According to the global smart insulin pens market research report by IMARC Group, the market reached a value of US$ 118.1 Million in 2022, and it is projected to reach a value of US$ 193.2 Million by 2028, exhibiting a CAGR of 11.5% during 2023-2028.
How big is the Smart Insulin Pens market?
The global smart insulin pens market size reached US$ 118.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 193.2 Million by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
What Are Smart Insulin Pens?
Smart insulin pens refer to reusable injector pens with an intuitive smartphone application that can help people with diabetes manage insulin delivery adequately. It is mostly available in prefilled and reusable categories. Smart insulin pens are extremely affordable, easy to use, and offer helpful reminders, reports, and alerts. They are even capable of calculating insulin doses, managing insulin on board, sending alerts, setting helpful reminders, creating detailed reports, and notifying the expiration date insulin for replacing the cartridge timely.
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What are the growth prospects and trends in the Smart Insulin Pens industry?
The rising prevalence of diabetes among both the geriatric and younger population, owing to obesity, sedentary lifestyle, unhealthy eating habits, etc., is among the key factors driving the smart insulin pens market. Additionally, the growing healthcare industry and the inflating investments by leading manufacturers in research and development (R&D) activities to launch smart insulin pens with memory and timing functions that will provide intelligent injections for patients are acting as significant growth-inducing factors. In line with this, the introduction of Bluetooth-connected smart insulin pens is also positively influencing the market growth.
Moreover, the increasing product adoption in the home-care setting, on account of its convenience and personalization, is further stimulating the market growth. Besides this, the escalating demand for needle-free insulin delivery devices to prevent the risk of needle stick injuries while handling, disassembling, and disposing of needles is anticipated to bolster the smart insulin pens market over the forecasted period.
What Is Included In Market Segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- First Generation Pens
- Second Generation Pens
Breakup by Usability:
Breakup by Indication:
- Type 1 Diabetes
- Type 2 Diabetes
Breakup by Connectivity:
Breakup by End User:
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who Are The Key Players Operating In The Industry?
The report covers the major market players including:
- Bigfoot Biomedical Inc.
- Digital Medics Pty Ltd.
- Emperra GmbH E-Health Technologies
- Jiangsu Delfu Medical Device Co. Ltd
- Medtronic plc
- Novo Nordisk A/S
- pendiq GmbH and Ypsomed AG.
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