In terms of revenue, the Global Smart Insulin Pens Market is expected to reach USD 180.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.9% from 2022 to 2028.
Smart Insulin Pens are gaining more and more attention. Healthcare stakeholders and patients alike are looking toward novel therapeutic techniques as the world struggles with the burden of an ever-growing diabetic population. Smart Insulin Pens are a superior option for managing diabetes since they allow a diabetic patient to administer insulin outside. Due to the system's timely reminders and notifications, Smart Insulin Pens are made to make it easier to deliver dosages regularly. Due to their simplicity of use, Smart Insulin Pens are in increasing demand. The smart device can be connected to diabetic patients' already-used insulin pens.
Key Highlights from Report:
· The First Generation Pensaccounted for the greatest revenue share in 2021due to the increasing Research and Development (R&D)operations. The market for health care services has cemented its position in the market because of its quick improvements. The adoption of Smart Insulin Pens devices has increased because of the rapid worldwide increase in diabetes patients.
· In 2021, the market was led by the Hospital & Clinics sector. Hospitals generally have a good selection of diabetes management tools to accommodate the diverse type 1 and 2 diabetic patients. Because of the qualified employees and professionals working in hospitals and clinics, insulin can be delivered more easily, patient safety and comfort are increased, and blood sugar levels are improved.
· North America has had the quickest growth rate during the anticipated period. Due to the increased amenities that have been made available to the populace. The market has experienced great expansion thanks to the quick research and development in this area and the presence of the top businesses in this industry.
Smart Insulin Pens deliver insulin externally, making them portable diabetes treatment tools. This clever system tracks dose calculates them, and issues reports, alerts, and reminders that are all very useful. The rise in the number of diabetes patients combined with the fact that insulin pens are more affordable than insulin pumps has led to a significant increase in demand for them, according to a market projection for Smart Insulin Pens. The ease of use and accuracy of insulin doses also increase demand for the drug. However, there are certain disadvantages associated with using an insulin pen, such as two types of insulin cannot be mixed in an insulin pen, thus increasing the frequency of injections needed. This, in turn, impedes the Smart Insulin Pensindustry’sgrowth at a rapid pace.
North America is anticipated to hold a significant share in the market in 2021. Due to the target patients' quick adoption of cutting-edge diagnostic tools and medications, the Americas will probably overtake the rest of the world as the leader in the market for Smart Insulin Pens in the next years. The region also boasts a thriving medical device and healthcare sector, which are advantageous to the market for Smart Insulin Pens. The major techniques used by American players include partnerships, collaborations, and brand marketing. They also strongly emphasize illness management advances and product awareness campaigns for patients and medical professionals. The market's rise in the region is also attributed to the increase in significant Research & Development(R&D) activities and the growing use of Smart Insulin Pens in skin care products, medicinal applications, dietary supplements, and beverages.
The Global Smart Insulin Pens Market is Segmented as follows:
- End Users
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- First Generation Pens
- Second Generation Pens
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
A list of the Key Players of the Global Smart Insulin Pens Market is:
Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Novo Nordisk, Pendiq, Sanofi, Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly & Company
The Global Smart Insulin Pens Market Scope can be Tabulated as below:
|Market Size Provided for Years||2016-2028|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|