directly attributed to diabetes each year. Therefore, the increasing prevalence of diabetes worldwide is driving the growth of the diabetes pen market.

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The diabetes pen market covered in this report is segmented –

1) By Product: Insulin Pens, Pen Needles
2) By Usage: Reusable Injection Pens, Disposable Injection Pens
3) By Therapy: Insulin, Glucagon-like Peptide-1, Growth Hormones, Fertility, Osteoporosis
4) By Distribution Channel: Retail Pharmacies, Online Medical Stores, Diabetes Clinics

Major companies operating in the diabetes pen market are developing innovative products, such as smart insulin pens, to better manage their insulin delivery. A smart insulin pen is a reusable self-injection pen that records information about insulin doses, such as the amount injected and the time of injection. For instance, in 2021, Medtronic plc, an Ireland-based medical device company, launched InPen, which enables users to control insulin delivery more effectively by transmitting dose information to a mobile app via Bluetooth technology. The app determines the right dose based on estimated carbohydrate intake and glucose levels, taking into consideration the amount of insulin that is still active in the user’s body. It keeps track of the temperature of the insulin, which is crucial for preserving the insulin’s potency. The system’s dose calculations and dose tracking facilitate the insulin dosing procedure.

The diabetes pen market report table of contents includes:

1. Executive Summary
2.Diabetes Pen Market Characteristics
3.Diabetes Pen Market Trends And Strategies
4.Diabetes Pen market analysis
5.Diabetes Pen Market Size And Growth
6.Diabetes Pen Segmentation
7.Diabetes Pen Regional And Country Analysis
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27.Diabetes Pen Competitive Landscape And Company Profiles
28.Diabetes Pen Key Mergers And Acquisitions
29.Diabetes Pen Future Outlook and Potential Analysis

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