IMARC Group has recently released a new research study “Smart Insulin Pens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, 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$ 103.86 Million in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 214.05 Million by 2027, exhibiting a growth rate (CAGR) of 12.10% during 2022-2027.
What is a Smart Insulin Pens ?
A smart insulin pen represents a reusable injector pen with an intuitive smartphone app that facilitates patients with diabetes in better managing their insulin delivery efficiently. It is more affordable, easy to utilize, and provides helpful reminders, alerts, and reports when compared to conventional insulin.
Smart insulin pens aid in calculating doses of the blood sugar levels, carbohydrate quantities, meal size, and active insulin. They notify the expiration date or the temperature range of insulin so that the cartridge is replaced in a timely manner. As a result, smart insulin pens find extensive applications in hospitals, clinics, ambulatory surgical centers, and home care units across the global.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the Smart Insulin Pens Market ?
The escalating awareness among the masses about the product benefits, such as delivering accurate half-unit doses, preventing skipped or missed doses, tracking time and number of doses, etc., is among the key factors stimulating the smart insulin pens market.
Apart from this, the rising prevalence of diabetes, on account of the increasing obesity rate and the expanding geriatric population, and the growing healthcare sector across the globe are also propelling the market growth.
Besides this, the inflating investments in research and development (R&D) activities by key market players for introducing insulin pens with memory and timing functions that provide intelligent injections for patients are further fueling the global market. Additionally, the increasing focus on developing Bluetooth-connected smart insulin pens is also driving the market growth.
Furthermore, the elevating adoption of home treatment models, as they are more comfortable, convenient, and personalized, is acting as another significant growth-inducing factor.
Moreover, the escalating demand for needle-free insulin delivery devices, owing to the rising risk of needle stick injuries while using, handling, disassembling, or disposing of needles, is expected to positively influence the smart insulin pens market over the forecasted period.
| Smart Insulin Pens Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 103.86 Million |
| Market forecast in 2027 | US$ 214.05 Million |
| Growth Rate | CAGR of 12.10% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends |
| Segments covered | Type, Usability, Indication, Connectivity And End User. |
| Regional scope | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Key companies profiled | 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. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- First Generation Pens
- Second Generation Pens
Breakup by Usability:
- Prefilled
- Reusable
Breakup by Indication:
- Type 1 Diabetes
- Type 2 Diabetes
Breakup by Connectivity:
- Bluetooth
- USB
Breakup by End User:
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings
By Geography:
• 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)
List of Major Key Players:
The major players in the market are 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.
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