Smart Insulin Pen Market Is Estimated To Witness High Growth Owing To Increasing Incidences Of Diabetes
Smart Insulin Pen Market
The global Smart Insulin Pen Market is estimated to be valued at US$ 43.9 Million in 2023 and is expected to exhibit a CAGR Of 11.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Smart insulin pen is a digital device used for the management of diabetes. It
combines the features of a traditional insulin pen with connectivity and data
tracking capabilities. The device helps to monitor blood glucose levels, track
insulin doses, and provides reminders for insulin injections. Smart insulin
pens provide accurate dosing, reduce the risk of human errors, and offer
convenience and flexibility to diabetic patients.
Market Key Trends:
The key trend driving the growth of the smart insulin pen market is the
increasing incidences of diabetes worldwide. According to the International
Diabetes Federation, the global prevalence of diabetes is expected to reach 578
million by 2030. The rising prevalence of diabetes is creating a significant
demand for efficient and advanced diabetes management devices. Smart insulin
pens offer numerous advantages over traditional insulin pens, such as easy data
tracking, reminder notifications, and accurate dosing. These devices are
witnessing a high adoption rate among diabetic patients, leading to the growth
of the global smart insulin pen market.
PEST
Analysis:
Political: The political factors influencing the smart insulin pen market
involve regulations and policies related to healthcare and medical devices.
Government initiatives and regulations promoting the adoption of smart insulin
pens can drive market growth.
Economic: Economic factors such as healthcare expenditure and disposable income
of individuals play a significant role in the smart insulin pen market.
Increasing healthcare expenditure and rising disposable income in developing
countries can contribute to market growth.
Social: Social factors such as increasing prevalence of diabetes and growing
awareness about self-management of the disease can drive the demand for smart
insulin pens. The ease of use and convenience offered by these devices can also
encourage their adoption.
Technological: Technological advancements in the field of healthcare and
diabetes management contribute to the growth of the smart insulin pen market.
Integration of Bluetooth and smartphone connectivity, development of
user-friendly interfaces, and the introduction of artificial intelligence in
insulin pens are some of the technological advancements shaping the market.
Key Takeaways:
The global Smart Insulin Pen Market is expected to
witness high growth, exhibiting a CAGR of 11.3% over the forecast period
(2023-2030), due to the increasing prevalence of diabetes and the demand for
better self-management tools. The market is driven by factors such as
government initiatives promoting the adoption of smart insulin pens, rising
healthcare expenditure, and growing awareness about the benefits of these
devices.
In terms of regional analysis, North America is anticipated to be the
fastest-growing and dominating region in the smart insulin pen market. Factors
such as the high prevalence of diabetes, well-established healthcare
infrastructure, and early adoption of advanced medical technologies drive the
market growth in this region.
Key players operating in the smart insulin pen market include Digital Medics
Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, Companion Medical
Inc., Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Pendiq GmbH,
Sanofi, Berlin Chemie, Companion Medical Inc., Bigfoot Biomedical, Digital
Medics Pty Ltd, Eli Lilly and Company, Ypsomed Holding AG, and Diabnext
Diamesco Co. Ltd. These key players contribute to the market by developing
innovative smart insulin pen devices, forming strategic partnerships, and
expanding their geographical presence.
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