Global Smart Insulin Pens Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
Global Smart Insulin Pens Market is expected to reach the market valuation of USD 155.4 million by 2027 expanding at a reasonable CAGR of 8% during the forecast period (2021-2027) from USD 82.4 million in 2020. Smart insulin pens are used for external insulin delivery thus offering an easy to carry solution to diabetes management
The various factors driving the Smart insulin pens market include the increasing diabetes incidence and the growing number of geriatric populations. Diabetes was expected to affect 463 million people worldwide in 2019, accounting for 9.3% of the global adult population (20–79 years). In 2030, this number is predicted to rise to 578 million (10.2 percent) and 700 million (10.9 percent) in 2045. In 2019, the prevalence of diabetes was expected to be 9.0% in women and 9.6% in men. Furthermore, the rising adoption of insulin pens over other insulin administration options is also anticipated to drive the market. However, stringent government regulatory policies and long, tedious approval procedure, lack of healthcare infrastructure and unavailability of resources to support R&D work in poor countries has been restricting the growth of smart insulin pens market.
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The COVID19 has resulted in a profound re-evaluation of the advantages and costs of cancer care. The pandemic has been a devastating disease worldwide. Although an important number of diabetes people have been affected with diabetes, elderly, patients have been especially compromised. As per the report, ‘Diabetes and COVID-19: risks, management, and learnings from other national disasters’, during the outbreak of COVID-19 total patients hospitalized with COVID-19 in China, diabetes rates were estimated to be 8%, 7.87%, and 9.7%. Patients affected with diabetes accounted for 10.9% of all COVID-19 patients (equivalent to the proportion of the U.S. population with diabetes), 24 percent of hospitalized cases (non–intensive care unit [ICU]), and 32% of ICU admissions in the United States from February 12 to 28, March 2020. This has been boosting the market for Smart Insulin Pens market.
For a detailed analysis of the COVID-19 Impact on Smart Insulin Pens browse through - https://univdatos.com/report/smart-insulin-pens-market
Based on types, the market is fragmented into first generation and second-generation devices. The second-generation segment dominated the market in 2020 and generated the total revenue of USD XX million. It is anticipated to maintain its dominance during the forecast period owing to the increasing diabetes prevalence and rising awareness.
Based on the end-users, the market is fragmented into hospitals, ambulatory surgery centres, and home care settings. In 2020, home care settings segment accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.
For a detailed analysis of the types in Smart Insulin Pens browse through - https://univdatos.com/report/smart-insulin-pens-market
Based on distribution channel, the market is fragmented into hospital pharmacy, online sales, retail pharmacy, and diabetes clinics/centers. The retail pharmacy segment on account of increasing geriatric population and rise self-administration among patients generated revenue of USD XX million in 2020 and is anticipated to reach USD XX million by the year 2027F, growing at a CAGR of XX% over the forecast period.
Additionally, the report provides detailed initiatives that are being taken in the field of Smart Insulin Pens. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX million in 2020 owing to the increasing diabetes incidence and higher healthcare spending. At the same time, Asia-Pacific is anticipated to grow at the highest CAGR of XX% during the forecast period.
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Eli Lilly and Company, Novo Nordisk, DIAMESCO, Emperra GmbH, Ypsomed holding AG, F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co., and Medtronics are some of the prominent players operating in the global Smart Insulin Pens market. Several M&A’s along with partnerships have been undertaken by these players to develop Smart Insulin Pens.
Global Smart Insulin Pens Market Segmentation
Market Insight, by Type
- First generation
- Second generation
- Bluetooth enabled pens
- USB connected pens
Market Insight, by End-user
- Ambulatory surgery centers
- Home care settings
Market Insight, by Distribution channel
- Hospital pharmacy
- Online Sales
- Retail pharmacy
- Diabetes Clinics/Centers
Market Insight, by Region
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Eli Lilly and Company
- Novo Nordisk
- Emperra GmbH
- Companion Medical
- Ypsomed holding AG
- F. Hoffmann-La Roche AG
- Insulet Corporation
- Jiangsu Delfu medical device Co.