Brazil: An opportunity for insulin pen device market growth
Brazil, along with the US, India and China, is a transpiring country, which can be a lucrative market with a huge growth potential for the insulin pen device. These are less covered markets as far as the device is concerned. The insulin pen is a medical device, which is used to deliver insulin to diabetic patients suffering from type 1 diabetes. A rising geriatric population is a major contributing factor for sales growth of the insulin pen device since the aged people get affected by the disease more often. Increasing R&D operations are also boosting the market growth. Insulin pen manufacturers are focusing on Brazil and Asian markets for business growth. However, factors such as safety issues related with the use of insulin pens and strict regulatory guidelines for development of such pens are hindering growth of the market. The major global manufacturers of insulin pen include Novo Nordisk, Smiths Medical, Health Care Center, PB Pharmaceuticals, Nipro Medical Corporation and INJEX.