Smart Insulin Pens Market Trends 2024- Global Industry Share, Revenue, Growth Drivers, Business Challenges and Future Opportunities till 2033: SPER Market Research
Smart insulin pens provide an accessible option for exogenous insulin administration and diabetes treatment. It is a reusable injector pen that works with a simple app on a smartphone which allow for wireless data transfer to the app. This intelligent system keeps track of dosages and generates reports, useful notifications, and half-unit doses that are exact. In addition, it alerts patients whenever insulin is about to expire or reaches its temperature spectrum, allowing them to change the cartridge and provide diabetic information to the medical staff as needed. A smart insulin pen could be helpful for people with type 1 or type 2 diabetes who require several daily injections of long- or short-acting insulin.
According to SPER market research, Smart Insulin Pens Market Size- By Product, By Connectivity Type, By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Smart Insulin Pens Market is predicted to reach USD 2054.11 Million by 2033 with a CAGR of 10.69%.
The majority of the time, subcutaneous insulin delivery is used, which causes substantial pain in the patient. The market is growing as a result of medical professionals implementing smart insulin jet injectors, which enable insulin infusion without a requirement for a needle, and also penetrates quicker into the bloodstream. The market demand is also being driven by the growing number of patients with diabetes due to age, poor physical activity, and a state of obesity. The increasing desire for smart insulin pens in homecare environments, especially from the elderly population, is posing a profitable prospect for producers in the smart insulin pen industry. The availability of many diabetic treatments motivates patients to use connected insulin pens and auto-injectors for self-management. Patients are therefore more inclined towards the market.
The comparatively high cost of smart insulin pens, which are more sophisticated and inventive in terms of technology, prevents many individuals from using them, especially those without insurance. Furthermore, it is anticipated that the availability of alternatives such painless smart insulin patches may impede market expansion. Compared to insulin pens, wearable insulin patches are easier to use, operate more quickly, and are composed of biocompatible material. Additionally, a large number of people are unaware of such advanced products, which is negatively affecting the market’s expansion. Furthermore, strict regulations and device accessibility issues in remote and rural areas could act as a hinderance.
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Impact of COVID-19 on Smart Insulin Pens Market
There was a decrease in the number of prescriptions for smart insulin pens as a result of fewer patients visiting hospitals and diabetic centers during the COVID 19 pandemic. Additionally, the accessibility of these pens at retail stores was disrupted by problems in the delivery chain, which led to a decrease in sales. The pandemic-related economic slowdown made consumers more cost-conscious, which decreased the market for expensive connected insulin pens. The company’s overall revenue was affected by this. However, the global market was also positively impacted by the outbreak. This is the consequence of the COVID-19-infected, diabetic patients receiving priority treatment to manage their diabetes.
Smart Insulin Pens Market Key Players:
In the global market for smart insulin pens, North America holds an extensive market share. Technological developments and an abundant insured population also contribute favourably to the market. Additionally, some of the key market players are Eli Lilly and Company, Jiangsu Deflu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, Sanofi (Sanofi-Aventis US LLC), and others.
Smart Insulin Pens Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product: Based on the Product, Global Smart Insulin Pens Market is segmented as; Smart Insulin Pens, Adaptors for Conventional Pens
By Connectivity Type: Based on the Connectivity Type, Global Smart Insulin Pens Market is segmented as; Bluetooth, USB
By Application: Based on the Application, Global Smart Insulin Pens Market is segmented as; Type 1 Diabetes, Type 2 Diabetes
By Distribution Channel: Based on the Distribution Channel, Global Smart Insulin Pens Market is segmented as; Hospital Pharmacies, Online Sales, Retail Pharmacies, Diabetes Clinics/Centers
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Smart Insulin Pens Market Revenue
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