Smart Insulin Pens Market Overview:
Global Smart Insulin Pens Market was valued at $57 million in 2016, and is estimated to reach $117 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. Smart insulin pens are used for external insulin delivery thus offering an easy to carry solution to diabetes management. The demand for the insulin pens has increased considerably in the recent years owing to the increase in incidence of diabetic patients coupled with their cost-effective nature as compared to insulin pumps. In addition, their simple functioning and accuracy related to insulin dosing further stimulates their demand. However, there are certain disadvantages associated with the use of insulin pen such as two types of insulin cannot be mixed in an insulin pen, thus increasing the frequency of injections needed. This in turn impedes the market growth.
Rise in Diabetic Population
Rise in prevalence of diabetes raises the demand for needle-free insulin delivery devices. According to the Centers for Disease Control and Prevention, in 2015, approximately 30.3 million people or 9.4% of the total population of the U.S. suffered with diabetes. In addition, according to the Diabetes UK, in 2016, approximately 3.6 million people were diagnosed with diabetes. Hence, increase in diabetics is expected to have a positive impact on the market.
Growth in Asia-Pacific
Asia-Pacific offers lucrative opportunities for the market growth, due to its high population base and increase in incidence of diabetic patients. In addition, low cost of the device as compared to insulin pen further increases the demand of pens in the region.
Benefits of Smart Insulin Pens
Smart insulin pens offer several benefits as compared to other insulin delivery devices such as it is easier to use than syringe and being portable in nature, can be easily used outside home. In addition, the pen allows to dial the dose accurately, which helps the people with vision problems to administer insulin easily.
Global Smart Insulin Pens Market Segmentation
The global smart insulin pens market is segmented on the basis of type, usability, end user, and region. Based on type, the market is classified into first generation and second generation insulin pens. The second generation insulin pens are further bifurcated into Bluetooth-enabled and USB connected insulin pens. By usability, it is segmented into pre-filled and reusable insulin pumps. According to the end user, the market is classified into hospitals & clinics, ambulatory surgical centers, and home care settings. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key companies operating in the market include Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, and Emperra GmbH.
South Africa Smart Insulin Pens Market, 2016-2023 ($Million)
- The study provides an in-depth analysis of the global smart insulin pens market, with current trends and future estimations, to elucidate the imminent investment pockets.
- Quantitative analysis from 2016 to 2023 of all geographical regions is expected to enable the stakeholders to capitalize on prevailing market opportunities.
- Extensive analysis is conducted by closely following key product positioning and monitoring the top contenders within the market framework.
Global Smart Insulin Pens Market Key Segments:
- First Generation Pens
- Second Generation Pens
- USB Connected
By End User
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA