Smart Insulin Pens Market Recent Study Including Growth Factors CAGR of 10.77% by 2027: Applications, Regional Analysis
Research Reports
Apr 14, 2022
Insulin plays a major role in controlling the blood sugar levels in our human body. Insulin is supposed to be a hormone made by the beta cells of the pancreas. Insulin permits molecules related to blood glucose to enter the cells used to generate energy in our body. The patients who have diabetes take insulin through oral medicines and injectables. The innovation of the insulin pen has bought a revolution. Smart insulin pens are paired with a mobile application to manage diabetes by administering insulin. The pairing of these pens is done through blue tooth or USB technology to furnish wireless transmission of data to your app.
Market Research Future (MRFR) confirms that the Smart Insulin Pens Market was worth USD 72.97 Million in 2019, smart insulin pens market can record a decent CAGR of 10.77?tween 2020 and 2027,Smart insulin pens are reusable injector pens. The usage of smart insulin pens provides benefits like an automatic response to changes in the user’s respective time zone, recording and tracking of insulin dose and timing done automatically and sharing of this data with the concerned physicians, calculation of insulin dose based on the patient’s current blood sugar level, meal size, active insulin, carbohydrate amounts and providing a reminder to the patient in case of missing of an insulin dose, etc. There is a rise in the smart insulin pens market due to the benefits mentioned above. The growth in the number of chronic diabetic patients worldwide contributes to the growth in the smart insulin pens market.
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Market Segmentation
The smart insulin pens market can be segmented on type, distribution channel, usability, and geography. According to type, the market is further divided into first-generation pens and second-generation pens like USB and Bluetooth, while in the usability category, it is divided based on type 1 and type2 diabetes. The distribution channel is divided based on types of pharmacies like hospitals, online, retail, and diabetes centers/clinics. According to the geography, the market is divided into North America, Europe, Asia-Pacific, and the rest of the world.
Regional Classification
The smart insulin pen market analysis states that North America is dominating the market due to its technological advancements in medicine, improved awareness in public, and cost affordability by the patients. Asia-Pacific is expected to expand during the forecast period due to its increase in the diabetes patient population. The hospital’s segment in the distribution channels category has the largest share in the market. When the usability category is analyzed, the usage by type 2 diabetic patients dominates the market.
Industry News
The global analysis of the smart insulin pens market reveals that its value may reach 70.4 million USD by the end od of 2027 with a CAGR of 10.3%. The rise in the number of diabetic patients and awareness of new technology to cure people with diabetes are factors that boost the market. Companies like Novo Nordisk A\S, Diamesco Co. Ltd., Eli Lily, and company, etc., are some companies that have contributed to the market by manufacturing smart insulin pens. Many more such innovations focusing on cost reduction will boost the smart insulin pens market.
Competitive Landscape
Smart insulin pens have seen increased demand over the years, due to the commonness of unhealthy eating habits and lifestyles and the collective surge noted in product approvals. Companies functioning in the global smart insulin pens market are also being challenged due to stringent rules and concerns regarding the approval process. Mergers and acquisitions by smart insulin pens market companies are anticipated to help the market during the forecast period 2018 to 2023. As the smart insulin pens market is set to register a high CAGR of 6.92% and is also anticipated to reach a US$23,624.01 million by 2025, the report highlights key areas companies need to focus on. The report suggests that the smart insulin pens market will see a healthy growth in the long run till 2023. Based on SWOT analysis and smart insulin pens market’s analysis based on Porters’ Five Force Model presented in the smart insulin pens market report. Mergers and acquisitions by smart insulin pens market companies are anticipated to help the market during the forecast period 2018 to 2023.
MRFR recognizes the following companies as the Key Players in the Global Smart Insulin Pens Market— Companion Medical, Eli Lily and Company, Diamesco Co., Ltd., Ypsomed Holding AG, Emperra GmbH E-Health Technologies, Digital Medics Pty Ltd., and Novo Nordisk A/S and Others.
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