Product Code: RP-ID-10059314 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Healthcare & Pharmaceuticals |
Report ID: 10059314
Market Overview:
Global Smart Insulin Pen Market Outlook 2030
The global smart insulin pen market is estimated to be valued at ~USD 80 million in 2021 and is expected to foster at a compound annual growth rate of 12% from 2021 to 2030. The smart insulin pen is used for external use of insulin to provide an easy-to-transport solution for diabetes management. In recent years, due to the increase in the incidence of diabetes patients and its cost-effectiveness compared with insulin pumps, the demand for insulin pens has increased significantly. In addition, its simple operation and precision related to insulin dosage further stimulate its demand. However, the use of insulin pens has certain disadvantages, such as the inability to mix two types of insulin in one insulin pen, which will increase the frequency of injections required. This in turn hinders the growth of the market.
INCREASING THE DIABETIC POPULATION:
The increasing prevalence of diabetes has increased the demand for needle-free insulin delivery devices. According to the Centers for Disease Control and Prevention, approximately 30.3 million people, or 9.4% of the US population, had diabetes in 2015. In addition, according to the British Diabetes Association, about 3.6 million people were diagnosed with diabetes in 2016. Therefore, the increase in diabetic patients is expected to have a positive impact on the market.
GROWTH IN THE ASIA PACIFIC REGION:
Due to the high population base and the increasing incidence of diabetes patients, the Asia-Pacific region provides profitable opportunities for market growth. In addition, compared with insulin pens, the low cost of this device further increases the demand for pens in the region.
ADVANTAGES OF SMART INSULIN PENS:
Compared with other insulin delivery devices, smart insulin pens have several advantages because they are easier to use than syringes And it is portable in nature, it can be easily used outside the home. In addition, the pen can achieve precise dose marking, helping the visually impaired to take insulin easily.
The global smart insulin pen market is segmented according to type, availability, end user and region. According to the type, the market is divided into first-generation and second-generation insulin pens. The second-generation insulin pen is forked into an insulin pen that supports Bluetooth and connects via USB.
For availability, it is divided into pre-filled and reusable insulin pumps. According to end users, the market is divided into hospitals and clinics, outpatient surgery centers, and home care institutions. From a geographical point of view, it has conducted analyses in North America, Europe, Asia Pacific and LAMEA regions. Major companies operating in the market include Eli Lilly, Novo Nordisk, Companion Medical, DIAMESCO and Emperra GmbH.
MAIN ADVANTAGES :
The study conducted an in-depth analysis of the global smart insulin pen market, including current trends and future estimates, to clarify the upcoming investment pockets. It is expected that the quantitative analysis of all geographic regions from 2022 to 2030 will enable stakeholders to take advantage of current market opportunities.
Conduct comprehensive analysis by paying close attention to the positioning of key products and monitoring of major competitors within the market framework. Key parts of the global smart insulin pen market: by type First-generation pen Second-generation pen USB-enabled Bluetooth connection through availability Initial reuse by end users Hospitals and clinics Outpatient surgery centers Nursing settings.
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