New York, USA, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Smart Insulin Pens Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Smart Insulin Pens Market Information by Product Type, End-User, and Region - Forecast till 2030”, the market is expected to reach USD 289 million by 2030. The market size will be expanding at a rate of 11.77% from 2022 to 2030.
Market Scope
Smart insulin pens are devices that help deliver insulin to treat type 1 as well as type 2 diabetes. These pens come with extra features like dose and time recorder, data transfer, and memory function. The surge in the cases of these two types of diabetes in adults and children, due to the rise in obesity as well as the evolving dietary and lifestyle habits are the foremost reasons for the strong growth of the smart insulin pens industry.
Smart insulin pens are able to measure every dose on the basis of the latest blood sugar level, meal size, carbohydrate amounts, settings prescribed, and active insulin by the doctor. It also delivers the right half-unit dose; prevents missed or skipped doses; tracks the amount of every dose and time; and reminds the user about the next time the dose needs to be taken. The key types of smart insulin pens are reusable and disposable.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 289 Million |
| CAGR | 11.77% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Escalating pool of diabetics in light of surge in obesity, sedentary lifestyles and aging |
| Rising preference for refillable insulin pen, Bluetooth-enabled smart insulin pens and USB connected insulin pens |
Smart Insulin Pens Market Competitive Landscape:
The important vendors in the smart insulin pens industry are
- Eli Lily and Company
- Companion Medical
- Emperra GmbH E-Health Technologies
- Novo Nordisk A/S
- Ypsomed Holding AG
- Digital Medics Pty Ltd.
- Diamesco Co. Ltd
Smart Insulin Pens Market USP Covered:
Market Drivers:
Smart insulin pens are experiencing significant demand worldwide, given the escalating cases of diabetes owing to the surge in obesity, sedentary lifestyles, and aging. Obesity remains the leading cause of diabetes across the world. The main risk factors can be overweight and heavy consumption of junk food. This is projected to encourage considerable market growth in the years to come.
Experts are seeing a massive demand for USB-connected insulin pens, refillable insulin pens, and Bluetooth-enabled smart insulin pens. These types of insulin pens are utilized mostly by patients for insulin delivery and are garnering significant traction in developed nations like the United States. Advancing reimbursement scenarios and the mounting number of pharmacies in developing economies will create attractive opportunities for international firms in subsequent years. ongoing technological advances coupled with improvements in the regulatory framework in several countries should further enhance the smart insulin pens market share.
The competitive market of smart insulin pens sees a lot of players competing for a higher position, by taking up different growth strategies such as product launches, collaborations, partnerships, acquisitions, and mergers. To illustrate, in March 2022, Novo Nordisk introduced its smart insulin pen range in the UK market, giving diabetic people part of the NHS access to advance devices that record and monitor dosing information. The recently launched devices are NovoPen Echo Plus and NovoPen 6, which are self-injection insulin pens that record data including how and when the insulin should be administered. This data is then sent to an app through a near-field communication link, from where it can be seen by the patients as well as the healthcare professionals.
Market Restraints:
The substantial costs of smart insulin pens can bring down their demand in the global market. Patients in underdeveloped regions like Africa are suffering due to the substandard healthcare infrastructure as well as bad reimbursement scenarios, deterring the to opt for treatments and access modern devices like smart insulin pens.
Browse In-depth Market Research Report (81 Pages) on Smart Insulin Pens: https://www.marketresearchfuture.com/reports/smart-insulin-pens-market-6789
COVID 19 Analysis
The COVID-19 outbreak and then the worldwide lockdown caused a huge breakdown of the healthcare industry, considering the shutdown of production units and the travel restrictions. The immense pressure on the healthcare sector in view of the expanding patient base suffering from SARS-CoV-2 has been burdensome. The mounting number of patients in line with the declining number of surgeons and medical professionals should further be unfavorable.
However, with the lockdown being lifted up across various nations and the prime focus on finding a vaccine for novel coronavirus, smart insulin pen developers can have some respite. This will translate into a quicker recovery for the worldwide market in the following years.
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Smart Insulin Pens Market Segmentation
By Product Type
The key product types considered in the MRFR review study are connecting devices coupled with smart pens. Smart pens could be the fastest thriving segment at a exponential rate in the coming years, thanks to the surging adoption of these products in light of their user-friendly design.
By End-User
The top industry end-users are hospital/retail pharmacies as well as online. At a value of USD 47.97 million captured in 2019, the hospital/retail pharmacies segment will continue to retain its lead in the ensuing years. Hospitals are the most preferred institutions for diabetics seeking treatment and consultation.
Smart Insulin Pens Market Regional Insights
America currently presides over other regions in the worldwide market, on account of the surging cases of type 1 and type 2 diabetes along with the hike in FDA-approved products introduced in the region. The burgeoning obese populace also acts in favor of the regional market. Obesity generally leads to osteoporosis, diabetes, and arthritis, a common case in the region, which pushes the demand for smart injection pens. Technological advances paired with the extensive distribution networks of prominent vendors in the region further strengthen the market.
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The APAC market will be procuring the fastest CAGR in the approaching years, mostly in response to the blossoming patient base affected by diabetes. India and China are densely populated, a factor accompanied by the fact that there are very high unmet medical needs in these countries. This gives way to a host of lucrative opportunities for global vendors.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
