The Global Smart Insulin Pens Market Has Recorded a Growth Rate of 10.4% CAGR, Which Is Expected To Spread By 2023.

Research Overview:

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. 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

In the phase of its spread throughout the forecast period, the market is set to gain a valuation of USD 60 million USD simultaneously.

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.

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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.

Key Players:

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.

Smart Insulin Pens Market Drivers and Trends:

Diabetes is a severe health condition which is rapidly growing among the world population. Therefore, the adoption of smart insulin pens has become necessary for safe and effective control of insulin to people who suffer diabetes. Since some years, insulin pens have earned popularity. Hence an increase in the demand is due to the rapidly rising number of diabetic patients, and cost-effectiveness of the insulin pens. With this, the accurate and simple function of appropriate dosing also adds to the demand for insulin pens. 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.

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. 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.

On the flip side, the limited usage of smart insulin pens for patients requiring a mixture of two types of insulin could restrict the market growth over the forecast period.

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Market Segmentation:

The global smart insulin pens market has been segmented by product type, usability, and distribution channel.

In terms of 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.

In terms of 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.

In terms of distribution channel , the market has been segmented into online medical stores, retail pharmacies, diabetes clinics, and hospital pharmacies.

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.

Among them, the Americas are expected to grasp the maximum share of global smart insulin pens market owing to the mounting prevalence of diabetes, favorable policies implemented by government and regulatory authorities, and the adoption of highly advanced technology. In records, in March 2018, The Food and Drug Administration (FDA) approved the maximum capacity insulin pen Toujeo (insulin glargine 300 units/mL), which is a long-acting insulin pen that reduces several dosages.

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The European market is possible to be the second-largest smart insulin pens market. The market growth is attributed to the incidence of significant market players, an increase in the acceptance of advanced drug delivery devices, and a surge in the diabetic population. Conferring to the world diabetes foundation, more than 59 Million patients in Europe are misery from diabetes which approximately 9.1% of the whole population of Europe, the number is expected to reach 71.1 million by the end of 2040.

Whereas, Asia-Pacific is also expected to be the fastest-growing smart insulin pens market during the forecast period owing to the swelling prevalence of diabetes, increasing disposable income, and government activities for the expansion of the healthcare sector. Whereas, the market in the Middle East & Africa is also expected to hold the smallest share of the global smart insulin pens market owing to an underdeveloped healthcare sector, lack of technical knowledge, and inadequate medical facilities.

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