Pune, India, July 30, 2019 (GLOBE NEWSWIRE) -- The Global Smart Insulin Pens Market is estimated to grow at a CAGR of 10.4% during the forecast period (2018–2023), as per the latest report by Market Research Future (MRFR). 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. The rising cost of insulin pens, the risk associated with the use of insulin pens, and unfavorable reimbursement policies may hamper the growth of the market during the assessment period.
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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.
Global Smart Insulin Pens: Drivers & Trends
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. 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.
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.
Browse the market data and information spread across 85 pages with 33 data tables and 46 figures of the report “Smart Insulin Pens Market Research Report - Global Forecast till 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/smart-insulin-pens-market-6789
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 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.
The European market is possible to be the second-largest 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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Insulin Delivery Devices Market Research Report, by type (Insulin Syringe, Insulin Pumps, Insulin Pens, Insulin Jet Injectors) - Forecast to 2020
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