In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Insulin pen cap is referred to a cap that transforms any insulin pen into smart pen. It helps the patients to check how much time has passed since the last injection. This device keeps track of the reading and record the reading for future reference.
The global insulin pen cap market is expected to grow at a robust growth over the forecast period i.e. 2017-2024. Further, insulin pen cap market is driven by various factors such as growing adoption of technologically advanced devices and increasing healthcare concerns.
In terms of geography, North America region is expected to dominate the market during the forecast period. Further, U.S. is the leading country in this region because of better technological infrastructure and increase in adoption of innovative healthcare products. Likely, rapid urbanization coupled with mounting demand for user-friendly health monitoring gadgets are envisioned to bolster the growth of insulin pen cap market by the end of 2024. Additionally, increased connectivity and rising old age population affected with diabetes are envisioned to foster the growth of insulin pen cap market in the North America region.
North America market is trailed by Europe and Asia-Pacific. Europe holds the second largest insulin pen cap market and it will show a robust growth over the forecast period owing to presence of major key players in this region. The major countries witnessing the augmented demand for insulin pen cap are U.K. and France. Asia-Pacific region is expected to be the fastest growing insulin pen cap market during the forecast period. Further, rising early age diabetic patients and growing awareness towards advanced healthcare gadgets are believed to foster the growth of insulin pen cap market in Asia-Pacific region. Moreover, the growth in this region is credited to the rise of middle class and rising purchasing power of the population. Japan and China are the leading countries of insulin pen cap market in this region.CLICK TO DOWNLOAD FREE SAMPLE
Our in-depth analysis segmented the global insulin pen cap market in the following segments:
Global insulin pen cap market is further classified on the basis of region as follows:
Rising demand for advanced blood glucose tracking technology and the increasing aging population affected with the diabetes are envisioned to be the dynamic factor behind the growth of insulin pen cap market. Further, rising adoption of innovative insulin pen caps for better track of blood glucose level and growing consumer awareness regarding insulin pen caps are believed to bolster the growth of insulin pen cap market.
Moreover, rising personal disposable income along with rising purchasing power of the consumer are anticipated to foster the growth of insulin pen cap market. Likely, increasing research and development activities are also anticipated to propel the growth of insulin pen cap market.
However, lack of awareness regarding insulin pen cap in developing and underdeveloped nations are projected to dampen the growth of insulin pen cap market over the forecast period.
The major key players for insulin pen cap market are as follows
Key Potential Companies that may enter into manufacturing of insulin pen cap are mentioned below: