The Global Smart Insulin Pens Market is predicted to touch USD 60 million at a 10.4% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report. Patients with hectic work schedules or living in urban regions require the need for special devices to ensure the continuous intake of insulin. Insulin pumps are computerized devices which have a similar functioning to human pancreas and deliver small doses of insulin during or after meal consumption.
An insulin pen, simply put, is a device that is used for injecting insulin. It is of two types- disposable and reusable. The presence or lack of insulin, a hormone used for producing sugar in the body, can lead to type I or type II diabetes. An accuracy, tracking timing and dose history, data sharing, and cost-effectiveness are some of its alluring features that have led to its immense popularity.
Smart insulin pens have changed the way people manage their diabetes and thus are used over vials and traditional syringe. These pens possess the ability of recording time logs and insulin dosages. It has been specially designed to prevent extra dosages, convert dosage information into reports that are computer-based, and maintain systematic dosage record.
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Increasing focus on diabetes management is projected to push the sales of insulin pumps. Awareness initiatives by governments and vendor sponsored programs can influence patients and propel market demand. Popularity of insulin pump systems are driven by efforts by non-profit organizations such as the American Diabetes Association will be fruitful for the market. the market include sedentary lifestyles of patients, consumption of junk food, and adoption of insulin pumps. Furthermore, insulin pump accessories designed for women and kids can bode augment the market size.
Leading players profiled in the smart insulin pens market report include InjexUK, NIPRO Medical Corporation, Smiths Medical, Diamesco Co., Ltd., Biocorp, Emperra GmbH E-Health Technologies, Companion Medical, Digital Medics Pty Ltd., Lilly Novo Nordisk A/S, USA, LLC, and Sanofi-Aventis US LLC., among others. Key players have used numerous strategies to create a niche in the market such as mergers and acquisitions, product launches and innovations, research and development, collaboration, partnership, and others.
The MRFR report offers a wide segmental analysis of the smart insulin pens market on the basis of usability, distribution channel, and product type.
Based on product type, the smart insulin pens market is segmented into second-generation pens and first-generation pens. The second-generation segment is further segmented into USB connected and Bluetooth-enabled. Of these, the Bluetooth enabled segment will have the largest share in the market over the forecast period.
Based on usability, the smart insulin pens market is segmented into reusable pens and disposable pens. Of these, the reusable pens segment will dominate the market over the forecast period.
Based on distribution channel, the smart insulin pens market is segmented into hospital pharmacies, diabetes clinics, retail pharmacies, and online medical stores. Of these, the retail pharmacies will lead the market over the forecast period.
- 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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Based on the region, the smart insulin pens market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific, and the Middle East and Africa. Of these, the Americas will reign the market over the forecast period. This is owing to the rising prevalence of diabetes, increasing adoption of advanced technology, and favorable regulatory and government policies.
The smart insulin pens market in Europe will have the second-largest share in the market over the forecast period. This is owing to the rising acceptance of advanced drug delivery devices, rising diabetic population, and the presence of key market players in this region.
The smart insulin pens market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to various initiatives undertaken by the government for the healthcare sector development, increasing prevalence of diabetes, and rise in population.
The smart insulin pens market in the Middle East and Africa is predicted to have the smallest share in the market over the forecast period.
Global Smart Insulin Pens Market, by Region
- North America
- South America
- North America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Western Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Middle East
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LIST OF TABLES
Table 1 Global Smart Insulin Pens Market Synopsis, 2018–2023
Table 2 Global Smart Insulin Pens Market Estimates And Forecast, 2018–2023 (USD Million)
Table 3 Global Smart Insulin Pens Market, By Region, 2018–2023 (USD Million)
Table 4 Global Smart Insulin Pens Market, By Product Type, 2018–2023 (USD Million)
Table 5 Global Smart Insulin Pens Market, By Usability, 2018–2023 (USD Million)
Table 6 Global Smart Insulin Pens Market, By Distribution Channel, 2018–2023 (USD Million)
Table 7 North America: Smart Insulin Pens Market, By Product Type, 2018–2023 (USD
…To be Continued.
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