NEWARK, Del, June 04, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insights, the smart insulin pens market is predicted to be valued at US$ 3,927.3 Million in 2023 and US$ 8,750.7 million by 2033. Over the projection period, sales in the smart insulin pens market are expected to increase at a CAGR of 8.3%.
The smart insulin pens market is witnessing rapid growth, driven by technological advancements and the increasing prevalence of diabetes worldwide. A prominent opportunity lies in the integration of artificial intelligence (AI) and machine learning (ML) algorithms into smart insulin pens. By leveraging AI and ML, these pens can continuously learn from patient data, analyze glucose levels, and provide personalized insulin dosing recommendations in real-time. This can greatly enhance the accuracy and effectiveness of insulin delivery, improving patient outcomes.
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A promising trend is the integration of smart insulin pens with telemedicine and remote patient monitoring systems. This allows healthcare providers to remotely monitor patients' glucose levels and insulin usage, enabling timely interventions and personalized care. It also facilitates seamless data sharing between patients and healthcare professionals, leading to better management and disease control.
There is a growing emphasis on user-friendly design and improved usability of smart insulin pens. Manufacturers are focusing on developing pens that are easy to handle, have intuitive interfaces, and provide clear instructions for use. These advancements aim to enhance the patient experience, encourage adherence to treatment plans, and reduce the burden of self-management for individuals with diabetes.
Key Takeaways from this Market:
- The United States is spearheading the growth across North America, accounting for nearly 30.1% of market share in 2022.
- Sales of smart insulin pens are expected to surge at 9.1% CAGR across China in 2022.
- Germany is expected to account for 7.3%of the total market share in Europe.
- Diabetes Type 2 is expected to dominate the product type with a market share of 85.31%
- The USB segment is poised to expand at over 58.93% CAGR in 2022.
“The smart insulin pens market has experienced significant growth due to advancements in technology, such as Bluetooth connectivity and personalized dose recommendations, improving diabetes management for patients,” - remarks an analyst at FMI.
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How Key Players are revolutionizing this market?
Key players in the manufacturing of smart insulin pens are revolutionizing the market through innovative technologies and features. These companies are leveraging advancements in digital health and connectivity to create pens that enhance the management of diabetes. Smart insulin pens now incorporate Bluetooth connectivity, allowing users to synchronize their devices with mobile apps for real-time data tracking and analysis.
Smart insulin pens offer personalized dose recommendations and reminders, helping patients adhere to their treatment plans. Some manufacturers have even introduced AI algorithms that analyze glucose levels and insulin requirements, providing personalized insulin dosing suggestions. Through these advancements, key players are transforming the manufacturing of smart insulin pens and improving the lives of individuals with diabetes.
Major Players in this Market:
- Digital Medics Pty Ltd.
- Emperra GmbH e-Health Technologies
- Companion Medical Inc.
- Sanofi Aventis LLC
- Novo Nordisk A/S
- Eli Lily and Company
- Companion Medical
- Diabnext
- Jiangsu Delfu Medical Device Co. Ltd.
- DIAMESCO Co Ltd.
- Patients Pending Ltd (Bigfoot Biomedical Inc.)
- BERLIN-CHEMIE
Product Portfolio:
- Digital Medics Pty Ltd. offers a diverse product portfolio in the healthcare sector, including smart insulin pens, mobile health applications, and remote patient monitoring devices, revolutionizing diabetes management.
- Emperra GmbH e-Health Technologies specializes in the production of smart insulin pens and diabetes management systems, offering integrated solutions that combine mobile apps, cloud-based platforms, and data analytics for optimal diabetes care.
More Insights Available:
Future Market Insights offers an unbiased analysis of the smart insulin pens market, providing historical data from 2017 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the smart insulin pens market, the report is segmented on the basis of indication (diabetes type I and diabetes type II), and connectivity (Bluetooth connected and USB connected) and distribution channel (clinics & ambulatory surgical centers, e-commerce and retail pharmacies) across five major regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Key Segments Covered:
By Indication:
- Diabetes Type I
- Diabetes Type II
By Connectivity:
- Bluetooth Connected
- USB Connected
By Distribution Channel:
- Clinics & Ambulatory Surgical Centers
- E-Commerce
- Retail Pharmacies
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Indication
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Indication, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Indication, 2023 to 2033
5.3.1. Diabetes Type I
5.3.2. Diabetes Type II
5.4. Y-o-Y Growth Trend Analysis By Indication, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Indication, 2023 to 2033
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-1827
Explore Wide-ranging Coverage of FMI’s Healthcare Landscape:
Insulin Pens Market Size: The global insulin pens market is expected to grow at a CAGR of 6.5% during the period 2023 to 2033. The market is holding a valuation of US$ 35 billion as of 2023.
Insulin Delivery Pens Market Share: The global insulin delivery pens market is expected to reach a valuation of US$ 22.4 Billion by the end of 2022, and further expand at a CAGR of 8.0% to reach a valuation of US$ 48.6 Billion by the end of 2032.
CIS Insulin Market Growth: The global CIS insulin market is expected to reach US$ 465 Million by 2022. An increasing number of diabetic patients are estimated to further increase the demand for CIS insulin. During the forecast period ranging from 2022 to 2032
Insulin Patch Pump Market Trends: An insulin patch pump is a device that is used for the delivery of insulin. An insulin patch pump is worn directly on the body where it gets attached discretely due to the adhesive present on the insulin patch pump.
Insulin Management System Market Forecast: The insulin management system market is expected to thrive at a strong CAGR of 19% during the forecast period. The market holds a revenue of US$ 21.11 billion in 2022 while it is expected to cross a value of US$ 120 billion by 2032.
Insulin Biosimilars Market Analysis: Global insulin biosimilars market demand is anticipated to be valued at US$ 1,468.6 Million in 2022, forecast a CAGR of 14.9% to be valued at US$ 5,876.4Million from 2022 to 2032.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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