The Global Smart Insulin Pen Market size is expected to reach $117.3 million by 2024, rising at a market growth of 10.2% CAGR during the forecast period.
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. Smart insulin pens are used in delivering insulin externally, and are known for 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. 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 Product, the market is segmented into Second Generation Pens and First Generation Pens. Based on Usability, the market is segmented into Prefilled and Reusable. Based on End User, the market is segmented into Hospitals & Clinics, Ambulatory Surgical Centers and Home care settings. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Companion Medical Inc., Digital Medics Ptd Ltd., Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co., Ltd., F. Hoffmann-La Roche AG, Insulet Corporation, Emperra GmbH E-Health Technologies, Jiangsu Delfu medical device Co. Ltd., Bigfoot biomedica.