The global “Smart Insulin Pens Market” accounted for USD 60 million and is expected to register a 10.4% CAGR during the forecast period (2018–2023).
Smart Insulin Pens Market Outlook:
Smart insulin pens are medical devices used to inject the insulin in patients’ body. Smart insulin pens are less painful and more effective than other drug delivery devices. The increasing diabetic population, increasing awareness about the advanced treatment methods, and rising demand for innovative drug delivery devices are the major factors driving the growth of the global smart insulin pens market.
According to the International Diabetic Federation, about 415 million people across the globe were reported to have diabetes in 2015 and this number is expected to reach 642 million by 2040. It also stated that 98.4 million and 65.1 million diabetic population lived in China and India respectively.
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The increasing cost of inulin pens, side effects, and risk associated with an insulin pen, and the availability of other substitutes in the market are likely to hinder market growth during the forecast period.
Key Players:
Some of the key players in the global smart insulin pens market are,
- Sanofi-Aventis US LLC.
- Lilly Novo Nordisk A/S
- USA
- LLC
- Digital Medics Pty Ltd.
- Companion Medical
- Emperra GmbH E-Health Technologies
- Biocorp
- Diamesco Co. Ltd.
- Smiths Medical
- NIPRO Medical Corporation
- and InjexUK
Smart Insulin Pens Market Segmentation:
The global smart insulin pens market has been segmented on the basis of product type, usability, and distribution channel.
The product type segment has been classified as first-generation pens and second-generation pens. The second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.
The market, by usability, has been segmented into disposable pens and reusable pens. Reusable insulin pens segment is likely to be the fastest growing segment during the forecast period.
On the basis of the distribution channel, the market has been divided into online medical stores, retail pharmacies, diabetes clinics, and hospital pharmacies.
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Regional Market Summary
The Americas are expected to hold the maximum share of global smart insulin pens market owing to the rising prevalence of diabetes, favorable policies implemented by government and regulatory authorities, and the adoption of highly advanced technology. For instance, in March 2018, The Food and Drug Administration (FDA) approved the maximum capacity insulin pen Toujeo (insulin glargine 300 units/mL), it is a long-acting insulin pen which can reduce the number of dosages.
The European market is likely to be the second-largest smart insulin pens market. The market growth in this region can be attributed to the presence of major market players in the region, increasing the acceptance of advanced drug delivery devices, and an increase in the diabetic population. According to the world diabetes foundation, more than 59 Million patients in Europe are suffering from diabetes which approximately 9.1% of total population of Europe, the number is expected to reach 71.1 million by the end of 2040.
The market in the Middle East & Africa is expected to hold the smallest share of the global smart insulin pens market due to an underdeveloped healthcare sector, lack of technical knowledge, and poor medical facilities.
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Asia-Pacific is expected to be the fastest-growing smart insulin pens market during the forecast period owing to the increasing prevalence of diabetes, increasing disposable income, and government initiatives for the development of the healthcare sector. According to the International Diabetes Federation, in 2017, more than 84 million people in South -East Asia were affected by diabetes and this number is expected to reach 156 million by 2045.
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