Global Smart Insulin Pens Market Size is Estimated To Expand at a Striking CAGR Of 10.4% During The Forecast Period From 2018 To 2023.
Smart Insulin Pens Market Research Analysis by Product Type (First Generation Pens & Others), Usability (Disposable Pens & Others), and Distribution Channel (Online Medical Stores, Retail Pharmacies, Hospital Pharmacies, & Others)–Global Forecast till 2023
Market Synopsis:
This growth is attributable to the increasing prevalence of diabetes, coupled with increasing awareness about the availability of several advanced techniques and drugs in the market. Additionally, increasing inclination toward the adoption of advanced technology for monitoring diabetes and insulin dosage is fueling growth of the market.
Moreover, increasing R&D investment coupled with several collaborative strategies used by the key players for strong holding the grip in the global smart insulin pens market is resulting in several newer products. In addition to this, the strategic collaborations, business expansion, investment in research, and newer product launches are estimated to offer several key opportunities for growth in the coming years. However, the rising cost of insulin pens, unfavorable reimbursement policies in developing countries, and the risks associated with the use of insulin pens may have a negative impact on growth of the market in coming years.
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Competitive Analysis:
Some of the major companies in the global smart insulin pens market include,
- Sanofi-Aventis US LLC.
- Novo Nordisk A/S
- Lilly USA LLC
- Emperra GmbH E-Health Technologies
- Digital Medics Pty Ltd.
- Companion Medical
- Diamesco Co. Ltd.
- Biocorp
- Smiths Medical
- InjexUK
- NIPRO Medical Corporation
- and Others.
Market Segmentation:
The global smart insulin pens market has been segmented on the basis of usability, product type, distribution channel, and region.
On the basis of product type, the market is classified into second-generation pens and first-generation pens. Of these, the second-generation pens segment is further divided into USB connected and Bluetooth-enabled.
On the basis of the usability, the market is segmented into reusable pens and disposable pens. Of these, the reusable insulin pens segment is estimated to be the fastest growing segment over the assessment period.
By distribution channel, the market is segmented into retail pharmacies, online medical stores, hospital pharmacies, and diabetes clinics.
Industry News:
the companies – Novo Nordisk and Abbott – announced that Novo Nordisk’s connected insulin pens would be mounted with the Abbott Freestyle Libre system. This will allow Freestyle Libre users to monitor the data about their insulin along with their glucose readings.
Biocorp reported that it had entered exclusive negotiations for encouraging the use of the device in Sanofi’s advanced diabetes care platform.
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Regional Analysis:
Regionally, the smart insulin pens market is segmented into the Americas, Asia Pacific, Europe, and Middle East & Africa. Of these, the Americas are estimated to remain dominant in the global smart insulin pens market in the coming period owing to the favorable policies implemented by the government and related organization for encouraging penetration of the advanced techniques for controlling and monitoring diabetes and dosage of insulin. Additionally, increasing approvals by the U.S. Food and Drugs Administration (FDA) for the advanced and newer drugs and drug delivery systems are estimated to benefit the market growth in the coming years as well.
Europe is estimated to follow the region during the forecast period and account for second leading revenue share owing to the increasing physical presence of the key players in the region. Additionally, increasing acceptance toward the advanced technologies in the drug delivery systems is driving growth of the smart insulin pens market in the region. Further, the increasing diabetic population is also fueling growth of the European smart insulin pens market. For the reference, the data from World Diabetes Foundation suggested that more than 59 Million patients are having diabetes, which accounts for approximately 9.1% of the total population in the region, and this number is estimated to increase in the coming years.
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However, the Asia Pacific is estimated to be the fastest-growing CAGR during the forecast period owing to the presence of several key players with newer technologies. In addition to this, increase in a number of diabetic population coupled with increase in disposable income in the region is supporting growth of the global smart insulin pens market.
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