Harrisburg, NC -- (SBWIRE) -- 10/22/2020 -- The Global Smart Insulin Pens Market Research Report 2020-2030 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.
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Market Segmentation
Top leading Companies of Global Smart Insulin Pens Market are – Companion Medical, Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co. Ltd., Emperra GmbH E-Health Technologies, Digital Medics Pvt Ltd., F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd., and Bigfoot biomedica
Markets Covered: 1) By Type: First Generation Pens; Second Generation Pens (Bluetooth Enabled, USD Connected) 2) By End User: Hospitals & Clinics; Ambulatory Surgical Centres; Home Care Settings 3) By Usability: Prefilled; Reusable 4) By Application: Type 1 Diabetes; Type 2 Diabetes
The global smart insulin pens market is expected to grow from $75.8 million in 2019 and to $77 million in 2020 at a growth rate of 1.6%. The slow growth is due to disruption in supply chains and restrictions on trade of medical products across countries owing to the COVID-19 outbreak. The market is then expected to grow and reach $98.4 million in 2023 at CAGR of 8.51%.
The smart insulin pens market consists of sales of smart insulin pens which allows to dial the insulin dose accurately and related products. The companies manufacturing the smart insulin pens are primarily engaged in designing and manufacturing of first- and second-generation smart insulin pens which are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes. The revenue generated by these companies is through sales of these pens to Hospitals & Clinics, Ambulatory surgical centres and Home care settings.
North America was the largest region in the smart insulin pens market in 2019. Asia Pacific was the fastest growing region in the smart insulin pens market in the forecast period.
In February 2020, Senseonics a US-based medical technology company which primarily focuses on the design, development and commercialization of glucose monitoring products announced partnership with Companion Medical. The partnership will benefit both the companies by integrating Eversense CGM System with the InPen smart system for accurate insulin delivery. Companion Medical is a US-based company which aims at achieving desirable diabetes outcomes and manufactured InPen which is the US first FDA approved insulin pen.
Diabetics may be prescribed with two types of insulin for better control over blood glucose levels. They usually prefer a pre-mixed insulin (combination) or a method in which the insulin doses could be mixed and once puncture is necessary to deliver the different types of insulin doses required. Multiple punctures for the insulin delivery can lead to poor adherence of the medication which in turn results in poor glycemic control. In 2018, a study published states that poor glycemic control (A1c>7%) was reported in 68% of respondents and there was an association between A1c >7% and poor adherence levels. Dislike towards injection to a large extent and needle phobia can result in poor adherence levels. It is estimated that over 10% of population have needle phobia. These factors can reduce the adherence of smart insulin pens where two types of insulin can't be mixed and results in multiple needle punctures which thereby effect the purpose of the insulin being administered which is expected to hinder the market growth.
The next generation smart insulin pens go far beyond memory storage. They help in calculating personalized doses, track glucose continuously and connects with apps of smartphones to visualize the data. In 2019, Novo Nordisk and Abbott partnered to integrate insulin dose data into the digital health tools which aims at connecting key technologies such as continuous glucose monitoring and insulin pens thus simplifying diabetes management. The NovoPen 6 and the NovoPen Echo Plus pens will be able to connect to the Dexcom G6 CGM and the Diasend diabetes management platform (Glooko). In 2019, Companion Medical announced that the Bluetooth-enabled InPen which takes away the guesswork from dosing of insulin with an in-app bolus calculator that uses precise carbohydrate ratios and correction factors and calculates the personalized insulin doses. This enhances the ease of usage of smart insulin pens which is expected to boost the market.
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What are the market factors that are explained in the report?
Executive Summary: It includes key trends of the global Smart Insulin Pens market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the global Smart Insulin Pens market based on production and revenue.
Production and Consumption by Region: It covers all regional markets focused in the research study. It discusses about prices and key players besides production and consumption in each regional market.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Smart Insulin Pens market.
Market Segments: This part of the report discusses about product type and application segments of the global Smart Insulin Pens market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach Smart Insulin Pens used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
Finally, Smart Insulin Pens Market report is the believable source for gaining the Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request and Market development rate and figure and so on. This report additionally Present new task SWOT examination, speculation attainability investigation, and venture return investigation.
Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.
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