An insulin pen is used by diabetic patients to inject insulin in a much more comfortable and convenient way as compared to the syringe. The major growth drivers of insulin pen are increasing diabetic population around the world, along with an increase in awareness and growing healthcare expenditure to control diseases like diabetes. Many people are using insulin pen as they are easier to carry and use. It does not require to have a bottle to draw insulin, easy adjustment of dose, less wastage of expired insulin, it doesn’t require refrigeration to store as compared to other insulin delivery methods. According to Renub Research report, the Global Insulin Pen Market will increase year on year; and reach US$ 35 Billion by the end of the year 2025.
There are three types of insulin pens available: Disposable, Reusable and Smart Insulin Pen. A disposable pen is prefilled with insulin; it is used only once after using the entire pen is disposed. A reusable insulin pen has an insulin cartridge which can be replaced, and it is also known as a durable insulin pen. The third type of insulin pen is smart with the use of advanced technologies such as Bluetooth or IoT; it can record the time and date of insulin at which dose was delivered, nowadays these smart insulin pens are also called as “Connected Insulin Pen”
The Impact of COVID-19 on Insulin Pen Market
Healthcare industry is facing significant challenges due to the outbreak of Coronavirus. Most of the countries were in total lockdown in the first half of the year 2020. Major healthcare companies are focusing on the vaccine of this deadly virus, and investment for the treatment of other diseases has been stopped. The market for the year 2020 is forecasted to decline as people are avoiding visiting any healthcare centre and purchasing medical supplies other than medicine and medical devices related to COVID-19. According to Renub Research analysis, the market will grow from the year 2021 to its natural pace as it was in previous years.
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