Smart Insulin Pens Market Overview
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. The rising cost of insulin pens, the risk associated with the use of insulin pens, and unfavorable reimbursement policies may hamper the growth of the market during the assessment period.
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).
Insulin pens 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.
Global Smart Insulin Pens Market, by Product Type
- First Generation Pens
- Second Generation Pens
- Bluetooth-Enabled
- USB Connected
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
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According to the International Diabetic Federation, about 415 million people across the globe were reported to have diabetes in 2015 and this number is expected to reach 642 million by 2040. It also stated that 98.4 million and 65.1 million diabetic population lived in China and India respectively.
Competitive Dashboard:
Some of the key players in the global smart insulin pens market are Sanofi-Aventis US LLC., Lilly Novo Nordisk A/S, USA, LLC, Digital Medics Pty Ltd., Companion Medical, Emperra GmbH E-Health Technologies, Biocorp, Diamesco Co., Ltd., Smiths Medical, NIPRO Medical Corporation, and InjexUK
Regional Outlook:
The Americas are likely to dominate the global smart insulin pens market due to the increasing prevalence of diabetes, favorable policies government and regulatory policies, and high adoption rate of advanced technology.
The European market is expected to be the second-largest smart insulin pens market. The growing acceptance of advanced drug delivery devices, the presence of major market players in the region, and rising diabetic population in the region are the factors responsible for the growth of the smart insulin pens market in the region. A
sia-Pacific is anticipated to be the fastest-growing smart insulin pens market during the forecast period owing to the increase in population, rising prevalence of diabetes, and government initiatives for the development of the healthcare sector.
The market in the Middle East & Africa is likely to account for the smallest share of the global smart insulin pens market.
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Segmental Analysis:
The global smart insulin pens market has been segmented on the basis of product type, usability, and distribution channel.
On the basis of product type, the market has been classified as first-generation pens and second-generation pens. The second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.
The usability segment has been divided into disposable pens and reusable pens. Reusable insulin pens segment is likely to be the fastest growing segment during the forecast period.
The market, by distribution channel, has been segmented into online medical stores, retail pharmacies, diabetes clinics, and hospital pharmacies.
Intended Audience
- Insulin pen manufacturers
- Insulin pen distributors and suppliers
- Healthcare providers
- Medical device manufacturers
- Research institutes and academic centers
- Contract research organizations (CROs)
- Government associations
- Market research and consulting
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