Worldwide Smart Insulin Pens Industry Update 2016-2022
Smart insulin pens are one of the advanced high-technology devices to manage diabetic condition. It is the best alternative to conventional syringe method to infuse insulin into the patient body. It has various features such as inbuilt bluetooth to track patient’s doses, alerts & reminders facility, sharing data of blood sugar level and instant data for self-management. These smart pens also facilitate transfer of data wirelessly and are visible to patients and physicians without using smartphones or other devices. DecisionDatabases.com has added this new report "Global Smart Insulin Pens Market Research Report- Industry Analysis, Size, Share, Growth, Trends and Forecast” " offering the complete market analysis and growth trends. The study assesses the growth opportunity and evaluates the future trends that are anticipated through historical and current market research. The report discusses the major companies operational in the smart insulin pen industry and provides its detailed profile.
The increasing prevalence of diabetic condition among the aging population and rapid technological advancement in insulin delivery method are major growth drivers, which are expected to fuel market demand during the forecast period. In addition, growing demand for a device with high data accuracy and rising awareness about diabetes care will further aid in the growth of the market in the near future. The robust surge in the acceptance of smartphones and other healthcare apps in order to have data accessibility at all times, has augmented the demand for mobile health technologies, which in turn is anticipated to boost market demand over the coming years. Moreover, with an expansion in the healthcare infrastructures for diabetic patients, a superior wireless technology that transfers data to a mobile app, constructive outcomes of devices, digitalization of disease management and wide adoption of device exhibits the growth of the market under the forecast period. However, the higher cost of the pen as compared to syringes, availability of alternative treatment choices, lack of dose flexibility and device inaccuracy are key challenges, which may hamper the growth of the market in the forthcoming years.
The global market has been segmented based on product into reusable or durable insulin pens, prefilled or disposable insulin pen and accessories. The market has been further segmented based on fabrication material into metal and plastic. Furthermore, the market has been segmented based on technology and end-user.
North America has accounted for major market share and is anticipated to continue its dominance over the forecast period owing to the rising occurrence of diabetes, growing the geriatric population, favorable reimbursement options for treatment by medical insurance companies and developed healthcare infrastructure in the region. Asia Pacific is a fastest growing market and is projected to grow at the highest CAGR over the coming years on account of the increasing acceptance of smart insulin pens among diabetic patients and rising prevalence & awareness about diabetes disorder in the area.
The key players include Emperra GmbH, Jiangsu Delfu medical device Co.,Ltd, Eli Lilly and Company, Novo Nordisk A/S and Digital Medics Ptd Ltd and Vigihealth.
In July 2016, Companion Medical, a San Diego-based company has received funding from Eli Lilly to expand its device market. The company has received FDA clearance for its Bluetooth-enabled smart insulin pen, called InPen
In July 2016, Biocon has launched insulin Glargine in disposable pens in Japan
In July 2016, Johnson & Johnson’s has introduced OneTouch Via insulin patch to deliver insulin doses in a convenient way.
In Aug 2016, Emperra GmbH, a Germany-based medical device manufacturer has introduced the Bluetooth-enabled insulin pen in the market to expand its product portfolio.
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