A smart insulin pen is utilized to give insulin to diabetic patients. With rising requirement for self-injection devices, growths in occurrences of diabetes in addition to precision in measured quantity delivery of insulin are likely to fuel the overall market growth. Though, the restricted practice of smart insulin pens for patients necessitates a combination of two sorts of insulin hampers the market growth.
The worldwide market for smart insulin pens is likely to witness a robust growth over the calculated period of 2017–2027. The overall market is considered to see reasonable growth in revenue terms over the assessment period.
The worldwide market for smart insulin pens segmented on the basis of indication type includes diabetes Type I and Diabetes Type II. Based on distribution channel, the market is divided into e-commerce, clinics and ambulatory surgical centers and retail pharmacies.
The overall market for smart insulin pens categorized on the basis of connectivity includes Bluetooth connected smart insulin pen and USB connected smart insulin pen. The Bluetooth connected smart insulin pen category is considered to reach a market valuation of about US$ 0.276 Million by 2017. This category is further likely to account for over US$ 2 Million through the end of 2027, exhibiting the maximum double digit CAGR of 23.2% during the predicted period. The USB connected smart insulin pen category is also likely to grow at a 14.4% CAGR during 2017–2027, to account for over US$ 2 Million beside 2027. The majority of the prominent market players in the overall market for smart insulin pens are aiming in the advancement of Bluetooth enabled smart insulin pens, thus, the category is likely to gain maximum market share over the conjecture time frame of 2017-2027.
The overall market is studied across four prominent regions, namely, Asia Pacific (APAC), Europe, North America and Rest of World (ROW). North America witnessed a moderate growth in the year 2016 of the overall market, though, by the end of the year 2027, the overall market is projected to attain a high growth pace. The European market at present is gaining a market expansion in revenue terms in 2017 and considered to account for the highest shares owing to rising occurrences of Type 1 diabetes among children followed by Middle East and rest of the world region. North America is also witnessing an increase in usage of Bluetooth connected smart insulin pens in the market, in addition, huge investment by a number of prominent players to expand the overall market is driving the revenue growth of smart insulin pens market in the North America. In APAC region, India along with China is highly lucrative due to rising figure of patients identified with diabetes.
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