Smart insulin pen is a medical device used to inject insulin for the treatment of diabetes. Insulin pens have an attached insulin cartridge and hence do not need a syringe and separate vial.
The 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. The market is expected to witness significant growth during the forecast period owing to rising geriatric population coupled with increasing incidence of diabetics. In addition, these pens can be easily used by people with visual or fine motor skills impairments further stimulates the market growth. However, insulin pens are inconvenient to use for the patients in need of mixture of two type of insulins, which in turn impedes the market growth.
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 global smart insulin pens market is highly competitive and is lucrative in nature. The key market players have adopted various developmental strategies such as product launch & approval, strategic acquisitions, and mergers to strengthen their market position.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors.
- It offers an extensive analysis of the current and emerging market trends and dynamics through 2016–2023 to identify the upcoming market opportunities.
- Recent industry trends and developments and the future opportunities are also covered.
- Extensive knowledge about the key market players and their strategies is provided.
- Comprehensive analysis of factors that drive and restrain the growth of the market is provided.
KEY MARKET SEGMENTS
First Generation Pens
Second Generation Pens
By End Users
Hospitals & Clinics
Ambulatory Surgical Centers
Home Care Settings
Rest of Europe
Rest of Asia-Pacific
Key market players
The key players operating in this market include the following:
Eli Lilly and Company