Portland, OR, June 04, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the smart insulin pens market contributed $63.43 million in 2017 and is estimated to garner $117.03 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. The report offers a detailed analysis of the key segments, top investment pockets, changing dynamics, market size & estimations, and competitive scenario.
The demand for the smart insulin pens has increased considerably in the recent years owing to the increase in incidence of diabetic patients coupled with their cost-effective nature as compared to insulin pumps. However, applications that are not suitable for integrating with insulin restrict the market growth. On the contrary, advancements in technology and combining resources from all around the world would present opportunities in the smart insulin pens market.
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First-generation pens segment to maintain its dominance by 2023
The first-generation pens segment accounted for more than half of the total revenue in 2017 and will maintain its dominance by 2023. However, the second-generation pens segment is projected to register the highest growth rate with a CAGR of 12.2% from 2017 to 2023.
Europe to maintain lead position by 2023
Europe accounted for more than one third of the market in terms of revenue in 2017. However, Asia-Pacific is expected to grow at the highest CAGR of 11.9% during the forecast period.
Hospitals and Clinics segment to lead throughout the forecast period
The hospitals and clinics segment accounted for more than one third of the total revenue in 2017 and will maintain its dominance by 2023. However, the home care settings segment is projected to register the highest growth rate with a CAGR of 11.4% from 2017 to 2023.
Reusable segment to maintain its dominance by 2023
Reusable segment accounted for more than three-fifths of the market in terms of revenue in 2017. However, pre-filled segment is expected to grow at the highest CAGR of 11.1% during the forecast period.
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Leading market players
The key market players explored in the research include Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, and Emperra GmbH. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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Allied Market Research (AMR) is a full-service market research and business -consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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