Smart insulin pens are used for external insulin delivery, providing a convenient diabetes management solution. Insulin pens have grown in popularity in recent years, owing to an increase in the number of diabetic patients, as well as their lower cost when compared to insulin pumps. Furthermore, their ease of use and accuracy in insulin dosing drive up demand. However, there are some drawbacks to using an insulin pen, such as the fact that two types of insulin cannot be mixed in an insulin pen, which increases the frequency of injections required. This, in turn, slows market growth.
The global smart insulin pen market is estimated to account for US$ 5.3 Mn in terms of value by the end of 2027.
The world's growing diabetic population seeks convenient diabetic management solutions that are simple to recall and document insulin dosages based on patients' blood sugar levels. Smart solutions can provide accurate diabetic management data in a timely manner, allowing healthcare professionals to interpret pragmatic results and recommend appropriate treatment based on the data.
Insulin pens with smart connectivity are a significant advancement in the age of digitization and innovation. Smart insulin pens are capable of notifying patients and healthcare professionals about missed dosages during treatment, in addition to ensuring error-free dosage. The need for painless insulin dose transfer in diabetic patients, efficient data management, increased investment in R&D of smart connectivity insulin pens, and rapid technological advancements are all major factors enabling overall growth in the smart insulin pen market.
Players in the global smart insulin pen market can focus on adopting online distribution channels, owing to increasing number of internet users and high adoption of online shopping. For instance, according to China Internet Network Information Center (CNNIC) (2018), 802 million people in China are now actively using the internet, which accounts for 57.7% of the population.
Major players operating in the global smart insulin pen market include, Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, and Companion Medical Inc.
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