Diabetes Injection Pens Market Research Report and Forecast Diabetes Injection Pens Market - Global Industry A

Diabetes Injection Pens Market - Global
Industry Analysis, Size, Share, Growth, Trends,
& Forecast 2016 - 2024
Diabetes Injection Pens Market: Snapshot
The global diabetes injection pens market has expanding at a remarkable pace over
the years owing to the soaring number of diabetics around the world and a
consequent rise in awareness about this disease and its management. The
development of smart insulin pen technology products such as pen caps connected
with mobile apps has also significantly propelled this market. In addition to this, the
preference for insulin pens over syringes has greatly increased owing to the rising
incidence of needlestick injuries.
The opportunity in the global diabetes injection pens market was pegged at US$4.9
bn in 2015 and is expected to be worth US$9.7 bn by 2024. If these values hold
true, the market is poised to expand at a healthy CAGR of 7.9% during the forecast
period.
View Report @ http://www.transparencymarketresearch.com/diabetes-
injection-pens-market.html
Insulin Pens Gain Preference over Pen Needles
Insulin pens and pen needles are the two major product types in the diabetes
injection pens market. Among these, insulin pens garnered the larger share,
accounting for just over 65.0% in 2015. Europe and Asia are among the leading
consumers of insulin pens, where 90.0% of the diabetic population prefer these
devices to pen needles. Although the U.S. lagged behind in the usage of insulin
pens in the past, the country is likely to gain prominence in the coming years owing
to the many benefits these devices offer. Pen needles also generate significant
revenue; although these products are lower in cost, they are sold in large numbers
among the diabetic population.
Based on distribution channel, diabetes injection pens are sold via retail
pharmacies, hospital pharmacies, online methods, and diabetes clinics and centers.
Hospitals form the distribution channel of choice for patients and this segment
accounted for a share of over 33.0% in 2015. The online channel is gaining much
prominence in recent years owing to a thriving e-commerce sector across the globe.
This segment is slated to witness immense growth through the forecast period as its
adoption rises in developed markets such as the U.K., the U.S., and Germany.