Market Research Future (MRFR) studied the global smart insulin pens market 2020 through the analysis period till 2027. By 2027, the global smart insulin pen market can expand at decent pace. On conclusion of the analysis period, the smart insulin market value can touch USD 72.97 Mn.
The escalating count of diabetics, surge in product launches and approvals, and expansion of geriatric populace can favor the smart insulin pen market in the forecast tenure. The alarming increase in diabetics across the globe due to surge in number of obese and ageing people, along with the prevailing culture of sedentary lifestyle, are creating the need for smart insulin pens. The intricate design of smart insulin pens allows refill, and Bluetooth and USB connectivity, which boost patient compliance. These causes are likely to promote the smart insulin pen market in the review period. The growing preference for homecare settings is expected to create lucrative scope for smart insulin pens manufacturers. However, high expense of insulin pens and challenges with their sales in underdeveloped nations can hinder the market growth. Investors are investing in strengthening the medical base of the market across these regions can counter the smart insulin pens market slow-down.
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Segment Overview
The segment evaluation of the smart insulin pens market is based on distribution channel and product type. The product type-based segments of the smart insulin pens market are connecting device and smart pen. The smart pen segment can surge at considerable pace in the study period. The increase in sales of both smart pen and connecting device can earn high revenue for the market in the forecast tenure. The smart pens segment can surge at 10.98% CAGR over the analysis period. The introduction of user-friendly design of smart insulin pens can prompt the market growth in the study period. As insulin pens brands focuses on innovations, the ingression of technical advances can prompt the market upsurge.
The distribution channel-based segments of the smart insulin market are hospitals or retail pharmacies, and online. The increase in number of hospital and retail pharmacies and them experiencing considerable surge in sales of smart insulin can favor the market. However, escalation of online sales of smart insulin pen as diabetic patients seek treatment and consultation on online platform can impact the market. MRFR study reveals that the hospital or retail pharmacies segment can value USD 47.97 Mn by 2027.
Regional Analysis
The smart insulin pen in the America is expected to rise at decent pace in the near future. The growth of the smart insulin pen market in the US is considerable due to rapid uptake of advanced medicines and diagnostic measures by several target patients. The presence of well-established healthcare industry and the large-scale manufacturing of medical device are causes that are expected to benefit North America market in the coming years. The emergence of new companies and active brand promotion strategies adopted by top-notch companies in the region can contribute to the expansion of the market in the coming years.
In APAC smart insulin pens market is likely to rise at the highest pace in the upcoming years. The expansion of the diagnostic health industry and increasing prominence of insulin pens can bolster the market expansion in India and other regions of APAC. The growing awareness about modern pen needles and active campaigns promoting smart insulin pens can benefit the market in the years to come. In Europe, the smart insulin market growth can be attributed to hike in investment made by international vendors to expand their global presence. The introduction of latest products for diabetes care and upscaling demand for green insulin pen can improve momentum of the market.
Competitive Landscape
Novo Nordisk A/S, Companion Medical, Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Ypsomed Holding AG, Eli Lily and Company, and Amesco Co. Ltd., are some key players in the smart insulin market that are listed by MRFR. Adoption of strategic M&A for launching and promoting innovation can boost the competitive landscape of the smart insulin pen market in the study period. The smart insulin pens industry assessment by MRFR focuses on growth dynamics of the market that is impacted by businesses and manufacturers entering into relationships. Different firms are developing innovations in pump therapy and advanced glucose monitoring to boost patient medication compliance for growing cases of type 2 diabetes. The rise of the smart insulin pens and pumps market can also be attributed to product development by top-notch companies.
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