The report on the global Smart insulin pens market uses the top-down and bottom-up approaches to define, analyze, and describe the market trends for the next five years. The report also tracks the emerging applications, innovative technologies, and mergers & acquisitions. It also focuses on the growth drivers and restraints for the key market players during the forecast period.
Diabetes population worldwide is increasing with every passing year. Patients are looking for easier ways to administer insulin and smart insulin pens are gaining popularity among users.
Smart insulin pens are devices used for external insulin delivery offering an easy solution for diabetic patients to carry and administer insulin whenever required. The increase in diabetic population and low cost is driving the smart insulin pens market.
Insulin pens are more cost effective than insulin pumps and are more accurate to operate; hence, they are high in demand. This report studies the current and future aspects of smart insulin pens market.
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KEY PREMIUM INDUSTRY INSIGHTS
- The smart insulin pens market is gaining popularity and growing at a rapid pace during the forecasted period because of rise in diabetic population. For ease of insulin administration at any time and any place, patients are opting for convenient means, which is promoting the market growth. Smart insulin pens offer various benefits such as cost-effectiveness, easy to use, precise, portable, and accurate with regards to dosage, which is boosting the global market growth further.
- However, patients face some typical problems while using insulin pens such as two types of insulin cannot be mixed in the pen, hence the frequency of injections increase. This factor is hampering the growth of the smart insulin pens market.
The global smart insulin pens market is divided into four major geographical segments which are North America, Europe, Asia-Pacific, and Rest of the world. The Asia Pacific region holds the highest market share and is the largest revenue contributor of the smart insulin pens market.
The region continues to dominate the global market because of increase in diabetic population. In addition, low cost of insulin pens is increasing the demand and promoting the market growth in this region.
There is also an increase in awareness seen among people regarding the benefits of using smart insulin pens, which is contributing towards the growth of the market.
KEY MARKET PLAYERS
Key players in the smart insulin pens market include:
- Eli Lilly and Company
- Novo Nordisk
- Companion Medical
- Emperra GMBH
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