September 08, 2022 06:48 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Smart Insulin Pens Market finds that the surge in the occurrence of diabetes worldwide is expediting market growth. In addition, the rising product launches and approval of Smart Insulin Pens Market and technological advancements are anticipated to augment the development of the Global Smart Insulin Pens Market during the forecast period. The Global Market revenue was valued at USD 92.1 Million in 2021.
The Global Smart Insulin Pens Market size is forecast to reach USD 180.8 Million by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.9% during the forecast period; states Vantage Market Research, in a report, titled “Smart Insulin Pens Market Size, Share & Trends Analysis Report by End Users (Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings), by Type (First Generation Pens, Second Generation Pens), by Usability (Prefilled, Reusable), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
List of Prominent Players in Smart Insulin Pens Market:
Increasing Prevalence of Diabetes and Rise in Awareness about it to Drive the Market Growth
Diabetes is a leading cause of death at a global level. Therefore, the increasing cases of diabetic patients of all ages across the globe and the simple functioning and accuracy associated with insulin dosing are driving the global Smart Insulin Pens Market growth. The Smart Insulin Pens Market is a reusable injector pen with an intuitive smartphone app that provides a better solution for diabetes management as it is helpful for the external delivery of insulin for a person with diabetes. Moreover, the Smart Insulin Pens Market helps to administer the doses periodically, owing to the timely reminders offered by the system and the alerts. Also, due to its ease of use, there is an increase in demand for Smart Insulin Pens Market globally. The International Diabetes Federation (IDF) states that diabetes causes 6.7 million deaths. Around 537 million adults (20-79 years) have diabetes. The total number of individuals with diabetes will likely increase to 643 million by 2030 and 783 million by 2045. Diabetes caused more than 966 billion dollars in health expenses, i.e., 9 percent of total expenditure on adults.
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Technological Advancements in Smart Insulin Pens Market to Stimulate Market Development
Up-and-coming technologies in Smart Insulin Pens Market are anticipated to enhance the Smart Insulin Pens Market worldwide in the future. Moreover, technical advancements like memory function and accurate dosage administration will help the market size to increase. In addition, other technological advancements, like Insul Check, are a cap for insulin pens, which has a sensor for tracking the pen use and temperature. iSenz is an adaptor for insulin pens, which comes with a feature for detecting the insulin level through scanning. Also, it provides the correct angles for injections to optimize the injection sites for diabetes. Easy log is an adaptor for insulin pens connected using the internet and provides the correct dose. It provides better comfort to the patient in treating chronic diseases such as diabetes. As a result, the worldwide Smart Insulin Pens Market industry is likely to expand lucratively, owing to such advancements.
The COVID-19 outbreak has affected various industries worldwide, and the Global Smart Insulin Pens Market is no exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Smart Insulin Pens Market suffered as the manufacturing units worldwide were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies, which are the backbone technology providers to the Smart Insulin Pens Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Smart Insulin Pens Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Smart Insulin Pens Market has considered the impact of COVID-19 on the Smart Insulin Pens Market globally and the subsidiaries for the Smart Insulin Pens Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Smart Insulin Pens Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Smart Insulin Pens Market highlights:
North America Dominated the Global Smart Insulin Pens Market
North America dominated the global Smart Insulin Pens Market in 2021 and will continue to do the same in the coming years. The region’s dominance is due to the high prevalence of diabetes, the rise in the cost of smart insulin pumps, and the presence of top participants. The high rate of adoption of technologies is also propelling the North America Smart Insulin Pens Market. Moreover, new product launches and approval are expected to drive the market in North America. According to the 2020 Report by National Diabetes Statistics, Among the U.S. population in general, 34.2 million public of all ages, or 10.5 percent of the U.S. population, had diabetes, and 34.1 million Adults aged 18 years or older, or 13.0 percent of all US adults had diabetes in 2018.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Smart Insulin Pens Market Size, Share & Trends Analysis Report by End Users (Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings), by Type (First Generation Pens, Second Generation Pens), by Usability (Prefilled, Reusable), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
March 2022: Novo Nordisk announced two smart connected insulin pens, Novo Pen 6 and Novo Pen Echo Plus, which are now available on prescription for people with diabetes treated with Novo Nordisk insulin in the UK. These Novo Pen 6 and Novo Pen Echo Plus are new, Smart Insulin Pens Market that automatically record insulin dosing data on each injection.
August 2020: Medtronic Plc. declared the intention to acquire Companion Medical Inc., manufacturer of the In Pen. Adding Companion Medical’s In Pen to the Medtronic portfolio increases the company’s capacity to deal better with diabetic patients’ needs by simplifying diabetes management and improving outcomes.
Key Questions Answered in The Report:
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