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Precise Insulin Delivery With Smart Insulin Pens Enhancing Diabetes Care And Driving Market Growth: Powering Innovation and Expansion in the Smart Insulin Pens Market by 2025
Smart Insulin Pens Market
What Is the Expected CAGR for the Smart Insulin Pens Market Through 2025?
Over the past few years, the market for smart insulin pens has expanded substantially. It is projected to escalate from $0.11 billion in 2024 to $0.11 billion in 2025, with a compound annual growth rate (CAGR) of 6.1%. The historical growth has been prompted by factors such as an upsurge in diabetes occurrence, robust economic progress in developing markets, growth in the geriatric population, escalated healthcare spending, and public health insurance reforms.
What's the Projected Size of the Global Smart Insulin Pens Market by 2029?
The market for smart insulin pens is predicted to experience substantial growth over the next several years. The prediction sees it swelling to $0.15 billion by 2029, with a compound annual growth rate (CAGR) of 7.0%. This growth during the forecast period is due to factors such as a rise in disease prevalence, government-led initiatives, and technological advancements. Key trends expected in the forecast period encompasses collaborations with tech firms, development of smart insulin delivery devices, innovation of new insulin delivery methods, integration of the internet of things, and a surge in mergers and acquisitions.
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Top Growth Drivers in the Smart Insulin Pens Industry: What's Accelerating the Market?
Insulin pens allow for a more precise dosage of insulin than a vial or a syringe. This precise dosage can be particularly beneficial for children who need to administer insulin at school and for visually impaired diabetic patients. The dosage dial on an insulin pen can even be pre-set for an exact delivery at injection time. A pediatric-friendly insulin pen called Echo Plus by Novo Nordisk can deliver half-unit doses up to a maximum of 30 units. Additionally, the HumaPen Luxura HD from Lilly can administer insulin in half-unit increments, while the NovoPen Junior - Insulin Pen by Novo Nordisk can provide incredibly accurate insulin doses and finely adjust smaller doses in half-unit increments. The precise calibration and delivery of insulin doses help to avoid over-dosing or under-dosing, which can increase the demand for smart insulin pens and contribute to the growth of the smart insulin pen market.
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What Are the Key Trends Driving Smart Insulin Pens Market Growth?
The upcoming wave of advanced smart insulin pens are not just memory storage devices, they help in devising personalised dosage, continuous glucose monitoring, and pairing up with smartphone applications to present the data clearly. In November 2022, Eli Lilly and Company, a pharmaceutical company originating from the United States, presented the Tempo, a Personalized Diabetes Management Platform. It is an all-encompassing system fashioned by Eli Lilly to improve self-care for adults suffering from type 1 and type 2 diabetes. The Tempo Smart Button is a refillable device that snaps onto the Tempo Pen, records and conveys insulin dosage data, while the Tempo Smart App takes note of these doses and gives personalised educational content and medication reminders.
What Are the Main Segments in the Smart Insulin Pens Market?
The smart insulin pens market covered in this report is segmented -
1) By Type: First Generation Pens, Second Generation Pens
2) By Usability: Prefilled, Reusable
3) By Application: Type 1 Diabetes, Type 2 Diabetes
4) By End User: Hospitals & Clinics, Ambulatory Surgical Centres, Home Care Settings
Subsegments:
1) By First Generation Pens: Basic Smart Insulin Pens With Standard Features, Simple Connectivity to Mobile Apps for Tracking and Logging Insulin Doses
2) By Second Generation Pens: Advanced Smart Insulin Pens With Enhanced Features, Real-Time Data Sharing With Healthcare Providers and Caregivers, Sophisticated Mobile Applications for Comprehensive Diabetes Management
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Which Top Companies are Driving Growth in the Smart Insulin Pens Market?
Major companies operating in the smart insulin pens market include Companion Medical, Novo Nordisk A/S, F. Hoffmann-La Roche AG, Emperra GmbH E-Health Technologies, Diamesco Co. Ltd., Digital Medics Pvt Ltd., Bigfoot Biomedical, Diabnext, Insulet Corporation, Jiangsu Delfu Medical Device Co. Ltd., Sanofi India, Becton dic*kinson, Biocon Ltd, Mehar healthcare, Johnson & Johnson, Covidien Healthcare, Philips Healthcare India, Shandong WeiGao Group Medical Polymer Company Limited, Yuwell medical equipment & supply Co, Terumo, NIPRO, Olympus Medical Systems, Nihon Koden, Medtronic PLC, Ypsomed Holding AG, Berlin-Chemie AG, Patients Pending Ltd, Dexcom, Insujet, Eli Lilly., Abbott Laboratories, Tandem Diabetes Care, Inc.
Which Regions Will Dominate the Smart Insulin Pens Market Through 2029?
North America was the largest region in the smart insulin pens market in 2024. Western Europe was the second largest region in the global smart insulin pens market share. The regions covered in the smart insulin pens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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