The Business Research Companyâ€™s Smart Insulin Pens Market – Opportunities And Strategies â€“ Global Forecast To 2030
LONDON, GREATER LONDON, UK, October 28, 2021 /EINPresswire.com/ — The companies in the smart insulin pen market are increasingly investing in improving their products to ease the burden of diabetes self-management and improve patient outcomes. The companies in the market are investing in developing smart insulin pens that calculate 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.
The global smart insulin pens market size reached a value of nearly $85.82 million in 2020, having increased at a compound annual growth rate (CAGR) of 7.1% since 2015. The market is expected to grow from $85.82 million in 2020 to $119.40 million in 2025 at a rate of 6.8%. The growth is mainly due to the increasing prevalence of diabetes which is expected to drive the demand for smart insulin pens. The smart insulin pens market is expected to grow from $119.40 million in 2025 to $164.25 million in 2030 at a CAGR of 6.6%.
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Rising numbers of diabetic cases will continue to be a driver of this market during the forecast period. According to the International Diabetes Federation (IDF), the global diabetes prevalence population is expected to reach about 640 million by 2040. Thus, the need for diabetes care equipment is set to rise steadily during the forecast period. In emerging countries such as India around 69 million people are diabetic and this number is expected to rise to 100 million by 2030 and a rise of 20% is expected in other emerging economies such as China and Brazil.
Major players covered in the global smart insulin pens industry are Companion Medical, Novo Nordisk A/S, F. Hoffmann-La Roche AG, Emperra GmbH E-Health Technologies, Diamesco Co. Ltd.
North America was the largest region in the global smart insulin pens market, accounting for 51.8% of the total in 2020. It was followed by Western Europe and then the other regions. Going forward, the fastest-growing regions in the smart insulin pens market will be the Africa and Eastern Europe, where growth will be at CAGRs of 9.7% and 9.0% respectively during 2020-2025. These will be followed by Middle East and Asia Pacific, where the markets are expected to grow at CAGRs of 8.9% and 8.1% respectively.
TBRCâ€™s global smart insulin pens market report is segmented by type into first generation pens, second generation pens (bluetooth enabled, USB connected), by end user into hospitals & clinics, ambulatory surgical centres, home care settings, by usability into prefilled, reusable, by application into type 1 diabetes, type 2 diabetes.
Smart Insulin Pens Market – By Type (First Generation Pens, Second Generation Pens (Bluetooth Enabled, USB Connected)), By End User (Hospitals & Clinics, Ambulatory Surgical Centres, Home Care Settings), By Usability (Prefilled, Reusable), By Application (Type 1 Diabetes, Type 2 Diabetes), And By Region, Opportunities And Strategies â€“ Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provides smart insulin pens market overview, forecast smart insulin pens market size and growth for the whole market, smart insulin pens market segments, and geographies, smart insulin pens market trends, smart insulin pens market drivers, restraints, leading competitorsâ€™ revenues, profiles, and market shares.
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Source: EIN Presswire