Albany, NY -- (SBWIRE) -- 04/03/2018 -- Smart insulin pens are insulin injection delivery devices that can be connected with computers and smartphone apps. Diabetes management with conventional insulin pens is time consuming and difficult to maintain dosage data. Technological innovations and advancements have brought about major changes in the diabetes management industry in the last decade. Large technological advancements in diabetes management, particularly in connectivity of devices with mobile, smart insulin pens with timing and memory function have greatly improved the quality and efficiency of insulin pens. This connected device helps to track insulin dosage data, send dosage reminders, and manage data. These devices are either connected via standard Bluetooth technology or via USB connection. Manufacturers are focusing on introducing insulin injection pens with smart connectivity. The first generation of smart pens comprised only smart reusable insulin pens. However, several manufacturers are focusing on the development of disposable smart insulin pens.
Prevalence of diabetes is expected to increase exponentially across the globe owing to changes in lifestyle and factors such as genetic mutations, malnutrition, and others. According to various government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases. According to the American Diabetes Association, diabetes accounts for nearly 71,000 deaths in the U.S. each year. Additionally, penetration of smart insulin pens is higher among type 1 diabetes patients to manage the daily insulin requirements. Increase in incidence of T1D among kids is a major health care concern. According to the IDF, Europe had 140,000 kids (0 years to 14 years) with T1D in 2015, and 21,600 new cases are diagnosed every year. Advantages of smart insulin pens over traditional insulin pens and increase in awareness programs are the other factors likely to boost demand for smart insulin pens during the forecast period. However, the gradually increasing adoption of alternative products such as insulin pumps and insulin patches hampers the growth of the Smart Insulin Pens Market.
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The global smart insulin pens market can be segmented based on application, connectivity type, distribution channel, and region. In terms of application, the market can be categorized into type 1 diabetes management and type 2 diabetes management. Based on connectivity type, the global smart insulin pens market can be bifurcated into Bluetooth smart insulin pens and USB smart insulin pens. In terms of distribution channel, the market can be classified into hospital pharmacy, online sales, retail pharmacy, and diabetes clinics/centers.
Geographically, the global smart insulin pens market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe dominated the global market due to high awareness among diabetes population and early launch of technologically advanced smart insulin pens. Developed countries such as Germany, the U.K., and France are the major markets for smart insulin pens in the region. Europe accounts for a substantially larger share of the global smart insulin pens market, followed by North America.
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Factors such as large number of people diagnosed with diabetes, technological advancements, extensive R&D practices, and growing awareness about the treatment and management of diabetes among type 1 patients drive the smart insulin pens market growth in North America. Increase in demand for smart insulin pens in countries such as China, India, and Japan is expected to propel the smart insulin pens market in Asia Pacific.
Moreover, increased incidence of diabetes and rise in penetration of insulin pens over syringes are the other factors augmenting the market in the region. However, affordability and lack of availability of innovative smart insulin pen products restrains the smart insulin pens market in developing and underdeveloped regions such as Latin America and Middle East & Africa. Despite this, the market in these regions is expected to witness gradual growth, with contribution from developing countries such as South Africa and Brazil.
Major players operating in the global smart insulin pens market include Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Companion Medical, Inc., and Biocorp.
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