Smart Insulin Pen Market Estimated to Value Over $115 Million by 2026 End

  • 10 Apr 2019

The increasing diabetic population across the world seeks convenient solutions for diabetics’ management that are easy to recall and document insulin dosages as per blood sugar level of patients. Smart solutions can provide accurate diabetic management data in a timely fashion so that healthcare professionals could interpret pragmatic results based on the data and recommend appropriate treatment. 
Insulin pens with smart connectivity are a major breakthrough in the era of digitization and innovation. Smart insulin pens not just ensure error-free dosage but also are capable of notifying patients and the healthcare professionals about missed dosages during treatment. Need for automatic painless insulin dose transfer to diabetic patients, efficient management of data, increased investment in R&D of smart connectivity insulin pens, rapid technological advancements are major factors enabling overall growth in smart insulin pen market.

 

The global smart insulin pen market is expected to surpass $115 million by 2026 end and speculated to register CAGR of 10.2% during the forecast period from 2019 to 2026.

Global Smart Insulin Pen Market, by Product Type:

 •    Bluetooth-enabled Smart Insulin Pen  
•    USB Connected Smart Insulin Pen 
Bluetooth-enabled smart insulin pen segment is experiencing greater demand than ever due to focus innovation and digitization across the healthcare sector. Injuries during insulin injection using the traditional way of needles can cause bruising and may be difficult to heal in diabetic patients. Bluetooth –enabled and USB connected smart insulin pens provide an effectively painless alternative for insulin dosage administrations. Although both the product type will continue to be the most popular portable self-injecting devices, alternatives like insulin patches, insulin pumps will pose challenges in the growth of smart insulin pen market. It is worth investing in manufacturing innovatively designed disposable smart insulin pens in the near future as they can potentially provide necessary market differentiation in the forecasted period.

Global Smart Insulin Pen Market, by Indication Type:

•    Type I Diabetes  
•    Type II Diabetes 
Type I Diabetes in kids is a highly alarming issue in various parts of the world due to reasons like malnutrition, obesity and genetic disorders. Type I diabetes is prevalent among population under 40 while 90% Type II diabetes patients are aged above 50. Global smart insulin pen market is highly penetrated amongst Type I diabetic patients and will continue to demonstrate lucrative CAGR in Type I diabetes indication type segment during the forecasted period.

Global Smart Insulin Pen Market, by Sales Channel:

•    Retail Pharmacies  
•    e-Commerce  
•    Hospital  
•    Clinics 

Global Smart Insulin Pen Market, by Region:  
•    Europe  
•    North America  
•    APAC  
•    Latin America 
•    Rest of World
Asia Pacific region factored as the most lucrative market for smart insulin pen manufacturers due to high prevalence. North America and Europe smart insulin pen markets account dominant share in the global market due to high adoption among end users.


Competitive Landscape:  
•    Tier 1 players- established companies in the market with a major market share  
•    Tier 2 players 
•    Emerging players which are growing rapidly 
•    New Entrants   
 

FutureWise Takeaways  
•    Growth prospects  
•    SWOT analysis 
•    Key trends 
•    Key data points affecting market growth  

 

Objectives of the Study: 
•    To provide with an exhaustive analysis on the global smart insulin pen market on the basis of product type, indication type, sales channel and region   
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints) 
•    To evaluate and forecast micro-markets and the overall market  
•    To predict the market size, in regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
•    To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
•    Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

 

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