Insulin Pens Market are drug delivery devices used for delivering insulin to the patients. Smart insulin pens are easy to use, simple, accurate and effective than traditional syringe and vials. Insulin pens are becoming popular in developed countries to manage diabetes. The increasing prevalence of diabetes, the demand for advanced treatment to tackle diabetes, and increasing awareness about advance drug delivery methods are expected to drive the growth of the market.
Global Smart Insulin Pens Market, by Product Type
- First Generation Pens
- Second Generation Pens
- USB Connected
The global smart insulin pens market accounted for USD 60 million and is expected to register a 10.4% CAGR during the forecast period (2018–2023)
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Global Smart Insulin Pens Market, by Usability
- Disposable Pens
- Reusable Pens
Global Smart Insulin Pens Market, by Reusable Pens
- Online Medical Stores
- Retail Pharmacies
- Diabetes Clinics
- Hospital Pharmacies
Some of the key players in the global smart insulin pens market are influencers to spur the growth of Smart Insulin Pens Market.
- Novo Nordisk A/S
- Sanofi-Aventis US LLC.
- Lilly USA, LLC
- Digital Medics Pty Ltd.
- Emperra GmbH E-Health Technologies
- Companion Medical
- Diamesco Co., Ltd.
- Smith’s Medical
- NIPRO Medical Corporation
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Geographically, Market is segmented as, The Americas are expected to hold the maximum share of global smart insulin pens market owing to the rising prevalence of diabetes, favorable policies implemented by government and regulatory authorities, and the adoption of highly advanced technology. For instance, in March 2018, The Food and Drug Administration (FDA) approved the maximum capacity insulin pen Toujeo (insulin glargine 300 units/mL), it is a long-acting insulin pen which can reduce the number of dosages.
The European market is likely to be the second-largest smart insulin pens market. The market growth in this region can be attributed to the presence of major market players in the region, increasing the acceptance of advanced drug delivery devices, and an increase in the diabetic population. According to the world diabetes foundation, more than 59 Million patients in Europe are suffering from diabetes which approximately 9.1% of total population of Europe, the number is expected to reach 71.1 million by the end of 2040.
Asia-Pacific is expected to be the fastest-growing smart insulin pens market during the forecast period owing to the increasing prevalence of diabetes, increasing disposable income, and government initiatives for the development of the healthcare sector. According to the International Diabetes Federation, in 2017, more than 84 million people in South -East Asia were affected by diabetes and this number is expected to reach 156 million by 2045.
The market in the Middle East & Africa is expected to hold the smallest share of the global smart insulin pens market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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