Smart Insulin Pens Market on position to touch $117 Million, Worldwide, by 2023
Global Smart Insulin Pens Market was valued at $57 million in 2016, and is estimated to reach $117 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023.
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Rise in Diabetic Population
Rise in prevalence of diabetes raises the demand for needle-free insulin delivery devices. According to the Centers for Disease Control and Prevention, in 2015, approximately 30.3 million people or 9.4% of the total population of the U.S. suffered with diabetes. In addition, according to the Diabetes UK, in 2016, approximately 3.6 million people were diagnosed with diabetes. Hence, increase in diabetics is expected to have a positive impact on the market.
Growth in Asia-Pacific
Asia-Pacific offers lucrative opportunities for the market growth, due to its high population base and increase in incidence of diabetic patients. In addition, low cost of the device as compared to insulin pen further increases the demand of pens in the region.
Benefits of Smart Insulin Pens
Smart insulin pens offer several benefits as compared to other insulin delivery devices such as it is easier to use than syringe and being portable in nature, can be easily used outside home. In addition, the pen allows to dial the dose accurately, which helps the people with vision problems to administer insulin easily.
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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.
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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The major companies profiled in the report are Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, and Emperra GmbH.
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