Industry Landscape
In the latest research study on the global smart insulin pens market 2020 by Market Research Future (MRFR) is a valuable source of information for market players vying to establish a strong foothold in the current smart insulin pens market landscape. The detailed assessment of the smart insulin pens market offers domestic as well as international market players an apparent picture of the prospective growth opportunities, which is explained through figures. In the past months, the novel Coronavirus (COVID-19) has caused a slowdown in business activities of the Smart Insulin Pens Market. With the help of this report, it has come under the spotlight that the market would stagger at a CAGR of 10.77%, and with this, revenue could hit USD 153.81 Million by 2027.
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Smart Insulin Pens Growth and Attributed
The mounting popularity of diabetes is one of the growing concerns currently for smart insulin pens. As per the International Diabetes Federation, 415 million people probably had diabetes in 2015. This is expected to attain 642 million by the year 2040. Therefore, daily insulin dose management among diabetic patients is vital to better manage the disease leading to the rapid penetration of smart insulin pen technology in the global market. Smart insulin pens have transformed diabetes care through digitalization and connectivity. A fast increasing diabetic patient pool is probable to create a positive impact on the Bluetooth connected smart insulin pen segment, thus boosting the smart insulin pens market.
Diabetes management with conventional insulin pens available in the market has now become tedious, time-consuming, which also requires patients to remember and document their data, making it difficult to manage their insulin dosage promptly. Such a situation can lead to a misinterpretation of the results. Bluetooth and USB enabled smart insulin pens to allow users to track their insulin doses and assist seamless documentation of insulin units and blood glucose levels. Smart insulin pens also send alerts to patients and healthcare professionals in case of missed doses. All these factors are attributed to a rising number of manufacturers focusing on introducing devices with smart connectivity, which allow automatic insulin dose data transfer on the patient portal for streamlined data dosage management.
Additionally, a course in the adoption of connected medical devices and the incorporation of glucose monitoring devices and therapeutics to manage diabetes better is considered apt to propel the smart insulin pens market across the globe. As per the World Health Organization, a predictable 1.6 million deaths occurred by diabetes, in 2016. Similarly, as per the American Diabetes Association, in the year 2015 estimated that 30.3 million people in the U.S. suffered diabetes, which included 1.25 million children.
Segment Review
Global Smart Insulin Pens Market has been studied among the segments of product type and end-user.
The market by the product segment, the market has included smartpen and connecting devices.
The market by the end-user segment, the market has been bifurcated into hospital/retail pharmacies and online.
Regional Outlook
Regionally, the global smart insulin pens market in North America accounted for a significant share of in the year 2018. The market in North America is determined by the attendance of significant players and a sky-scraping rate of adoption of technologies. Moreover, a swell in the prevalence of diabetes and new product launches and approval is likely to drive the market in the region. As per the National Diabetes Statistics Report of 2017, in the U.S., an estimated 30.3 million people suffered diabetes in the year 2015. Also, as per the Canadian Chronic Disease Surveillance System, there were an estimated 3.0 million people in Canada who had diabetes between 2013 and 2014.
A surge in the prevalence of diabetes also drives the market in Europe. As per the International Diabetes Federation, back in 2017, approximately 352 million people were at risk of developing type two diabetes in Europe.
The market in the Asia Pacific is likely to expand at a rapid pace during the forecast period in the scope of a boost in the geriatric population with diabetes.
Significant Market Players
The global smart insulin pens market is exceedingly fragmented among a large number of players such as Eli Lily and Company, Companion Medical, Ypsomed Holding AG, Diamesco Co., Ltd., Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, and Novo Nordisk A/S and Others.
Industry News:
In January 2020, BIOCORP received clearance in Europe for EASYLOG, an adaptor for insulin pens connected through the internet. The approval of this product enabled the company to strengthen its position in the market and enhance its product portfolio in Europe.
In December 2019, Companion Medical launched the InPen in the U.S.
In August 2019, Emperra GmbH also launched the ESYSTA BT Bluetooth Insulin Pen and enabled the company to reinforce the ESYSTA product portfolio.
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