Smart insulin pens are medical devices used to inject the insulin in patients’ body. Smart insulin pens are less painful and more effective than other drug delivery devices. The increasing diabetic population, increasing awareness about the advanced treatment methods, and rising demand for innovative drug delivery devices are the major factors driving the growth of the global smart insulin pens market. According to the International Diabetic Federation, about 415 million people across the globe were reported to have diabetes in 2015 and this number is expected to reach 642 million by 2040. It also stated that 98.4 million and 65.1 million diabetic population lived in China and India respectively.
The increasing cost of inulin pens, side effects, and risk associated with an insulin pen, and the availability of other substitutes in the market are likely to hinder market growth during the forecast period.
Some of the key players in the global smart insulin pens market are Sanofi-Aventis US LLC., Lilly Novo Nordisk A/S, USA, LLC, Digital Medics Pty Ltd., Companion Medical, Emperra GmbH E-Health Technologies, Biocorp, Diamesco Co., Ltd., Smiths Medical, NIPRO Medical Corporation, and InjexUK
The global smart insulin pens market has been segmented on the basis of product type, usability, and distribution channel.
The product type segment has been classified as first-generation pens and second-generation pens. The second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.
The market, by usability, has been segmented into disposable pens and reusable pens. Reusable insulin pens segment is likely to be the fastest growing segment during the forecast period.
On the basis of the distribution channel, the market has been divided into online medical stores, retail pharmacies, diabetes clinics, and hospital pharmacies.
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