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Smart Insulin Pens Market Set to Prompt Future Sales Reaching US$ 70.4 Million by 2027 - Noted TMR
ALBANY, New York, July 3, 2019 /PRNewswire/ -- Smart insulin pens are devices that are used to administer insulin for the treatment of diabetes. The global smart insulin pens market was valued at US$ 29.2 Mn in 2018 and is projected to reach US$ 70.4 Mn by 2027, expanding at a CAGR of 10.3% from 2019 to 2027.
Numerous prominent players in the global Smart Insulin Pens Market in recent years have benefitted from the regulatory approvals for their smart insulin systems, notably by FDA. Transparency Market Research (TMR) observes that key players are increasingly committed to bolster real-life applications of glucose-responsive insulin systems. TMR further notes that the presence of sizable numbers of companies in the global smart insulin pens market accounts for the increased degree of fragmentation. They are focusing on bringing continuous advancements in order to cement their positions in the global smart insulin pens market. To this end, a few players have launched wirelessly-enabled smart insulin pens that can be paired with dedicated smartphone applications, notably for patients in developed markets.
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Some of the well-entrenched players in the global smart insulin pens market are Eli Lilly and Company, Patients Pending Ltd., Diabnext, Sanofi, Companion Medical, and Novo Nordisk A/S.
- Adaptors for Conventional Pens to Witness Widespread Adoption in Smart Insulin Pens Market
Among the various products in the global smart insulin pens market, adaptors for conventional pens held the major share in 2018, and is likely to hold its sway in coming few years as well. The colossal demand for these is attributed to constant technological advances relating to accurate dosing information, which boosts better insulin dosage decisions in diabetics.
- Rapid Uptake of Smart Insulin Pens witnessed in North America
Proliferating uptake of smart insulin pens in diabetics has kept the North America market increasingly lucrative over past few years. The rising clinical applications, especially in the U.S., can be due to widespread adoption of new technologies among markedly large patient population sizes.
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Need for Advanced Glucose-Responsive Insulin Therapies imparts Momentum to Smart Insulin Pens Market
- Need for Smart Insulin Pens Market Appropriate Insulin Dosage Decisions boosts Demand
Smart insulin systems have demonstrated markedly better clinical outcomes in diabetes management, world over. The drive for smart insulin pens stems from the intense need for improving insulin-based therapies for Type I as well as Type II diabetes mellitus. Substantial advances have been made in glucose-responsive insulin approaches, stirring the popularity of smart pens.
One of the key propositions bolstering demands in the smart insulin pens market is their role in supporting patient adherence to treatment among diabetics. This is largely due to the potential of these pens in automatic access to insulin dosing and administration information, leading to appropriate dosage decisions, both in home and hospital settings.
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Sensors and Other Connected Technologies make Insulin Pens Smart in Managing Glycemic Control
- Adoption reflects well on Clinicians Access to Accurate Insulin Dosage Information
Smart insulin pens are also expected to gather steam among clinicians as the access to an accurate information glucose-responsive insulin enable them to make better dosage recommendations. Specifically, access to these information imparts clinical momentum to the management of especially type 2 diabetes, thus boosting the smart insulin pens market.
Extensive Research on New Approaches bodes well for Smart Insulin Pens Market
- Demand for Connected Technologies in Analogs to help manage Glycemic Index in Real Time
Various connected technologies in the smart insulin pens market have attracted clinicians on account of their high potential in reducing risks of hyperglycemia and hypoglycemia since they enable insulin action proportionate to the glycemic state of the patients, without the need for any external monitoring. Incorporation of sensors and transmitters in insulin pens has expanded the potential of the smart insulin pens market. Further, the growing demand for smart pens that can paired wirelessly to iPhone or Android apps is also bolstering the expansion of the smart insulin pens market. Additionally, the need for integrating insulin pens with other diabetes analogs will spur demand for smart insulin pens.
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Extensive research in the smart insulin pens market have been made on bettering glucose-responsive insulin therapies over the past four decades. One of the areas that attracted their attention is glucose-responsive polymer encapsulation of insulin. Rapid advances in stem cell therapies has led to the advent of pancreatic β-cells, which opened a new paradigm in the management of diabetes in the smart insulin pens market. Some research has also focused on improving the formulation of insulin molecules itself.
The study presented here is based on a report by Transparency Market Research (TMR) titled "Smart Insulin Pens Market (Product - Smart Insulin Pen, Adaptors for Conventional Pen; Connectivity Type - Bluetooth, and USB; Application - Type 1 Diabetes and Type 2 Diabetes; Distribution Channel - Hospital Pharmacy, Online Sales, Retail Pharmacy, and Diabetes Clinics/Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027".
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