Smart Insulin Pens Market: Current Analysis and Forecast (2021-2027)
Smart insulin pens are used for external insulin delivery thus offering an easy to carry solution to diabetes management. The demand for the insulin pens has increased considerably in the recent years owing to the increase in incidence of diabetic patients coupled with their cost-effective nature as compared to insulin pumps.
Smart insulin pens offer several benefits as compared to other insulin delivery devices such as it is easier to use than syringe and being portable in nature, can be easily used outside home. In addition, the pen allows to dial the dose accurately, which helps the people with vision problems to administer insulin easily. Increasing prevalence of diabetes among the population, rising government initiatives and widening margins of healthcare spending are some of the factors significantly impacting the demand of smart diabetes management solutions. However, stringent government regulatory policies and long, tedious approval procedure, lack of healthcare infrastructure and unavailability of resources to support R&D work in poor countries has been restricting the growth of smart insulin pens market
Based on types, the market is fragmented into first generation and second-generation devices. The second-generation segment generated revenue of USD XX million in 2020. The market is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F owing to its easy portability and wireless connectivity
Based on the end-users, the market is fragmented into hospitals, ambulatory surgery centers, and home care settings. The homecare settings segment on account of increasing geriatric population and rise self-administration among patients has generated revenue of USD XX million in 2020 and is anticipated to reach USD XX million by the year 2027F, growing at a CAGR of XX% over the forecast period (2021-2027)
Based on the distribution channel, the market is fragmented into hospital pharmacy, online sales, retail pharmacy, and diabetes clinics/centres. The retail pharmacy segment generated revenue of USD XX million in 2020 and is anticipated to reach USD XX million by the year 2027F, growing at a CAGR of XX% over the forecast period (2021-2027)
For a better understanding of the market adoption of the Single Pair Ethernet market, the market is analyzed based on its worldwide penetration in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the Smart Insulin Pens industry and generated revenue of USD XX million in 2020 owing to the high prevalence for diabetes. The North American and Caribbean region spent some 325 billion U.S. dollars on health care for people with diabetes in 2019. However, the Asia Pacific region would grow at the highest CAGR during the forecast period due to its high population base and increase in incidence of diabetic patients
Some of the major players operating in the market include Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, Emperra GmbH, Companion Medical, Ypsomed holding AG, F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co., Medtronics, etc. Several M&A's along with partnerships have been undertaken by these players to boost their presence in different regions