Top Dominating Key Players in Smart Insulin Pens Market

Smart insulin pens market was valued at $57 million in 2016, and is projected to reach $117 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. The first generation pens segment held more than three-fifths share of the total market in 2016.

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Top Dominating Key Players:

• Eli Lilly and Company
• Novo Nordisk
• Companion Medical
• DIAMESCO
• Emperra GmbH.

Diabetes is a major health condition. Hence, the adoption of smart insulin pens is vital for a safe and effective method of administration of insulin into the patient.

The major factors that drive the growth of the market includes surge in the incidence of diabetics, low cost compared to insulin pumps, and less injection pain caused than syringes. In addition, benefits of smart insulin pens, such as these can be easily used by people with visual or motor skills impairments, further fuels the market growth.

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Asia-Pacific, especially, such as China and India, possesses high growth potential due to rapid increase in geriatric population coupled with rise in incidence of diabetes.

Key Findings of the Smart Insulin Pens Market :

• The first generation pens is projected to grow at the CAGR of 9.7% during the forecast period.

• USB connected pens is projected to register the highest growth rate of 12.7% during the forecast period.

• Bluetooth-enabled pens segment accounted nearly two-thirds share of the global second generation smart insulin pens market in 2016.

• Home care settings is expected to grow at the highest CAGR of 10.9% during the forecast period.

• France and Germany collectively contributed for more than one-third share of the European smart insulin pens market in 2016.

• Japan was the major shareholder in 2016, accounting for more than one-third share of the Asia-Pacific smart insulin pens market.

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Asia-Pacific is projected to register the highest CAGR of 12.0%, owing to rise in incidence of diabetes coupled with rising geriatric population. In addition, surge in awareness of benefits of smart insulin pens, such as it is beneficial for people with vision problems, offers a lucrative opportunity for the market growth.

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