Smart insulin pen is an injection delivery device. Smart insulin is a device that can automatically manages blood sugar levels. Moreover, Smart Insulin device also keep the blood sugar level in normal range in diabetic. The increasing adoption of medical management process is boosting the growth in global smart insulin pens market with a CAGR of around 18%. The is growing concern for patient care across medical facilities is one of the key factor that is rising the adoption of medical management process across the globe. Hence, the increasing adoption of medical management process in the world is opening new avenues for smart insulin pens market.
The rising prevalence of diabetes across the globe is one of the major factor that is driving the growth of smart insulin pens globally. According to World Bank around 8.5% of world population is living from any kind of diabetes globally in 2016. Moreover, according to international federation of diabetes, globally around 415 million people are suffering from diabetes in 2015. It is expected that by the end of 2040 there are around 642 million people in the world who suffers from any kind of diabetes. Globally, diabetes has also emerged as one of the major cause for deaths. According to international diabetes federation, in 2015, around 5 million people die from diabetes in the world. Hence, the rising prevalence of diabetes globally is boosting growth in global smart insulin pens market. Despite of driving factors such as lack of dose flexibility and privacy and security concerns associated with patient data are major challenges that are restricting the growth of the global smart insulin pens market.
Source: OBRC Analysis
The report on global smart insulin pens market includes connectivity, indication and channel.
Disease indication where smart insulin pens applied are:
- Type 1 diseases
- Type 2 diseases
Smart insulin pens by connectivity include:
- Bluetooth connected smart insulin pens
- USB connected smart insulin pens
Channel through which smart insulin pens are distributed includes:
- Clinics & Ambulatory Surgical Centers
- E-Commerce
- Retail Pharmacies
The report scope is widely categorized on the basis of its connectivity through which smart insulin pens are connected which include Bluetooth connected smart insulin pens and USB connected smart insulin pens. Moreover, the market revenue estimates and forecast includes insulin pens. However, report scope excludes syringes and other traditional insulin.
The global smart insulin pens market report has been geographically segmented in:
- North America (U.S. & Canada)
- Asia Pacific (China, India, Japan, RoAPAC)
- Europe (UK, France, Germany, RoE)
- Rest of World
North America accounts highest revenue share in 2016. The rising prevalence of diabetes in North American countries (U.S. & Canada) is contributing towards the growth of North America smart insulin pens market. According to CDC, around 29 million people are suffering from diabetes in the North America Region which contribute around 9.3% of total U.S. population in 2015. In this 29 million people, around 21 million are diagnosed and get treatment for the diabetes, whereas as around 8 million are still undiagnosed who are not getting any kind of treatment for diabetes. Furthermore, the major part of diabetic population in U.S are generally of age 35 and above, which accounted for 24.6 million in 2015. However, around 4.4 million dietetic people are aged 0 to 35 years. Moreover, In United States around 1.25 million children are suffering from diabetes in 2015. Hence, the rising prevalence diabetes in North American countries is contributing towards the growth of North America smart insulin pens market. Furthermore, Asia Pacific is the fastest growing region in global smart insulin pens market. The growth in Asia Pacific smart insulin pens market is mainly driven by the increasing prevalence of diabetes in Asian countries such as India, China, Japan, etc. According to world bank, in India around 9.3% of total population suffers from diabetes in 2015. Whereas in China around 9.8% of total population is living with diabetes in 2015. Japan has the lowest rate of the diabetes in Asian countries which is around 5.7% of total population suffers from diabetes in Japan. The low prevalence of diabetes in Japan is the key factor due to which Japan is experiencing low growth as compared to India and China.
Global smart insulin pens market report covers segmentation analysis of connectivity, indication and channel. Report further covers segments of indication which includes type of diabetes such as Type 1 diabetes and Type 2 diabetes. Type 2 diabetes held the largest revenue share in indication segment due to higher adoption of smart insulin pens by type 2 diabetes patients.
The major market players of the global smart insulin pens market are:
- ABBOTT (U.S.)
- COMPANION MEDICAL INC. (U.S.)
- ELLI LILLY (U.S.)
- EMPERRA GMBH (GERMANY)
- MEDTRONIC’S (U.S.)
- JIANGSU DELFU MEDICAL DEVICE CO. (CHINA)
- OTHERS
These companies using various strategies such as merger & acquisition, collaboration, partnership and product launch. Whereas, new product development and FDA approval is the key strategy adopted by the companies in the smart insulin pens market.
For Example; On August 2016, Emperra GmBH launched Bluetooth insulin pen named ESYSTA BT pen. The BT pen allows to wireless data transfer with 868 MHz which helps to enhance diabetes management. Similarly, on August 2016, Companion Medical got FDA 510 (k) approval for company mobile application and wireless InPen insulin pen, which contains computer chip technology with Bluetooth LE wireless capabilities.
The report covers detailed analysis of companies which comprises of overview, SCOT analysis, product portfolio, strategic initiative, strategic analysis, competitive landscape and market share analysis in smart insulin pens market.
Key reason to buy the report:
- The report includes market estimation, forecast and analysis for the year 2016-2023
- Report includes detailed analysis of different segments such as connectivity, indication and channel through which smart insulin pens distributed.
- Identify, understand, and the strength, opportunities, challenges and threat of the smart insulin pens market.
- Covers details analysis of Porters 5 force model and other strategic models and also covers revenues, market share analysis, competitive landscape analysis of major players of voice communication segment market.
- Contains detailed analysis of FDA approval for smart insulin pens in 2015, 2016 and 2017.
- Detailed analysis of various the regulatory policies which are affecting the global smart insulin pens market.
How we are different from others:
At Occam’s we provide an extensive portfolio which is comprehensive market analysis along with the market size, market share, and market segmentations. Our report on global smart insulin pens market offers detailed analysis of strategic models such as investment vs. adoption model, see saw analysis, return on investment analysis and others strategic models. Also, the report contains the detailed analysis of application, adoption scenario and decision support for each segment. The report contains detailed patent analysis and FDA approval for smart insulin pens during 2015-2017. The report discusses competitive landscape of the smart insulin pens market, with giving extensive SCOT analysis of key companies.
Key Findings of the global smart insulin pens market.
- Increasing adoption of medical management process is boosting growth in global smart insulin pens market.
- North America held highest revenue share in 2016.
- Bluetooth connected smart insulin pens held the large revenue share in 2016 due to rising demand for automated data sharing with healthcare providers.
- New product development and FDA approval is the key strategy adopted by players of smart insulin pens market.