Smart Insulin Pen Market was valued at $59 million in 2016, and is estimated to reach $123 million by 2023, growing at a CAGR of 11.2% during the forecast period. Smart insulin pens are used in delivering insulin externally, and as a result, offering better diabetes management system. Insulin pens have gained popularity in the recent years. The demand is due to rapidly rising number of diabetic patients, and cost-effectiveness of the smart insulin pens. In addition, the simple functioning and accurate delivery of appropriate dosing adds to the demand. Nevertheless, some limitations prevail that limit the market growth, such as such as two types of insulin cannot be mixed in an insulin pen, therefore, leading more number of injections.
Diabetes is a major health condition that is rapidly growing among the world population; therefore, the adoption of smart insulin pens is vital for a safe and effective administration of insulin to people suffering from Diabetes. The major factors that drive the growth of the market include growing diabetic population, lower cost of insulin pumps, and painless injections. The other benefit of the device is that, it can be easily used by people with visual or motor skills impairments, which adds to the market growth.
Based on type, the market report segments the market into First Generation Pens and Second Generation Pens. Second Generation Pens further sub segmented into Bluetooth-Enabled and USB Connected. The End User covered under the report includes Hospitals & Clinics, Ambulatory Surgical Centers, and Home Care Settings. Based on usability, the market is segmented into prefilled insulin pens and reusable insulin pen. The report also covers geographical segmentation of Smart Insulin Pen market. The geographies included in the report are North America, Europe, Asia-Pacific, Middle East and Africa. For the better analysis, the geographies are segmented into countries.
The market research report covers the analysis of key stake holders of the Global Smart Insulin Pen Market. Key companies profiled in the report include Companion Medical Inc, Digital Medics Ptd Ltd, Eli Lilly and Company, Novo Nordisk A/S, DIAMESCO, F. Hoffmann-La Roche AG, Insulet Corporation, CardioComm Solutions, Inc., Emperra GmbH E-Health Technologies, and Jiangsu Delfu medical device Co.,Ltd.