The smart insulin pens market is expected to grow with a CAGR of around 18% during the forecast period 2016-2023. The rising prevalence of diabetes is one of the major factor which is increasing the growth of global smart insulin pens market. As per international diabetes federation, it is expected that around 642 million people are expected to suffer from diabetes around the world by the end of 2040. Hence, the growing concern for continuous glucose monitoring for diabetic patients is rising the demand smart insulin devices. Factors such as lack of dose flexibility and privacy and security concern are major challenges restricting the growth of smart insulin pens market.
Geographically,. North America held the highest revenue share in 2016 in smart insulin pens market. The growth in North America market is majorly driven by the increasing adoption of smart glucose monitoring devices and rising prevalence of diabetes in the North America. The Asia Pacific smart insulin pen market is expected to grow with an impressive CAGR during the forecasted period 2016-2023. The growth in the region is mainly driven by rising adoption of smart devices for glucose monitoring which helps to maintain the sugar level of patients. Furthermore, presence of diabetic patient pool in Asian countries such as India, China, Japan, etc. is also contributing to growth in Asia Pacific smart insulin pens market.
The key players of insulin pens market who are actively working for the development of new technology are Abbott(U.S.), Companion Medical Inc. (U.S.), Elli Lilly (U.S.), Emperra Gmbh (Germany), Medtronic’s (U.S.) and Jiangsu Delfu Medical Device Co. (China) etc. all such players are adopting various strategic initiative such as product development, investment, research and development, expansion, etc. to sustain in the dynamic market.
The smart insulin pen market is segmented on the basis of connectivity, indication, channel and geography. Based on connectivity global smart insulin pens market report segment includes bluetooth connected smart insulin pens and USB connected smart insulin pens. Bluetooth connected smart insulin pens held the highest revenue share in connectivity segment. The Bluetooth connectivity feature permits automatic insulin data sharing to healthcare providers. The sharing of insulin data automatically helps to track and monitor the patients sugar level. Hence, the features of Bluetooth connected smart insulin pens is boosting the growth in the global smart insulin pens market.