New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Insulin Pens Global Market Report 2023" - https://www.reportlinker.com/p06277166/?utm_source=GNW
Ltd., and Bigfoot Biomedical.
The global smart insulin pens market will grow from $0.09 billion in 2022 to $0.10 billion in 2023 at a compound annual growth rate (CAGR) of 6.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The smart insulin pens market is expected to grow to $0.12 billion in 2027 at a CAGR of 6.2%.
The smart insulins pens market consists of sales of instruments such as first-generation pens and second-generation pens (Bluetooth enabled, USB connected).Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Smart insulin pens are insulin delivery devices that keep track of the volume, time, and type of dosage. These devices may also perform tasks such as generating reports to be shared with healthcare professionals.
North America was the largest region in the smart insulin pens market in 2022.Western Europe was the second largest region in the smart insulin pens market.
The regions covered in the smart insulin pens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of smart insulin pens are first-generation pens and second-generation pens (Bluetooth enabled, USB connected).The second-generation smart insulin pens are devices that are engineered with Bluetooth or USB features to enable closer monitoring.
The smart insulin pens are either prefilled or reusable that is used to treat type 1 diabetes and type 2 diabetes. The various end-users of smart insulin pens are hospitals and clinics, ambulatory surgical centres, and home care settings.
An accurate dose of insulin can be achieved than a vial or a syringe with an insulin pen.For kids who need to take insulin during school time and visually impaired diabetic patients, an accurate dose of insulin can even be pre-set over the dosage dial which helps inaccurate delivery of dose at the time of injection.
Echo Plus by Novo Nordisk which is a pediatric-friendly insulin pen allows even half-unit dosing with a maximum of 30 units.HumaPen Luxura HD from Lilly allows the delivery of insulin in half-unit increments and NovoPen Junior - Insulin Pen by Novo Nordisk can deliver highly accurate doses of insulin and finely adjusts small doses even half-unit increments.
The accurate adjustments and delivery of doses of insulin can avoid either over-dosing or low-dosing of the drug which is expected to increase the demand for smart insulin pens and drive the market growth.
Diabetics may be prescribed two types of insulin for better control over blood glucose levels.They usually prefer pre-mixed insulin (combination) or a method in which the insulin doses could be mixed and once puncture is necessary to deliver the different types of insulin doses required.
Multiple punctures for the insulin delivery can lead to poor adherence to the medication which in turn results in poor glycemic control.A study published states that poor glycemic control (A1c>7%) was reported in 68% of respondents and there was an association between A1c >7% and poor adherence levels.
Dislike towards injection to a large extent and needle phobia can result in poor adherence levels.It is estimated that over 10% of the population has needle phobia.
These factors can reduce the adherence of smart insulin pens where two types of insulin can’t be mixed and result in multiple needle punctures which thereby affect the purpose of the insulin being administered which is expected to hinder the market growth.
The next generation of smart insulin pens goes far beyond memory storage.They help in calculating personalized doses, track glucose continuously, and connect with apps of smartphones to visualize the data.
In September 2020, Medtronic plc introduced InPen™ that is integrated with Guardian Connect™ CGM data to manage their diabetes.It is the only FDA_cleared smart insulin pen for people on multiple daily injections.
This enhances the ease of usage of smart insulin pens which is expected to boost the market.
In February 2020, Senseonics a US-based medical technology company that primarily focuses on the design, development, and commercialization of glucose monitoring products announced a partnership with Companion Medical.The partnership will benefit both companies by integrating Eversense® CGM System with the InPen™ smart system for accurate insulin delivery.
Companion Medical is a US-based company that aims at achieving desirable diabetes outcomes and manufactured InPen™ which is the US first FDA-approved insulin pen.
The countries covered in the smart insulin pens market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The smart insulin pens market research report is one of a series of new reports that provides smart insulin pens market statistics, including smart insulin pens industry global market size, regional shares, competitors with a smart insulin pens market share, detailed smart insulin pens market segments, market trends and opportunities, and any further data you may need to thrive in the smart insulin pens industry. This smart insulin pens market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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