Smart Insulin Pens Market Worth US$ 193.2 Million by 2028 at CAGR of 11.5% | IMARC Group

smart insulin pens market size reached US$ 118.1 Million in 2022. By 2028, It will reach US$ 193.2 Million, exhibiting a CAGR of 11.5% during 2023-2028.

SHERIDAN, NEW YORK, USA, March 6, 2023 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled, “Smart Insulin Pens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global smart insulin pens market size reached a value of US$ 118.1 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 193.2 Million by 2028, exhibiting a CAGR of 11.5% during 2023-2028.

Smart insulin pens represent reusable injector pens with a smartphone app that facilitate patients with diabetes in managing their insulin delivery efficiently. They are easier to use, affordable, and provide helpful alerts, reminders, reports, etc., as compared to conventional insulin. In addition to this, smart insulin pens help in calculating doses of the blood sugar level, carbohydrate amounts, meal size, active insulin, etc. They notify the expiration date or exceeding the temperature range of insulin to replace the cartridge timely. Consequently, smart insulin pens find extensive applications in clinics, ambulatory surgical centers, hospitals, and home care units across the globe.

Smart Insulin Pens Market Trends

The rising prevalence of diabetes and obesity and the expanding geriatric population are primarily driving the smart insulin pens market. Additionally, continuous improvements in the healthcare industry and the growing consumer awareness towards the benefits of these pens, such as delivering accurate half-unit doses, preventing skipped or missed doses, tracking time, etc., are further catalyzing the market growth.

Besides this, extensive investments in R&D activities by key market players to introduce smart insulin pens with memory and timing functions are acting as significant growth-inducing factors. Moreover, they are also focusing on developing Bluetooth-connected smart insulin pens, which is positively influencing the global market. Apart from this, the escalating demand for needle-free insulin delivery devices, owing to the increasing incidences of needle stick injuries while using, handling, disassembling, or disposing of needles, is propelling the market growth. Furthermore, the widespread adoption of home treatment, as it is more convenient, comfortable, personalized, etc., is anticipated to fuel the smart insulin pens market over the forecasted period.

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Competitive Landscape:

The competitive landscape of the smart insulin pens market has been studied in the report with the detailed profiles of the key players operating in the market.

Bigfoot Biomedical Inc., Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Jiangsu Delfu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, pendiq GmbH and Ypsomed AG.

The report has segmented the smart insulin pens market on the based on type, usability, indication, connectivity and end user.

Breakup by Type:

First Generation Pens
Second Generation Pens

Breakup by Usability:

Prefilled
Reusable

Breakup by Indication:

Type 1 Diabetes
Type 2 Diabetes

Breakup by Connectivity:

Bluetooth
USB

Breakup by Region:

North America:(United States, Canada
Asia-Pacific:(China, Japan, India, South Korea, Australia, Indonesia,Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia,Others)
Latin America;(Brazil,Mexico, Others)
Middle East and Africa

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Key Highlights of The Report:

Market Performance (2017-2022)
Market Outlook (2023- 2028)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization

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