The global smart insulin pens market report by Market Research Future (MRFR) contains the pertinent drivers and challenges faced by manufacturers during the period of 2018 to 2023.
Smart insulin pens are devices used to deliver the accurate dose of insulin to diabetics at the appropriate time. They have gained traction among diabetics due to its simplistic nature and easy to handle mechanism compared to traditional syringes.
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Manufacturers are launching new iterations of smart insulin pens for recording the proper dosage amounts and reminders of taking insulin shots at the appropriate time. For instance, the In Pen by Companion Medical can capture mealtime data and shares it on the respective medical mobile application.
Following are some of the Notable Key Players –
InjexUK
Lilly USA
LLC
Digital Medics Pty Ltd.
Companion Medical
Sanofi-Aventis US LLC
Diamesco Co. Ltd.
Smith’s Medical
NIPRO Medical Corporation
Novo Nordisk A/S
Biocorp
Emperra GmbH E-Health Technologies
and others
The global smart insulin pens market is expected to exhibit 10.4% CAGR during the forecast period (2018-2023) due to high prevalence of diabetes. Furthermore, the use of these devices for the management of diabetes by the general populace in developing countries can bode well for the market during the forecast period. Awareness of advanced drug delivery methods, need for modern treatments, and the alarming cases of diabetes can bolster the global market demand till 2023.
Market Segmentation
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 segmented into first-generation pens and second-generation pens. The second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.
By usability, the 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 retail pharmacies, diabetes clinics, online medical stores, and hospital pharmacies.
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Regional Analysis
The Middle East & Africa (MEA), Americas, Asia Pacific (APAC), and Europe are regions discussed in the global smart insulin pens market report.
The Americas can be the leading region of the global market till 2023 due to favorable policies by regulatory authorities, adoption of advanced technology, and rising prevalence of diabetes among the general populace. The approval of novel injectable devices by regulatory agencies can drive the global smart insulin pens market growth.
The Europe smart insulin pens market is driven by adoption of advanced drug delivery devices, rising cases of diabetics, and presence of major players. According to the World Diabetes Foundation, more than 59 million have been diagnosed with diabetes, with the number purported to touch 71.1 million by 2040.
Government policies for assisting diabetics and rise in disposable income levels of patients are main drivers of the smart insulin pens market in APAC. Large cases of diabetes recorded in Southeast Asia can drive the regional market growth. As per the International Diabetes Federation, the number of diabetics in the region can touch 156 million by 2045.
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
Million)
Table 8 North America: Smart Insulin Pens Market, by Usability, 2018–2023 (USD
Million)
Table 9 North America: Smart Insulin Pens Market, by Distribution channel, 2018–2023 (USD Million)
…To be Continued.
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Industry News
Recently, Medtronic and Novo Nordisk have decided to pool in their offerings for sharing the data acquired by their smart insulin pens on a common diabetes management platform.
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