Research Reports
Smart Insulin Pens Market expanding at a staggering double digit CAGR through 2031 – FMI
Smart Insulin Pens Market expanding at a staggering double digit CAGR through 2031 – FMI
Published by Uma Rajagopal
Posted on February 8, 2022
ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global smart insulin pens market is likely to surpass the billion dollar mark by 2021, expanding at a positive CAGR, as per a newly published research report. A stupendous double digit growth rate has been predicted for the market in the long-run. Growing preference for non-invasive treatment and the ever widening diabetes burden are likely to steer the market in a forward direction.
According to Future Market Insights, the smart insulin pens market is witnessing impressive growth every year, as more patients are opting for therapies which are either minimally invasive or non-invasive in nature. Furthermore, growing workflow complications arising due to the ever swelling diabetic patient pool is prompting healthcare organizations to streamline operations, thus inclining demand.
Request a sample to obtain authentic analysis and comprehensive market insights at- https://www.futuremarketinsights.com/reports/sample/rep-gb-1827
During the COVID-19 pandemic, demand for smart insulin pens inclined even further, as infected patients with a proven history of diabetes were given top priority for treatment. As diabetic patients are highly vulnerable to complications, insulin administration to manage blood sugar levels acquired major importance. Additionally, preference for home treatment also acted as a growth catalyst.
Manufacturers, therefore, are leveraging these trends to introduce novel and innovative product lines, enabling them to secure a firm footing in the market. In November 2020, for instance, Medtronic launched its InPenTM smart insulin device equipped with real-time GuardianTM Connect CGM Data- the first smart insulin pen for diabetics on multiple daily injections. Recently, in April 2021, BioCorp and Roche Diabetes Care launched the Mallya smart insulin pen device in France.
Key Takeaways from FMI’s Smart Insulin Pens Market Report
- By connectivity, Bluetooth connected smart insulin pens to account for over half of the revenue share by 2031
- By indication, type 2 diabetes treatment to account for the bulk of smart insulin pens deployment
- Retail pharmacies were the primary distribution channels for smart insulin pens, e-commerce sales spiking rapidly
- US to experience credible growth amid increasing approval rates for new diabetes management devices
- Growing preference for needle-free insulin injections to widen adoption across the UK
- Germany & France to experience increased collaborations between key manufacturers in the long-run
- Large concentration of regional level manufacturers to pivot growth across India and China
Discover more about report analysis with figures and data tables, along with the table of contents. Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-1827
“Diabetic patients are tilting towards minimally-invasive or non-invasive treatment alternatives with a view to reduce trauma during subcutaneous insulin administration, a trend which is majorly influencing smart insulin pens adoption,” remarks the FMI analyst.
Competitive Landscape
Major insulin pens manufacturers are effectively leveraging major expansion strategies, ranging from new product launches and R&D to collaborating with existing manufacturers or outright/partial acquisition of key market players. A major emphasis is being laid on incorporating virtual technological advancements to enhance diabetes management.
In February 2021, Novo Nordisk and the University of Toronto announced a CAD 40 million investment deal to establish the Novo Nordisk Network for Healthy Populations. This network will focus on new approaches to address diabetes and aid in chronic disease prevention. This will likely help broaden smart insulin pens development.
Contact Sales for Further Assistance in Purchasing this Report- https://www.futuremarketinsights.com/checkout/1827
Companies are also focusing on providing advanced software platforms, such as Digital Medics’ DiabetesPlus DataSync Software. This platform enables users to download insulin and glucose data directly from the device. Key features include downloading insulin data from the insulin pen, glucose levels from the glucose meter and synchronization of data on the Cloud for use with mobile devices.
Explore FMI’s Extensive ongoing Coverage on Healthcare Domain
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Contact Us:
Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global smart insulin pens market is likely to surpass the billion dollar mark by 2021, expanding at a positive CAGR, as per a newly published research report. A stupendous double digit growth rate has been predicted for the market in the long-run. Growing preference for non-invasive treatment and the ever widening diabetes burden are likely to steer the market in a forward direction.
According to Future Market Insights, the smart insulin pens market is witnessing impressive growth every year, as more patients are opting for therapies which are either minimally invasive or non-invasive in nature. Furthermore, growing workflow complications arising due to the ever swelling diabetic patient pool is prompting healthcare organizations to streamline operations, thus inclining demand.
Request a sample to obtain authentic analysis and comprehensive market insights at- https://www.futuremarketinsights.com/reports/sample/rep-gb-1827
During the COVID-19 pandemic, demand for smart insulin pens inclined even further, as infected patients with a proven history of diabetes were given top priority for treatment. As diabetic patients are highly vulnerable to complications, insulin administration to manage blood sugar levels acquired major importance. Additionally, preference for home treatment also acted as a growth catalyst.
Manufacturers, therefore, are leveraging these trends to introduce novel and innovative product lines, enabling them to secure a firm footing in the market. In November 2020, for instance, Medtronic launched its InPenTM smart insulin device equipped with real-time GuardianTM Connect CGM Data- the first smart insulin pen for diabetics on multiple daily injections. Recently, in April 2021, BioCorp and Roche Diabetes Care launched the Mallya smart insulin pen device in France.
Key Takeaways from FMI’s Smart Insulin Pens Market Report
- By connectivity, Bluetooth connected smart insulin pens to account for over half of the revenue share by 2031
- By indication, type 2 diabetes treatment to account for the bulk of smart insulin pens deployment
- Retail pharmacies were the primary distribution channels for smart insulin pens, e-commerce sales spiking rapidly
- US to experience credible growth amid increasing approval rates for new diabetes management devices
- Growing preference for needle-free insulin injections to widen adoption across the UK
- Germany & France to experience increased collaborations between key manufacturers in the long-run
- Large concentration of regional level manufacturers to pivot growth across India and China
Discover more about report analysis with figures and data tables, along with the table of contents. Ask an Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-1827
“Diabetic patients are tilting towards minimally-invasive or non-invasive treatment alternatives with a view to reduce trauma during subcutaneous insulin administration, a trend which is majorly influencing smart insulin pens adoption,” remarks the FMI analyst.
Competitive Landscape
Major insulin pens manufacturers are effectively leveraging major expansion strategies, ranging from new product launches and R&D to collaborating with existing manufacturers or outright/partial acquisition of key market players. A major emphasis is being laid on incorporating virtual technological advancements to enhance diabetes management.
In February 2021, Novo Nordisk and the University of Toronto announced a CAD 40 million investment deal to establish the Novo Nordisk Network for Healthy Populations. This network will focus on new approaches to address diabetes and aid in chronic disease prevention. This will likely help broaden smart insulin pens development.
Contact Sales for Further Assistance in Purchasing this Report- https://www.futuremarketinsights.com/checkout/1827
Companies are also focusing on providing advanced software platforms, such as Digital Medics’ DiabetesPlus DataSync Software. This platform enables users to download insulin and glucose data directly from the device. Key features include downloading insulin data from the insulin pen, glucose levels from the glucose meter and synchronization of data on the Cloud for use with mobile devices.
Explore FMI’s Extensive ongoing Coverage on Healthcare Domain
Photorejuvenation Equipment Market: The Photorejuvenation Equipment Market was valued at US 2,046.8 Mn in 2021, and is likely to reach US$ 2,182.3 Mn in 2022. Until 2028, the industry is poised to register a CAGR of 6.4%.
Muscle Stimulation Devices Market: Sales in the global Muscle Stimulation Devices Market are slated to top US$ 694.7 Mn in 2022.
Nucleic Acid Testing Market: Sales in the global Nucleic Acid Testing Market are slated to top US$ 3.4 Bn in 2022. Expanding at a healthy 7.3% CAGR, the market size is projected to total US$ 5.25 Bn by 2028.
Contact Us:
Future Market Insights
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
For Sales Enquiries: sales@futuremarketinsights.com
For Media Enquiries: press@futuremarketinsights.com
Website: https://www.futuremarketinsights.com