The global smart insulin pensmarket size reached US$ 118.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 193.2 Million by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
A smart insulin pen is a reusable injector pen with a smartphone app that facilitates patients with diabetes in managing their insulin delivery efficiently. It is more affordable, easy to use, and provides helpful reminders, alerts, and reports compared to conventional insulin. It helps calculate doses of the blood sugar level, carbohydrate amounts, meal size, and active insulin. In addition, it notifies the expiration date or exceeding the temperature range of insulin to replace the cartridge timely. As a result, smart insulin pen finds extensive applications in hospitals, clinics, ambulatory surgical centers, and home care units across the globe.
Smart Insulin Pens Market Trends:
At present, the growing awareness among the masses about the benefits of smart insulin pens, such as delivering accurate half-unit doses, preventing skipped or missed doses, and tracking time and number of doses, represents one of the key factors driving the market. Besides this, there is a rise in the prevalence of diabetes due to the increasing obesity and geriatric population across the globe. This, along with the burgeoning healthcare industry, is strengthening the growth of the market. In addition, key market players are extensively investing in research and development (R&D) activities to introduce smart insulin pens with memory and timing function that provides intelligent injection for patients. They are also focusing on developing Bluetooth-connected smart insulin pens. Moreover, there is an increase in the adoption of home treatment as it is more comfortable, convenient, and personalized. This, coupled with the escalating demand for needle-free insulin delivery devices due to the rising needle stick injuries while using, handling, disassembling, or disposing of needles, is bolstering the growth of the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart insulin pensmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, usability, indication, connectivity and end user.
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Type, Usability, Indication, Connectivity, End User, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global smart insulin pens market was valued at US$ 118.1 Million in 2022.
We expect the global smart insulin pens market to exhibit a CAGR of 11.5% during 2023-2028.
The growing consumer awareness towards the numerous benefits associated with smart insulin pens, such as delivering accurate half-unit doses, preventing skipped or missed doses, tracking time and number of doses, etc., is primarily driving the global smart insulin pens market.
The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of smart insulin pens by diabetic patients to manage their insulin delivery efficiently and reduce the need for hospitalization.
Based on the type, the global smart insulin pens market can be categorized into first generation pens and second generation pens. Currently, first generation pens hold the majority of the total market share.
Based on the usability, the global smart insulin pens market has been segregated into prefilled and reusable, where reusable currently exhibits a clear dominance in the market.
Based on the end user, the global smart insulin pens market can be bifurcated into hospitals and clinics, ambulatory surgical centers, and home care settings. Currently, hospitals and clinics account for the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global smart insulin pens market include 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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