IMARC Group has recently released a new research study “Smart Insulin Pens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Smart Insulin Pens Industry?
The global smart insulin pens market size reached us$ 22.8 billion in 2022. looking forward, imarc group expects the market to reach a value of us$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
What Is A Smart Insulin Pens?
Smart insulin pens refer to reusable injector pens with an intuitive smartphone application that can help people with diabetes manage insulin delivery adequately. It is mostly available in prefilled and reusable categories. Smart insulin pens are extremely affordable, easy to use, and offer helpful reminders, reports, and alerts. They are even capable of calculating insulin doses, managing insulin on board, sending alerts, setting helpful reminders, creating detailed reports, and notifying the expiration date insulin for replacing the cartridge timely. As a result, smart insulin pens find widespread applications in hospitals, ambulatory surgical centers, clinics, and home care units across countries.
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What Are The Key Factors Driving In The Smart Insulin Pens Market?
The rising prevalence of diabetes among both the geriatric and younger population, owing to obesity, sedentary lifestyle, unhealthy eating habits, etc., is among the key factors driving the smart insulin pens market. Additionally, the growing healthcare industry and the inflating investments by leading manufacturers in research and development (R&D) activities to launch smart insulin pens with memory and timing functions that will provide intelligent injections for patients are acting as significant growth-inducing factors. In line with this, the introduction of Bluetooth-connected smart insulin pens is also positively influencing the market growth.
Moreover, the increasing product adoption in the home-care setting, on account of its convenience and personalization, is further stimulating the market growth. Besides this, the escalating demand for needle-free insulin delivery devices to prevent the risk of needle stick injuries while handling, disassembling, and disposing of needles is anticipated to bolster the smart insulin pens market over the forecasted period.
Who Are The Key Players/Companies In Smart Insulin Pens Market?
Bigfoot Biomedical Inc., Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Jiangsu Delfu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, pendiq GmbH and Ypsomed AG.
The report has been segmented the market into following categories:
Breakup by Type:
- First Generation Pens
- Second Generation Pens
Breakup by Usability:
Breakup by Indication:
- Type 1 Diabetes
- Type 2 Diabetes
Breakup by Connectivity:
Breakup by End User:
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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