Market Outlook
An Smart insulin pen, simply put, is a device that is used for injecting insulin. It is of two types- disposable and reusable. Accurate tracking timing and dose history, data sharing, and cost-effectiveness are some of its alluring features that have led to its immense popularity. The global smart insulin pens market growth recorded at the rate of 10.4% CAGR by 2023 to gain a valuation of USD 60 million USD simultaneously.
Market Top Key Players Competitive Analysis
Some of the key players in the global Smart Insulin Pens Market are Novo Nordisk A/S, Sanofi-Aventis US LLC., Lilly USA, LLC, Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Companion Medical, Biocorp, Diamesco Co., Ltd., Smiths Medical, NIPRO Medical Corporation, and InjexUK.
Chapter 5. Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power Of Suppliers
5.1.2 Bargaining Power Of Buyers
5.1.3 Threat Of New Entrants
5.1.4 Threat Of Substitutes
5.1.5 Intensity Of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
Global Smart Insulin Pens Market Drivers & Trends
The increase in demand is due to the rapidly rising number of diabetic patients, and cost-effectiveness of the insulin pens. market growth include collaborative strategies used by key players including product developments and new product launches, painless and low cost, demand for accuracy in the delivery of dosage, need for self-injection devices, and cost-effective nature. These factors are constructively aiming towards positive growth of global smart insulin pens market during the forecast period.
As per the research, the demand for the smart insulin pens has mounted considerably in recent years owing to the surge in the incidence of diabetic patients coupled with their cost-effective nature as compared to insulin pumps. On the contrary, advancements in technology and resources of its distribution from across the world are also likely to present opportunities in the smart insulin pens market in the forecast period.
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Unfavorable reimbursement policies, risk related to its use, and the soaring price of insulin pens are factors that may hinder the smart insulin pens market growth over the forecast period. However, some limitations are accounting to restrain the market growth, such as two types of insulin cannot be mixed in an insulin pen, which leads to a greater number of injections.
Market Segmentation
The global smart insulin pens market has been segmented by product type, usability, and distribution channel.
PRODUCT TYPE – the market has been classified as first-generation pens and second-generation pens. Among them, the second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.
USABILITY – the market has been segmented into disposable pens and reusable pens. Among them, reusable insulin pens segment is likely to be the fastest growing segment during the forecast period.
DISTRIBUTION CHANNEL – the market has been segmented into online medical stores, retail pharmacies, diabetes clinics, and hospital pharmacies.
More crucial factors that drive the growth of the global smart insulin pens market include low costs of insulin pumps, growing diabetic population, and painless injections. The other benefit of the device accounts that it can be used by people with visual or motor skills impairments easily
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Smart insulin pens are used to transport insulin into diabetic patients. The smart insulin pens are easy simple, accurate, and practical to use as compared to the traditional syringe. The insulin pens are becoming popular mainly in developed countries to manage diabetes. Therefore, factors such as an increase in demand for self-injection devices, a rise in the prevalence of diabetes, and accuracy in dosage delivery of insulin are expected to drive the global smart insulin pens market growth.
Market Regional Analysis
Regionally the global smart insulin pen market has covered the main regions of the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
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. Ask for an Amazing Discount Offer.
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.
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