The North America Insulin Pen Market is expected to reach US$ 3,907.9 Mn in 2027 from US$ 1,880.7 Mn in 2018. The market is estimated to grow with a CAGR of 8.7% from 2019-2027.
The growth of the insulin pen market is primarily attributed to the growing geriatric population and rising incidence of diabetes. However, availability of alternatives for drug delivery and limitations associated with insulin pens are likely to pose a negative impact on the market growth. On the other hand, development of cost efficient pen needles is likely to have a positive impact on the growth of the North America insulin pen market in the coming years.
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Diabetes is a life-threatening chronic disease with no specialized cure. It is mainly caused by the body’s inability to produce or effectively utilize the hormone insulin. This inability prevents the body from adequately regulating blood glucose levels. There are two types of diabetes namely diabetes type-I also known as diabetes insipid us and diabetes type-II also termed as diabetes mellitus.
Incidences and prevalence of diabetes is steadily increasing across the globe. Diabetes type 2 is the most common form, according to International Diabetes Federation (IDF), approximately 425 million people were living with diabetes in 2017and it is expected to reach 629 million by 2045 across the globe.
In 2015, around 9.4% of the population of the U.S. had diabetes, including 30.2 million adults aged 18 years and over. Additionally, according to Centers for Disease Control and Prevention’s report that 4% of people aged 18 to 44 years are living with diabetes, 17 percent of those aged 45 to 64 years, and 25.2 percent of those aged over 65 years are living with diabetes. The following table represents number of patients suffering with diabetes across various North American countries worldwide.
In 2018, the disposable segment held a largest market share of 62.5% of the insulin pen market, by product. The disposable is expected to dominate its market share in 2027 owing to the rise in the prevalence of the diabetes and presence of the several market players that offers technically advanced products. The disposable segment is also anticipated to witness the fastest growth rate of 8.9% during the forecast period, 2019 to 2027.
Retail pharmacies segment a largest market share of 39.8% of the insulin pen market, by distribution channel in 2018. This segment is also expected to dominate the market in 2027 owing Chemists and retail pharmacies are considered to be the most preferred channel for patients using diabetes insulin pens. Retail pharmacies are among the most go-to places opted by the patients resulting in the high share and growth of the segment in the insulin pens market over the coming years. E-Commerce segment is also expected to grow at the fastest growth rate of 9.1% during the forecast period, 2019 to 2027.
Some of the major primary and secondary sources for insulin pen included in the report are, Owen Mumford, LTD., Novo Nordisk a/s, Companion Medical , Berlin-Chemie AG, Pendiq GmbH, Emperra GmbH E-Health Technologies, Eli lilly and company, Ypsomed Ag, SANOFI, Biocon, and others.
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