Global Smart Insulin Pens Market Size To Grow At 7.0 % CAGR From 2023 to 2030

Global Smart Insulin Pens Market Analysis (2023 - 2030)

As per our research report, the global Smart Insulin Pens Market size is estimated to be growing at a CAGR of 7.0 % from 2023 to 2030.

Smart Insulin Pens are devices designed for diabetes management. These improve the overall experience of administering insulin for individuals with diabetes. Smart insulin pens can track data and monitor insulin levels. It has features including accurate dosing of insulin, alerts, reminders, Bluetooth connectivity, ease of use, compatibility and portability. Smart Insulin Pens help in the reduction of hospital visits. The Smart Insulin Pens Market is expected to grow significantly in the coming years due to scientific advancements and increasing diabetes prevalence. Alarming escalation in diabetes cases, rising demand for improved diabetes management, growing inclination toward painless surgery, rising preference for smart insulin pens in homecare settings, technological advancements and product innovations, increasing adoption of refillable and connected insulin pens, rise in Type-2 Diabetes treatment, regulatory approvals and product launches, COVID-19 pandemic impact are the main drivers for the Smart Insulin Pens Market.

The COVID-19 pandemic had a significant impact on the Smart Insulin Pens Market. There were lockdowns, restrictions, immense need for vaccines, treatments, and other spreading preventive measures. During the pandemic, demand for smart insulin pens increased. Individuals with diabetes were considered a high-risk group for COVID-19. Smart insulin pens provide home-based insulin administration during lockdowns rather than visiting hospitals. E-commerce platforms witnessed an increase in sales of these devices during the pandemic. The pandemic resulted in increasing awareness of diabetes management.

Glooko Inc., a leading company, May 2021, formed a collaboration with Eli Lilly and Company to ease insulin management for diabetic patients and healthcare providers through the integration with Glooko's platform. This collaboration helps patients with diabetes using Lilly's connected insulin pen solutions. Also, Eli Lilly and Company started a partnership with DexCom, Inc., myDiabby Healthcare, Glooko Inc., and Roche. This helps to integrate data and technology to streamline diabetes management by providing unique diabetes management platforms compatible with Lilly's Tempo Pen™ and Tempo Smart Button

The restraints to the  Smart Insulin Pens Market mainly include high costs, strict product approval process, regulatory challenges, limited access in underdeveloped regions, and other strict Government regulations.

KEY MARKET INSIGHTS:

• Based on market segmentation by Product, Smart Insulin Pens holds the highest share in the market. This is mainly due to the rising number of diabetes cases. This demands more innovations for treatment. Smart Insulin Pens follow innovations and technical advances. There is an increasing adoption rate among patients due to Smart Insulin Pens' user-friendly design. Smart Insulin Pens are also easy to use. However, Smart insulin pumps are the fastest-growing segment during the forecast period. This is mainly due to the increasing demand for the latest technical advances in the treatment and management of diabetes. A wide product pipeline and successful clinical trials are the reasons behind its market growth.
• Based on market segmentation by End User, Hospitals and Clinics holds the highest share of the market. This is mainly due to the rising number of diabetic patients seeking treatment in hospitals. Hospitals and clinics have well-equipped infrastructure for the treatment and management of diabetes. Hospitals and clinics also have expert doctors for the treatment. Thus, Hospitals and clinics are the popular choice among patients. On the other hand, the Home care segment is the fastest-growing segment during the forecast period. It has a growth rate of CAGR of 12.7%. This is mainly due to the increasing demand for smart insulin pens in homecare settings. There is also increasing awareness regarding self-blood glucose monitoring devices which are cost-effective.
• Based on market segmentation by region, North America holds the most dominant position and the highest share of the market. This is due to many factors. North America has the largest number of cases of diabetes compared to other regions. North America is a developed region with advanced and well-established hospital infrastructure for the treatment and management of diabetes. Research and clinical trials are conducted here frequently for its treatment. Major key players in the Smart Insulin Pens Market are also present in this region. However, Asia Pacific is the fastest-growing region during the forecast period. This is mainly due to the increasing number of diseases, increasing investments in healthcare, and favorable government initiatives. In countries like China, India, and Australia, the Market is growing rapidly due to spreading awareness about advanced diabetes management.
• Companies playing a leading role in the Global Smart Insulin Pens Market profiled in this report are – Berlin-Chemie, Novo Nordisk, Digital Medics Pty Ltd., Eli Lilly and Company, and Pendiq, Sanofi.

By Product

• Smart Insulin Pens
• Smart Insulin Pumps

By End User

• Hospitals and Clinics
• Homecare
• Ambulatory Surgical Centers
• Laboratories

By Region

• • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America

For More Info, Request Sample Copy Of This Report @ https://virtuemarketresearch.com/report/smart-insulin-pens-market/request-sample