The global smart insulin pens market, according to the recent report by Future Market Insights, has witnessed rapid growth due to the advances in the methods and devices used to manage diabetes in the past few years. And with the demand for better patient outcomes and convenience of patient becoming centre stage in illness treatment plans globally, this trend is likely to stay the same during the forecast period, with the market growing at a robust pace of approximately 18%.
Technology to Shape Smart Insulin Pens Market
Technology has made an indelible mark on healthcare, shaping it to become patient centric, particularly in the case of medical devices that have resulted in a better quality of life for patients. This is especially applicable for diabetes management, where with the development of insulin pens that made ease-of-use the most important criteria. Insulin pens are also evolving with features such as inbuilt memory that keeps track of the date, time and dosage for accurate monitoring, becoming routine. This has paved the way for more sophisticated products that are making management of diabetes easier by going just beyond simply just having a memory to record time.
Next generation smart insulin pens are going past being an easy drug delivery system, towards being more connected, with the use of technology like Bluetooth and Wi-Fi. These systems not just possess the memory to record data but log it in, so the data can be viewed and monitored even on a smartphone. This comes on the back of the incidence of needle stick injuries with injection needles and lancing devices rising while using, handling, disassembling, or disposing of needles and syringes, fuelling the adoption of smart injection pens.
Demand to Grow in Asia Pacific Due to Increasing Prevalence
Connected, smart insulin pens are witnessing rapid adoption globally, due to their popularity and convenience, registering the highest percentage of growth by way of market value. This comes predominantly from regional markets in North America, where proliferation of these devices has been a key factor in the growth of the market. There is also an increased investment in the further innovation within Bluetooth connected smart insulin pens, which is also contributing to the growth of the landscape. This pattern also continues in Europe, where investment and increased adoption have had a positive influence on the market.
There has been an increase in the incidence in the number of people diagnosed with Diabetes in the Asia Pacific region, particularly in India and China, which are highly populated. This holds true for smart connected insulin pen devices. This has opened up lucrative opportunities for players in the market, even as they look to making significant inroads into the regional markets of Asia Pacific. There has been a sea change in the way drug delivery devices have evolved, especially with the advent of technology, in terms of features and efficiency. And manufacturers are looking to capitalise on the growing demand for insulin pens and requirement for convenience by focusing on innovation to widen their product line.
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