Recent report published by research nester titled “Insulin Pen Cap Market: Global Demand Analysis & Opportunity Outlook 2024″ delivers detailed overview of the global insulin pen cap market in terms of market segmentation by end- user, by distribution channel and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global insulin pen cap market is segmented into distribution channel such as online stores and offline stores. Additionally, online stores captured the largest segment in 2016 and it is expected to acquire at a remarkable CAGR during the forecast period. In addition to this, easy availability of the product through online distribution channel is envisioned to elevate the global market of online stores.
Global insulin pen cap market is anticipated to register a significant CAGR over the forecast period. Moreover, the global insulin pen cap market is projected to reach at noteworthy revenue by 2024. The market of insulin pen cap is riding on the back of increasing purchasing power of the consumers due to rise in per capita income.
In terms of regional platform, North America region is predicted to dominate the market of insulin pen cap by the end of 2024. Further, U.S. is projected to capture the largest market of insulin pen cap in this region due to better technological infrastructure along with increasing research and development activities.
Further, Europe region is also predicted to showcase a modest growth owing to growing adoption for advance tracking products which helps the consumer to keep track of their last insulin reading. Moreover, Western Europe countries such as Germany, U.K. and others are predicted to grab the largest market of insulin pen cap.
Growing Geriatrics Population
Increasing number of old age population across the globe coupled with rising people affected with diabetes is believed to be the major factor behind the rapid growth of insulin pen cap market. In addition to this, global population of people aged 60 years and above is approximately 901 Million in 2015 and it is anticipated to increase to 1.4 Billion by 2030, according to United Nations Department of Economic and Social Affair.
Technological Advancement in Blood Glucose Tracking Device
Growing adoption of innovative technology to track blood glucose level on the back of swelled disposable of the consumers is projected to intensify the growth of insulin pen cap market. Further, growing consumer awareness regarding high levels of blood sugar is also expected to fuel the demand for insulin pen cap all over the globe.
On the contrary, lack of awareness regarding insulin pen cap in developing and underdeveloped nations is anticipated to restrain the market of insulin pen cap over the forecast period.
This report also provides the existing competitive scenario of the key player of the global insulin pen cap market which includes Timesulin, The Bee and Gocap. Further, Key potential companies that may enter into manufacturing of insulin pen cap includes Smiths Medical Asd Inc., Health Care Center, P.B Pharmaceuticals, Nipro Medical Corporation, INJEX, Sanofi, Biocon Ltd and Eli Lilly.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global insulin pen cap market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.