Global Smart Insulin Pens Market is anticipated to rise at a value CAGR of 10.4% over 2019-2028. According to a study published by Insure Insights on the Global Smart Insulin Pens Market. Smart Insulin Pens are those pens that are helpful in diabetes management. It acts as a companion that keeps track of the insulin dose. These pens are convenient and reusable. The Cost efficiency of Smart Insulin pens over Pumps are driving the market growth

Top Driver: The surge in Diabetes disorder around the globe.

The rise in the occurrence of Diabetes disorder around the globe and the rise in the geriatric population suffering from Diabetes has escalated the market. The technological advances, New Product launches, approvals, and government initiatives for proper control in Diabetes have expanded the overall growth. The increase in awareness regarding advanced diabetic management tools has further boosted the market growth.

Type 2 Diabetes has obtained the highest segmental growth in the Global Smart Insulin Pens Market

Based on the Indication, Type 2 Diabetes segment has dominated the segmental growth due to the rise in the incidence of Type 2 Diabetes as compared with Type 1 Diabetes. The Center for Disease Control and Prevention has estimated that more than 34 million Americans are suffering from Diabetes and approximately 90-95% of them are suffering from type 2 diabetes; it is recorded that after the age of 45 Type2 diabetes is more common in individuals and thus have boosted the market growth of smart insulin Pens

In terms of the Connectivity, Bluetooth connectivity segment has obtained the most remarkable growth owing to the technological advances in the Bluetooth connectivity feature; it is more preferred as it shares the data of the insulin dosage with the healthcare provider. In terms of the End User,  Hospitals and Ambulatory Surgical Centers segment,  have obtained the most significant growth owing to the availability of better healthcare infrastructure and technologically advanced systems.

North America boosts the regional market due to the Technological advancements    

North America has held the highest market growth owing to technological advances for the development of smart insulin pens and, the rise in the incidences of Diabetes in the region are the primary factor driving the regional market growth. The surge in the geriatric population with Diabetes and an increase in healthcare spending has further contributed to the regional market revenue. New product launches, approval, favorable government initiative have expanded the overall  regional market revenue.

For instance, the year 2018, The American Diabetes Association has estimated that about   34.2 million Americans, i.e., 10.5% of the population, suffer from Diabetes. About 1.6 million Americans have type 1 diabetes that includes 187,000 children and adolescents

Product launches, Mergers, and Acquisition are the major strategies of the competitors

The Players of the Global Smart Insulin Pens Market is fragmented. Product launches, Mergers, and Acquisition are strategies used by the competitors   The key competitors of the Global Smart Insulin Pens Market are Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Companion Medical, Diabnext, Jiangsu Delfu medical device Co., Ltd, BERLIN-CHEMIE, DIAMESCO CO., Ltd., Emperra GmbH E-Health Technologies and Patients Pending Ltd.

Companion Medical: Companion Medical is one of the key competitors of the Global Smart Insulin Pens Market; for instance, In June 2020, Companion Medical had announced that it had received the FDA approval for a smart insulin pen system. Companion Medical have claimed that their InPen is the only FDA-cleared, smart insulin pen system, that consist of a reusable, Bluetooth insulin pen and an intuitive mobile app so as to help the users to take the right insulin dose, at the right time.

Sanofi:  Sanofi is one of the popular competitor in the Global Smart Insulin Pen Market. In January 2018, Sanofi had announced the acquisition of Ablynx it is a Belgian biotech company. The deal was done for USD 4.8 billion. The acquisition was made by Sanofi to strengthen its product portfolio in rare blood disorders treatments.

Scope of the Report

By Indication

• Type 1 Diabetes
• Type 2 Diabetes

By Connectivity

• Bluetooth
• USB

By Distribution Channel

• Hospitals and Ambulatory Surgical Centers
• e-Commerce
• Retail Pharmacies

By Region

• North America
• Europe
• Asia Pacific
• LAMEA

Key Reasons to Purchase this Report

1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.