Future Market Insights (FMI) forecasts stable development insulin pen market Growth for the valuation period between 2021 and 2031. According to the study, sales of insulin pens will increase by 4.4% CAGR and reach a valuation of US$46.90 billion until 2031.

Steady growth is expected as the prevalence of type 2 diabetes continues to increase worldwide, particularly due to people’s poor lifestyle choices. Sales of reusable insulin pens are increasing as acceptance among people with type 2 diabetes increases.

With people now managing their sugar and insulin levels at home, the demand for smart insulin pens, reusable insulin pens and disposable insulin pens is increasing. According to FMI’s analysis, the US will account for the largest share of insulin pen sales as cases of type 2 diabetes continue to rise across the country.

According to the American Diabetes Association, 1.5 million Americans are diagnosed with diabetes each year, and around 34 million adults were diagnosed with diabetes in 2018.

With the increasing prevalence of diabetes, the demand for smart insulin pens is gaining momentum. Technological advances and the expansion of the healthcare sector in developing countries have improved the adoption of insulin pens.

Rising cases of type 2 diabetes due to poor lifestyle choices, particularly in US, UK, Chinaand India increase demand for reusable insulin pens. According to Future Market Insights, reusable insulin pens are becoming immensely popular due to the increasing preference for eco-friendly solutions.

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“The increasing prevalence of diabetes around the world has forced major players to adopt solutions that support effective and accurate diagnosis of the disease. The incorporation of advanced technologies such as real-time analytics and AI has greatly accelerated product launches, served demand for smart insulin pens, and expanded growth opportunities for key players.” says the future market…