Impact Analysis of Covid-19
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Smart insulin pens exhibits features such as incorporating clinician-configured bolus calculator with the ability to deliver multiple insulin doses everyday safely and cautiously. These pens are equipped with an alarming system that allows a user to set a reminder in case the insulin cartage is empty.
The global smart insulin pen market is estimated to be valued at US$ 5.3 Mn in terms of value by the end of 2027.
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Global Smart Insulin Pen Market: Drivers
The factors such as integration of insulin dosing data with Continuous Glucose Monitoring (CGM) is expected to fuel growth of the global smart insulin pen market over the forecast period. For instance, in September 2019, Medtronic and Novo Nordisk entered into a collaboration to develop solutions to integrate insulin dosing data from future Novo Nordisk smart insulin pens into CGM devices from Medtronic.
Global Smart Insulin Pen Market: Opportunities
Several small scale companies such as Digital Medics, Emperra GmbH, and Companion Medical have introduced innovative smart insulin devices. However, these companies are small and lack funding for marketing activities. Therefore, major players in the market can focus on acquiring such start-ups or fund their research and marketing activities.
Global Smart Insulin Pen Market: Restraints
However, smart insulin pens have some shortcomings such as a restriction on using all types of insulin through a pen and wastage of some insulin with each use, which are expected to hamper growth of the market over the forecast period.
Key Takeaways:
Among connectivity, USB segment in the global smart insulin pen market is estimated to be valued at US$ 0.8 Mn in 2019 and is expected to reach US$ 2.2 Mn by 2027, exhibiting a CAGR of 14.5% during the forecast period. The growth of the segment is attributed to rising technological advancements in product development by key players.
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Among indication, Type 2 diabetes segment accounted for major market share of 82.3% in 2014, in terms of value. The segment growth is attributed to increasing prevalence of diabetes in emerging economies.
Market Trends
Key players in the market are focused on launching products that support various mobile OS. For instance, in January 2019, Companion Medical launched the Android version of its InPen App, clearing the way for release of the first smart pen system to Android smartphone users.
Major market players are focused on partnerships and collaborations to expand their product portfolio. For instance, in January 2020, BIOCORP and SANOFI signed a new contract for closely associating Mallya with SoloStar insulin pens.
Global Smart Insulin Pen Market: Competitive Landscape
Key players operating in the global smart insulin pen market include Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, and Companion Medical Inc.
Global Smart Insulin Pen Market: Key Developments
Major market players are focusing on partnerships and collaborations to expand their product portfolio, and to strengthen their position in the global market. For instance, in June 2019, DexCom entered into a collaboration with Companion Medical to enable a direct exchange of CGM data from Dexcom with insulin data from InPen into both companies’ software applications.
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Segmentation
Scope of the report
- Smart Insulin Pen Market, By Indication:
- Type 1 Diabetes
- Type 2 Diabetes
- Smart Insulin Pen Market, By Connectivity:
- Bluetooth
- USB
- Smart Insulin Pen Market, By Distribution Channel:
- Clinics and Ambulatory Surgical Centers
- e-Commerce
- Retail Pharmacies
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