Smart Insulin Pen Market is Likely to Grasp the Value of USD 62.63 Million by 2029, Size, Share, Growth Drivers, Trends, Challenges and Competitive Landscape
Data Bridge Market Research
Updated 13 min read
Data Bridge Market Research
Data Bridge Market Research analyses that the smart insulin pen market which was USD 31.2 million in 2021, would rocket up to USD 62.63 million by 2029, and is expected to undergo a CAGR of 9.10% during the forecast period 2022 to 2029
NEW YORK, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research completed a qualitative study titled "Smart Insulin Pen Market" with 100+ market data tables, pie charts, graphs, and figures spread across Pages and an easy-to-grasp full analysis. The data, information, statistics, facts, and figures covered in the Smart Insulin Pen report lend a hand to the Smart Insulin Pen industry in maximizing or minimizing the production of goods depending on the conditions of demand. The estimations of CAGR values are quite significant which aids businesses to decide upon the investment value over the time period. Unsurpassed and well-established tools and techniques such as SWOT analysis and Porter’s Five Forces analysis have been used in the whole report for the purpose of forecasting, analysis, and estimations. Thus, the transparent, consistent, and extensive market information of the Smart Insulin Pen report will definitely develop the business and perk up return on investment (ROI).
The Smart Insulin Pen Market report comprises of data that can be pretty indispensable when it is about dominating the market or making a mark in the market as the latest emergent. The Smart Insulin Pen Market report studies and evaluates market drivers, market restraints, challenges, opportunities, and key developments in the market. It also includes strategic profiling of top players in the market, wide-ranging analysis of their core competencies, and their strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions that are applicable to the businesses. The Smart Insulin Pen Market research report consists of a systematic and comprehensive market research study that provides facts and figures in the field of marketing.
Data Bridge Market Research analyses that the smart insulin pen market which was USD 31.2 million in 2021, would rocket up to USD 62.63 million by 2029, and is expected to undergo a CAGR of 9.10% during the forecast period from 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Smart insulin pens are reusable injector pens that can be connected to smartphone apps. The majority of diabetic patients face difficulty to calculate their insulin dosage. The result could be insulin stacking. It helps you to improve insulin administration by managing your diabetes. These "second-generation" pens pair with USB or Bluetooth technology to enable wireless transmission of data to your app.
This Smart Insulin pen calculates and tracks doses and provides helpful reminders, alerts, and reports. The smart insulin pens also come with extra functions including data transfer, time and dose recorder, and memory function. In the coming years, a crucial aspect that is anticipated to propel the global market for smart insulin pen is the rise in prevalence of the two forms of diabetes in both children and adults, which is caused by obesity and changing lifestyle and dietary habits.
Opportunities
Integrated technology measuring blood glucose levels and determining insulin dosage. Patients can provide their information to doctors or other healthcare experts through sophisticated technological tools and apps. For instance, In pen insulin pens are linked to smartwatches, armbands, and smart apps, which assist in tracking physical activity and transmitting the information to doctors. The US market has seen increased competition from a number of manufacturers. For instance, Novo Nordisk's NovoPen® 6 and NovoPen Echo® Plus, which can record and save the past 800 injection doses, including airshots, and enable optimal insulin management, were approved for use in 2019.
Fundamental Aim of Smart Insulin Pen Market Report
In the Smart Insulin Pen Industry, every company has goals, but this report focuses on the most important ones, allowing you to gain insight into the competition, the future of the market, potential new products, and other useful information that can boost your sales significantly.
In February 2020, A partnership between Senseonics and Companion Medical was announced. Senseonics is a US-based medical technology firm that primarily focuses on designing, developing, and marketing glucose monitoring systems. The relationship will benefit both businesses by fusing the Eversense CGM Technology with the InPenT smart system for precise insulin delivery.
In March 2022, Novo Nordisk announced the Novo Pen 6 and Novo Pen Echo Plus, two smart linked insulin pens that are currently available in the UK on prescription for those with diabetes who use Novo Nordisk insulin. These two new smart insulin pens, the Novo Pen 6 and Novo Pen Echo Plus, record each injection's insulin dosage automatically.
Radical conclusions of the report:
Industry overview with a futuristic perspective
Analysis of production costs and analysis of the industrial chain
Full regional analysis
Benchmarking the competitive landscape
Market growth trends; current and emerging
Technological developments and products
Comprehensive coverage of market factors, restraints, opportunities, threats, limitations, and outlook for the Market
SWOT Analysis, Porter’s Five Forces Analysis, Feasibility Analysis, and ROI Analysis
Key Market Segments Covered in Smart Insulin Pen Market Industry Research:
Emerging technologies in smart insulin pens are projected to drive the global smart insulin pen market during the forecast period. To detect the insulin level, an iSenz adaptor is used for smart insulin pens. It offers injection angles for diabetic injection site optimization. For insulin pens connected to the internet, there is an adaptor called Easylog. In order to manage chronic illnesses such as diabetes, it gives patient the proper dosage and delivers improved comfort. InsulCheck is a cap that fits insulin pens and has a sensor to monitor temperature and consumption. And these are some of the examples of smart insulin pens which accelerate the market growth.
Integration of monitoring and therapeutic features
Smart insulin pens have many benefits for diabetes management. These pens have extra features that make it easier to keep track of the previous insulin dose. Daily injections of insulin with a syringe and needle are challenging and unpleasant. With improvements in device communication technology, more people are using their smartphones and the internet to track their records and drives the market's growth.
Opportunities
Integrated technology measuring blood glucose levels and determining insulin dosage. Patients can provide their information to doctors or other healthcare experts through sophisticated technological tools and apps. For instance, In pen insulin pens are linked to smartwatches, armbands, and smart apps, which assist in tracking physical activity and transmitting the information to doctors. The US market has seen increased competition from a number of manufacturers. For instance, Novo Nordisk's NovoPen® 6 and NovoPen Echo® Plus, which can record and save the past 800 injection doses, including airshots, and enable optimal insulin management, were approved for use in 2019.
The smart insulin pen market is analysed and market size insights and trends are provided by country, product type, connectivity type, application and distribution-channel as referenced above.
The countries covered in the smart insulin pen market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the smart insulin pen market due to rise in prevalence of diabetes, new product launches and high cost of smart insulin pen are also expected to contribute to the regional market growth.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the increase in geriatric population with diabetes in the region.
Europe Insulin Delivery Devices Market, By Type (Insulin Syringes, Insulin Jet Injectors, Pen Needles, Insulin Pumps), Application (Type I Diabetes, Type II Diabetes), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales, Diabetes Clinics), End Use (Hospitals, Clinics, Homecare, Specialty Centers), Country (Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe) https://www.databridgemarketresearch.com/reports/europe-insulin-delivery-devices-market
Human Insulin Drugs and Delivery Devices Market, By Product (Human Insulin (HI) Drugs, Human Insulin (HI) Delivery Devices), Drug (Insulin Analogs and Biosimilar, Long-Acting Biosimilar, Rapid-Acting Biosimilar, Premixed Biosimilar, Human Insulin Biologics, Short-Acting Biologics, Intermediate-Acting Biologics, Premixed Biologics), Delivery Device (Syringes, Pens, Disposable Pens, Reusable Pens, Pen Needles, Standard Pen Needles, Safety Pen Needles), Application (Type I Diabetes, Type II Diabetes), End-Users (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Pharmacy, Others) https://www.databridgemarketresearch.com/reports/global-human-insulin-drugs-and-delivery-devices-market
North America Human Insulin Drugs and Delivery Devices Market, By Drugs (Basal or Long Acting Insulins, Bolus or Fast-Acting Insulins, Traditional Human Insulins, Combination Insulins and Biosimilar Insulins), Device (Insulin Pumps, Insulin Pens, Insulin Syringes and Insulin Jet Injectors), Delivery Devices (Syringes, Pens and Pen Needles), Application (Type II Diabetes and Type II Diabetes), Product (HI Drugs, HI Delivery Devices), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales, Diabetes Clinics/ Centers and Other), End User (Hospitals and Clinics, Homecare and Specialty Centers), Country (US, Canada, Mexico) https://www.databridgemarketresearch.com/reports/north-america-human-insulin-drugs-and-delivery-devices-market
Insulin Infusion Pumps Market, By Product (Insulin Pumps, Infusion Sets, Reservoirs), Application (Type I Diabetes, Type II Diabetes), End User (Hospitals and Clinics, Home Care, Laboratories), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-insulin-infusion-pumps-market
Automated Insulin Delivery Devices Market, By Type (Pens, Insulin Pumps, Pen Needles, Insulin Syringes and Others), End-User (Homecare, Hospitals, and Clinics), and Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of the Middle East & Africa) Industry https://www.databridgemarketresearch.com/reports/global-automated-insulin-delivery-devices-market
Insulin Market, By Product Type (Intermediate Acting Insulin, Short Acting Insulin, Rapid Acting Insulin, Long Acting Insulin), Source (Human Recombinant Insulin, Insulin Analogs), Disease Type (Type 1 Diabetes, Type 2 Diabetes, Gestational Diabetes, Prediabetes), Delivery Devices (Syringes, Pens, Pumps, Others), End Users (Home Healthcare, Hospitals, Over The Counter (OTC), Clinics, Others) https://www.databridgemarketresearch.com/reports/global-insulin-market
Insulin Secretagogue Market By Type (Sulfonylurea, Meglitinides, Others), Route of Administration (Oral, Parenteral, Others), End Users (Hospitals, Specialty Clinics, Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-insulin-secretagogue-market
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