Smart Insulin Pens Industry Emerging Technologies Competitive Landscapes

Posted by Rohit Kamble on November 27th, 2019

Smart Insulin Pens Industry Scenario

Smart insulin pens are advance drug delivery devices used for delivering insulin to the diabetes patients. Smart insulin pens are more compactible, easy to carry and more accurate than traditional insulin delivery devices

The global Smart Insulin Pens Industry accounted for USD 60 million and expected to register 10.4%. CAGR during the forecast period (2018–2023).

The factors propelling the growth of the global Smart Insulin Pens Industry are the rising prevalence of diabetes along with the growing geriatric population, increasing awareness about insulin pens, and demand for improved treatment to manage diabetes.

However, the high costs associated with smart insulin pens, side effects of insulin pens, and growing popularity of other substitutes such as insulin pumps may hamper market growth during the assessment period.

Smart Insulin Pens Industry Key Players:

Some of the key players in the global Smart Insulin Pens Industry are Diamesco Co., Ltd., Novo Nordisk A/S, sanofi-aventis US LLC., Lilly USA, LLC, Digital Medics Pty Ltd., InjexUK, Companion Medical, Biocorp, Smiths Medical, NIPRO Medical Corporation, and Emperra GmbH E-Health Technologies

The global Smart Insulin Pens Industry is currently dominated by several players. The market players are engaged in strategic collaborations and acquisitions to expand their product portfolios. For instance, in March 2017, Lilly USA, LLC launched pre-filled insulin injector  Humalog 200U/mL KwikPen in the market, it is rapid acting and efficient smart insulin pen.

The global Smart Insulin Pens Industry has been segmented on the basis of product type , usability, and distribution channel.

Smart Insulin Pens Industry Segmentation:

The global Smart Insulin Pens Industry has been segmented on the basis of product type, usability, and distribution channel.

On the basis of product type, the market has been classified as first-generation pens and second-generation pens. The second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.

The usability segment has been divided into disposable pens and reusable pens. Reusable insulin pens segment is likely to be the fastest growing segment during the forecast period.

The market, by distribution channel, has been segmented into online medical stores, retail pharmacies, diabetes clinics, and hospital pharmacies.

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Smart Insulin Pens Industry Regional Analysis:

The Americas are likely to dominate the global Smart Insulin Pens Industry due to the increasing prevalence of diabetes, favorable policies government and regulatory policies, and high adoption rate of advanced technology.

The European market is expected to be the second-largest Smart Insulin Pens Industry. The growing acceptance of advanced drug delivery devices, the presence of major market players in the region, and rising diabetic population in the region are the factors responsible for the growth of the Smart Insulin Pens Industry in the region.

Asia-Pacific is anticipated to be the fastest-growing Smart Insulin Pens Industry during the forecast period owing to the increase in population, rising prevalence of diabetes, and government initiatives for the development of the healthcare sector.

The market in the Middle East & Africa is likely to account for the smallest share of the global Smart Insulin Pens Industry.