The Asia Pacific insulin pen market is expected to reach US$ 1,703.7 Mn in 2027 from US$ 743.4 Mn in 2018
NEW YORK, Oct. 28, 2019 /PRNewswire/ --
The Asia Pacific insulin pen market is expected to reach US$ 1,703.7 Mn in 2027 from US$ 743.4 Mn in 2018. The market is estimated to grow with a CAGR of 9.8% from 2019-2027.
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The growth of the insulin pen market is primarily attributed to the growing geriatric population, increasing rate of obesity 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 Asia Pacific insulin pen market in the coming years.
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.Type 2 diabetes is the most prevalent form of diabetes and has increased alongside cultural and societal changes.
In high-income countries up to 91% of adults with the disease have type 2 diabetes.
According to the International Diabetes Federation estimated that there were 382 million people with diabetes in 2013, a number exceeding its earlier predictions.Here, more than 60% of the people with diabetes live in Asia, with almost one-half in China and India combined.
The Western Pacific is the world's most populous region, has more than 138.2 million people with diabetes, and the number may rise to 201.8 million by 2035.
TABLE 1. PREVALENCE OF DIABETES WORLDWIDE, 2017
Country People with Diabetes
China 114,394.82
Japan 7,234.23
India 72,946.39
Source: International Diabetes Federation
Diabetes of all types can lead to various complications in many parts of the body and can increase the overall risk of premature death. Heart attack, stroke, kidney failure, leg amputation, vision loss and nerve damage are the major complications associated with this disease.
Patients suffering from diabetes require frequent monitoring and external administration of insulin that is given through insulin pens and other medical devices. The rising prevalence of diabetes across the globe is expected to drive the growth of the insulin pens market worldwide during the forecast period.
In 2018, the disposable segment held a largest market share of 62.6% 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 10% 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 10.4% 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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