A comprehensive overview of the Smart Insulin Pens market is recently added by UnivDatos Market Insights to its humongous database. The Smart Insulin Pens market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Smart Insulin Pens market. The Smart Insulin Pens market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Smart Insulin Pens market at the global and regional levels. The Global Smart Insulin Pens Market is expected to grow Higher by 2027.
Market Overview
Smart insulin pens are utilised to deliver insulin to the outside world, resulting in a more effective diabetes management method. Insulin pens have been increasingly popular in recent years. Diabetes was expected to affect 463 million people worldwide in 2019, accounting for 9.3% of the global adult population (20–79 years). In 2030, this number is predicted to rise to 578 million (10.2 percent) and 700 million (10.9%) in 2045. In 2019, the prevalence of diabetes was expected to be 9.0% in women and 9.6% in men.Diabetes is a major health problem that is quickly spreading throughout the world; as a result, the adoption of smart insulin pens is critical for the safe and effective administration of insulin to diabetics. Growing diabetes population, decreased cost of insulin pumps, and painless injections are some of the primary reasons driving market expansion. Moreover, the rising number of diabetes cases and key players' technology advancements, combined with an ageing population, are likely to drive up demand for smart insulin pens in the region. For example, 16.5% of the American population was 65 or older in 2019, with that number predicted to rise to 22% by 2050.
Furthermore, an increasing R&D research in the field of insulin pen devices is contributing to the emergence of innovative variants with improved treatment efficacy and effectiveness. Moreover, smart devices has shown favorable results of accurate insulin delivery.
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COVID-19 Impact
The COVID19 has resulted in a profound reevaluation of the advantages and costs of diabetic care. As per the report, ‘Diabetes and COVID-19: risks, management, and learnings from other national disasters’, during the outbreak of COVID-19 total patients hospitalised with COVID-19 in China, diabetes rates were estimated to be 8%, 7.87%, and 9.7%. Patients affected with diabetes accounted for 10.9% of all COVID-19 patients (equivalent to the proportion of the U.S. population with diabetes), 24 percent of hospitalised cases (non–intensive care unit [ICU]), and 32% of ICU admissions in the United States from February 12 to 28, March 2020. Less complicated diabetes was the second most common comorbidity (19%) in patients hospitalised with COVID-19, according to a recent (preprint) UK study; complicated diabetes is reported in a figure prevalence of roughly 6.5%. However, disruption in the supply chains and restrictions on trade of medical products across countries owing to the COVID-19 outbreak has slowed the market growth.
Global Smart Insulin Pens Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily bifurcated into
· First generation
· Second generation
o Bluetooth enabled pens
o USB connected pens
Second generation segment dominated the by type of the global Smart Insulin Pens market and will row at X% CAGR to reach US$ X million by the year 2027.
By end-user, the market is primarily segmented into
· Hospitals
· Ambulatory surgery centers
· Home care settings
Amongst end-type, home care settings accounted for the largest share in 2020 and is expected to grow at X% CAGR during the forecast period 2021-2027.
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By distribution channel, the market is primarily segmented into
· Hospital pharmacy
· Online Sales
· Retail pharmacy
· Diabetes Clinics/Centers
Amongst distribution channel, retail pharmacy accounted for the largest share in 2020 and is expected to grow at X% CAGR during the forecast period 2021-2027.
Smart Insulin Pens Market Geographical Segmentation Includes:
· North America (United States, Canada)
· Europe (Germany, United Kingdom, Italy, France, Spain, and Rest of Europe)
· Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific)
· Rest of the World
Based on the estimation, the North America region dominated the Smart Insulin Pens market with almost US$ X million revenue in 2020. At the same time, the Asia-Pacific region is expected to grow remarkably with a CAGR of X% over the forecast period on account of the increasing population and diabetes incidence.
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The major players targeting the market includes
· Eli Lilly and Company
· Novo Nordisk
· DIAMESCO
· Emperra GmbH
· Companion Medical
· Ypsomed holding AG
· F. Hoffmann-La Roche AG
· Insulet Corporation
· Jiangsu Delfu medical device Co.
· Medtronics
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Smart Insulin Pens market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Smart Insulin Pens market?
• Which factors are influencing the Smart Insulin Pens market over the forecast period?
• What are the global challenges, threats, and risks in the Smart Insulin Pens market?
• Which factors are propelling and restraining the Smart Insulin Pens market?
• What are the demanding global regions of the Smart Insulin Pens market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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