Global Smart Insulin Pens Market Growth 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
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The Global Smart Insulin Pens Market is predicted to touch USD 60 million at a 10.4% CAGR over the forecast period (2018-2023), states the latest Market Research Future (MRFR) report. An insulin pen, simply put, is a device that is used for injecting insulin. It is of two types- disposable and reusable. Accuracy, tracking timing and dose history, data sharing, and cost-effectiveness are some of its alluring features that have led to its immense popularity.
Smart insulin pens have changed the way people manage their diabetes and thus are used over vials and traditional syringe. These pens possess the ability of recording time logs and insulin dosages. It has been specially designed to prevent extra dosages, convert dosage information into reports that are computer-based, and maintain systematic dosage record.
Various factors are propelling the smart insulin pens market growth. Some of these factors, according to the Market Research Future report, include increasing need for innovative drug delivery devices, rising awareness regarding advanced treatment methods, rising diabetic population, and increasing research and development spending.
Key Players
Leading players profiled in the smart insulin pens market report include –
InjexUK
NIPRO Medical Corporation
Smiths Medical
Diamesco Co. Ltd.
Biocorp
Emperra GmbH E-Health Technologies
Companion Medical
Digital Medics Pty Ltd.
Lilly Novo Nordisk A/S USA LLC
Sanofi-Aventis US LLC. among others.
Key players have used numerous strategies to create a niche in the market such as mergers and acquisitions, product launches and innovations, research and development, collaboration, partnership, and others.
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Additional factors pushing market growth include collaborative strategies used by key players including product developments and new product launches, painless and low cost, demand for accuracy in the delivery of dosage, need for self-injection devices, and cost-effective nature.
On the contrary, unfavorable reimbursement policies, risk related to its use, and the soaring price of insulin pens are factors that may hinder the smart insulin pens market growth over the forecast period.
Market Segmentation
The MRFR report offers a wide segmental analysis of the smart insulin pens market on the basis of usability, distribution channel, and product type.
Based on product type, the smart insulin pens market is segmented into second-generation pens and first-generation pens. The second-generation segment is further segmented into USB connected and Bluetooth-enabled. Of these, the Bluetooth enabled segment will have the largest share in the market over the forecast period.
Based on usability, the smart insulin pens market is segmented into reusable pens and disposable pens. Of these, the reusable pens segment will dominate the market over the forecast period.
Based on distribution channel, the smart insulin pens market is segmented into hospital pharmacies, diabetes clinics, retail pharmacies, and online medical stores. Of these, the retail pharmacies will lead the market over the forecast period.
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Regional Analysis
Based on the region, the smart insulin pens market report covers the latest trends and growth opportunities across Europe, North America, the Asia Pacific, and the Middle East and Africa. Of these, the Americas will reign the market over the forecast period. This is owing to the rising prevalence of diabetes, increasing adoption of advanced technology, and favorable regulatory and government policies.
The smart insulin pens market in Europe will have the second-largest share in the market over the forecast period. This is owing to the rising acceptance of advanced drug delivery devices, rising diabetic population, and the presence of key market players in this region.
The smart insulin pens market in the APAC region is predicted to grow at the fastest pace over the forecast period. This is owing to various initiatives undertaken by the government for the healthcare sector development, increasing prevalence of diabetes, and rise in population.
The smart insulin pens market in the Middle East and Africa is predicted to have the smallest share in the market over the forecast period.
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Intended Audience
Insulin pen manufacturers
Insulin pen distributors and suppliers
Healthcare providers
Medical device manufacturers
Research institutes and academic centers
Contract research organizations (CROs)
Government associations
Market research and consulting
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