According to Future Market Insights, the global smart insulin market size is expected to cross US$ 1 Bn, growing at a positive CAGR between 2021 and 2031.
According to the data published by the International Diabetes Federation, globally diabetes will affect nearly 700 million people aged between 20 and 70 years by 2045. Such increase in the number of diabetic patients across the world will create conducive environment for smart insulin pen market growth.
Increase in diabetic patients across the globe can be attributed to rising instances of obesity and sedentary lifestyle diseases. Lack of physical activities made individuals breeding ground for chronic ailments leading to high demand of modern healthcare system.
Type-II diabetic patients require regular dosage of insulin and frequent monitoring of insulin level in the body. Smart pen make the diabetic management hassle free and is more effective than traditional methods. High efficacy of smart insulin pens will drive the market growth.
Non-invasive or minimally invasive surgeries are gaining popularity owing to documented incidence of patient trauma and injuries inducing further complications. Market players are therefore working towards developing smart insulin jet injectors, which permits insulin injection without the use of a needle.
These jet injectors permit insulin to cover greater skin area when compared to conventional insulin delivery method. Introduction of such tools will create growth opportunities in upcoming years.
“Increasing demand for noninvasive insulin delivery system owing to its faster delivery and minimum needle trauma and injury will positively influence smart insulin pens market growth,” remarks the FMI analyst.
- Around one tenth of U.S. population is suffering from diabetes. Rising prevalence of diabetes and increasing government initiatives to spread diabetes related awareness will provide lucrative market growth opportunities in U.S.
- Rising demand of needle free insulin injections and noninvasive surgeries and treatment option across U.K. will drive the smart insulin pen market growth in the country.
- Diabetes is putting excessive burden on healthcare system in Germany due to drastic increase in diabetic patients from last decade. Constant technological advancements and increasing government funding to reduce the financial pressure on the patient will heighten the smart insulin pen market demand.
- Presence of key market players, established healthcare system, and favorable insurance policies in France will drive the market growth during the forecast period.
- India with around 77 million people with diabetes is expected to create lucrative growth opportunities for the forecast period of 2021-2031. Rising population and increased consumer spending on healthcare coupled with increasing government initiative towards developing affordable and high quality medical treatment facilities are major market growth drivers in India.
- Increasing geriatric population and increasing demand for self-administered insulin delivery systems will accelerate the smart insulin pens market growth.
- High simplicity and effective dosage monitory facilities offered by smart insulin pens will fuel the market growth.
- Increasing government efforts to make smart insulin pens readily available and development in interface simplification will intensify the market growth.
- Stringent government regulatory policies and long and tedious approval procedure hampers the market growth.
- Lack of healthcare infrastructure and unavailability of resources to support R&D work in poor countries restricts the market growth.
- High price and lack of availability of smart insulin pens in low income countries will negatively affects the market sales.
The primary area of focus among all market players is performing merger, acquisition, and strategic collaboration as leading pharmaceutical companies aim at expanding their market foothold.
The key market players are also developing new products to gain competitive edge. They are primarily focusing towards developing innovative products to standout in the highly competitive market.
- Digital Medics Pty Ltd. provides the SmartPlus Digital Insulin Pen. The pen comes with Diabetes IQ App which tracks and controls the diabetes and assist in maintaining 195 insulin dosage histories with compatible insulin cartridges.
- An updated version of the app was released in March 2020, which included BG pattern recognition system, food database updates and enhanced analytics & reports.
According to FMI’s report, the following insulin pens manufacturers currently operate in the global market:
- Digital Medics Pty Ltd.
- Emperra GmbH e-Health Technologies
- Companion Medical Inc.
- Sanofi Aventis LLC
- Novo Nordisk A/S
- Eli Lily and Company
- Jiangsu Delfu Medical Device Co. Ltd.
- DIAMESCO Co Ltd.
- Patients Pending Ltd (Bigfoot Biomedical Inc.)
Request a report sample with 108 pages to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-1827
More Insights on FMI’s Smart Insulin Pens Market
The latest market study on global smart insulin pens market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
- Diabetes Type I
- Diabetes Type II
- Bluetooth Connected
- USB Connected
- Clinics & Ambulatory Surgical Centers
- Retail Pharmacies
- North America (US and Canada)
- Europe (Germany, UK, France, Spain, Italy and Rest of Europe)
- Asia-Pacific (India, China, Australia & New Zealand, Japan and Rest of APAC)
- Rest of the World (Brazil, Mexico, GCC and South Africa)