Market Research Future (MRFR) confirms that the Smart Insulin Pens Market 2020 was worth USD 72.97 Million in 2019, thanks to the escalating cases of diabetes, surge in product approvals and launches, expanding geriatric population and more.
COVID-19 Analysis
The COVID-19 outbreak has been an impactful event, with the diabetes community facing a host of challenges, since SARS-CoV-2 affected individuals with diabetes are more prone to developing adverse symptoms and have a greater fatality rate compared to patients with no comorbidities. The novel coronavirus and the subsequent lockdown have also affected the diabetes community in the form of drug repurposing, weakened manufacturing processes and shortage of essential medical devices like smart insulin pens.
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However, studies are being conducted and notable advancements are taking place in the diabetes space, with clinical needs of patients garnering the focus of the healthcare industry. Following the pandemic, companies have been focusing on enhancing their products’ durability, tolerability, ease of compliance, hypoglycemia avoidance, as well as on strengthening their supply chains to close the demand and supply gap, which can be favorable for the smart insulin pens market, despite the pandemic.
Market Segmentation
The market for smart insulin pens has been segmented into product type and end-users. Based on the segment which is product type, the market is categorized on the basis of smart pen and connecting device. The global market for smart insulin pens is further segmented based on end-users into hospital/retail pharmacies and online.
The global smart insulin pens industry analysis research report covers all the aspects of the smart insulin pens market based on the segmental analysis of these product types and end-users segments. Analysts have also studied the global smart insulin pens market's regional markets spread across many continents and countries. The product type and end-users segments along with their sub-segments have been analyzed and companies functioning in the smart insulin pens market across these segments are profiled and analyzed based on input and feedback from smart insulin pens industry based decision makers as well as primary and secondary sources. The smart insulin pens market research report presents analysis based information for companies functioning in the smart insulin pens market.
Regional Overview
New government rulings or hospital strategies in the wake of the pandemic may hinder the smart insulin pens market growth. The market research report suggests that companies in the smart insulin pens industry could be supported by broadening insurance coverage as well as the massive population suffering from diabetes during the forecast period. The smart insulin pens market is set to register growth at a high CAGR owing to these key factors. The market for smart insulin pens is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global smart insulin pens market research report reveals that APAC, North America, and Europe regional smart insulin pens markets will dominate the global market for smart insulin pens during the forecast period 2018 to 2023. As per smart insulin pens market analysts, the market is set to witness tremendous growth across devices as well as hospitals and clinics segments in North America which covers smart insulin pens markets across the United States, Canada, Mexico and several other regional markets. Companies active in the smart insulin pens market are also analyzed and studied in the smart insulin pens market research report.
The smart insulin pens industry for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the smart insulin pens market research report covers the Asia-Pacific region covering smart insulin pens markets from India, China, Japan, Australia, and others. The smart insulin pens market is also spread across the rest of the world. The smart insulin pens market report covers all such regions including the Middle East, Africa, Brazil, and others.
Competitive Landscape
Smart insulin pens have seen increased demand over the years, due to the commonness of unhealthy eating habits and lifestyles and the collective surge noted in product approvals. Companies functioning in the global smart insulin pens market are also being challenged due to stringent rules and concerns regarding the approval process. Mergers and acquisitions by smart insulin pens market companies are anticipated to help the market during the forecast period 2018 to 2023. As the smart insulin pens market is set to register a high CAGR of 6.92% and is also anticipated to reach a US$23,624.01 million by 2025, the report highlights key areas companies need to focus on. The report suggests that the smart insulin pens market will see a healthy growth in the long run till 2023. Based on SWOT analysis and smart insulin pens market’s analysis based on Porters’ Five Force Model presented in the smart insulin pens market report. Mergers and acquisitions by smart insulin pens market companies are anticipated to help the market during the forecast period 2018 to 2023.
MRFR recognizes the following companies as the Key Players in the Global Smart Insulin Pens Market— Companion Medical, Eli Lily and Company, Diamesco Co., Ltd., Ypsomed Holding AG, Emperra GmbH E-Health Technologies, Digital Medics Pty Ltd., and Novo Nordisk A/S and Others.
Industry News
Medtronic, a world pioneer in medical devices, revealed today that it will acquire privately owned Companion Medical, the maker of InPen, the only FDA-approved smart insulin pen device with an embedded diabetes care app on the marketplace. The inclusion of Companion Medical's InPen to Medtronic's portfolio broadens the company's potential to help patients at every stage in their disease path and provide them with a unique and vast ecosystem of assistance — independent of how insulin is administered. Companion Medical's acquisition draws on strong algorithms that take advantage of the corporation's deep data analytics and Artificial intelligence.
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