Smart Insulin Pens Market Highlights
The Smart
Insulin Pens Market Size was worth USD 0.13 Billion in 2023 and is expected
to reach USD 0.26 Billion by 2030 at 11.77% CAGR during the forecast period
2022 - 2030. As per smart insulin pens market analysts, the global market is
anticipated to witness growth owing to the factors such as alarming escalation
in diabetes cases as well as the escalating pool of diabetics considering surge
in obesity. However, the smart insulin pens market will face challenges and
restraints due to product recall and the amplified product quality issues
during the forecast period 2022 to 2030.
Sedentary
lifestyles and aging in the smart insulin pens market is set to play a key role
in determining the growth potential during 2022 to 2030 years. Analysts have
also studied the smart insulin pens market to understand potential threats and
challenges the smart insulin pens market companies could face. Although the smart
insulin pens market trends is poised to grow at a fast pace across product type
and end-users’ segments, factors such as strict rules and regulations could
slow down the smart
insulin pens market's growth worldwide.
Competitive
Landscape
Smart insulin pens
have seen increased demand over the years, due to the commonness of unhealthy
eating habits and lifestyles and the collective surge noted in product
approvals. Companies functioning in the global smart insulin pens market are
also being challenged due to stringent rules and concerns regarding the
approval process. Mergers and acquisitions by smart insulin pens market
companies are anticipated to help the market during the forecast period 2018 to
2023. As the smart insulin pens market is set to register a high CAGR of 6.92%
and is also anticipated to reach a US$23,624.01 million by 2025, the report
highlights key areas companies need to focus on. The report suggests that the
smart insulin pens market will see a healthy growth in the long run till 2023.
Based on SWOT analysis and smart insulin pens market’s analysis based on
Porters’ Five Force Model presented in the smart insulin pens market report.
Mergers and acquisitions by smart insulin pens market companies are anticipated
to help the market during the forecast period 2018 to 2023.
MRFR recognizes the
Global Smart Insulin Pens Market Players are Companion Medical, Eli Lily and
Company, Diamesco Co., Ltd., Ypsomed Holding AG, Emperra GmbH E-Health
Technologies, Digital Medics Pty Ltd., and Novo Nordisk A/S and Others.
Market Segmentation
The market for smart
insulin pens market insights has been segmented into product type and
end-users. Based on the segment, which is product type, the market is
categorized based on smart pen and connecting device. The global market for
smart insulin pens is further segmented based on end-users into hospital/retail
pharmacies and online.
The global market
research report covers all the aspects of the smart insulin pens market based
on the segmental analysis of these product types and end-users’ segments.
Analysts have also studied the global smart insulin pens market's regional
markets spread across many continents and countries. The product type and end-users’
segments along with their sub-segments have been analysed and companies
functioning in the smart insulin pens market across these segments are profiled
and analysed based on input and feedback from smart insulin pens industry-based
decision makers as well as primary and secondary sources. The smart insulin
pens market research report presents analysis-based information for companies
functioning in the smart insulin pens market.
Regional Overview
New government
rulings or hospital strategies in the wake of the pandemic may hinder the smart
insulin pens market growth. The market research report suggests that companies
in the smart insulin pens industry could be supported by broadening insurance
coverage as well as the massive population suffering from diabetes during the
forecast period. The smart insulin pens market is set to register growth at a
high CAGR owing to these key factors. The market for smart insulin pens is
spread across North America, Europe, Asia-Pacific, and other parts of the
world. The global smart insulin pens market research report reveals that APAC,
North America, and Europe regional smart insulin pens markets will dominate the
global market for smart insulin pens during the forecast period 2018 to 2023.
As per smart insulin pens market analysts, the market is set to witness
tremendous growth across devices as well as hospitals and clinics segments in
North America which covers smart insulin pens markets across the United States,
Canada, Mexico, and several other regional markets. Companies active in the
smart insulin pens market are also analysed and studied in the smart insulin
pens market research report.
The smart insulin pens
industry for Europe covers smaller market segments of Germany, Italy, France,
and the United Kingdom. Additionally, the smart insulin pens market research
report covers the Asia-Pacific region covering smart insulin pens markets from
India, China, Japan, Australia, and others. The smart insulin pens market is
also spread across the rest of the world. The smart insulin pens market report
covers all such regions including the Middle East, Africa, Brazil, and others.
Industry News
Medtronic, a world
pioneer in medical devices, revealed today that it will acquire privately owned
Companion Medical, the maker of InPen, the only FDA-approved smart insulin pen
device with an embedded diabetes care app on the marketplace. The inclusion of
Companion Medical's InPen to Medtronic's portfolio broadens the company's
potential to help patients at every stage in their disease path and provide
them with a unique and vast ecosystem of assistance — independent of how
insulin is administered. Companion Medical's acquisition draws on strong
algorithms that take advantage of the corporation's deep data analytics and
Artificial intelligence.
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