PharmiWeb.com - Global Pharma News & Resources
06-Mar-2020

Smart Insulin Pens Market to Record CAGR of 17.9% Rise in Growth by 2027

VALLEY COTTAGE, N.Y. – Increasing pool of diabetic patients witnessed across the globe has prompted leading manufacturers of medical devices towards development of ground-breaking products. Smart insulin pens are among such devices that have revolutionised the global market for diabetic injection pens. A recent study published by Future Market Insights projects that the global smart insulin pens market, which is currently valued at US$ 0.86 Mn, will expand vigorously at 17.9% CAGR through the end of 2027. During this ten-year forecast period, the global demand for smart insulin pens is estimated to surge rapidly as medical device manufacturers will be actively adopting advanced technologies that deliver cutting-edge devices.

Download the sample copy of Report with table of contents and Figures @ https://www.futuremarketinsights.com/reports/sample/rep-gb-1827

While the parent market – global diabetic injection pens market – is presently worth US$ 4.9 Bn, contribution of revenues arising from global sales of smart insulin pens will remain minimal. Nevertheless, the global smart insulin pens market will bring in more than US$ 4 Mn revenues by the end of 2027. The report, titled “Smart Insulin Pens Market: Global Industry Analysis and Opportunity Assessment, 2017-2027,” also reveals that Europe will emerge as a dominant region for growth of global smart insulin pens market. Sales of smart insulin pens across European countries are anticipated to bring in over US$ 2.4 Mn by end of 2027.

Meanwhile, awareness regarding smart insulin pens is expected to rise robustly across the US and Canada. North America’s smart insulin pens market is, thus, estimated to register revenue growth at a staggering 26.7% CAGR. Through 2027, sales of smart insulin pens across Asia-Pacific region are also projected to gain traction, bringing in a little over US$ 1.2 Mn in revenues.

Key Trends Driving the Demand for Smart Insulin Pens

A crucial factor fuelling the global sales of smart insulin pens is higher dependency of patients & medical professionals on data obtained from clinical trials. Conventional devices are unable to offer facilities that are provided through smart insulin pens.

Preview Analysis of Smart Insulin Pens Market: Bluetooth Connected Smart Insulin Pens Allow Effective Insulin Dose Management along with Data Sharing Capabilities: Global Industry Analysis and Opportunity Assessment 2017-2027: https://www.futuremarketinsights.com/reports/smart-insulin-pens-market

The demand for smart insulin pens is also driven by preference of health insurers towards outcome-based compensation models. Moreover, medical device manufacturers are looking at profitable opportunities arising from rising adoption of medical management processes, increasing development of insulin adherence programs, and higher demand for patient-centric devices. It has been estimated that during the forecast period, the global market for smart insulin pens will witness active participation from three medical device manufacturers – Companion Medical Inc., Emperra GmbH E-Health Technologies and Digital Medics Pty Ltd.

The report further reveals that a majority of smart insulin pens sold across the world will be purchased for treatment of type II diabetes. The demand for smart insulin pens among type I diabetics is expected to remain considerably lower, procuring global revenues of just over US$ 700,000. Connectivity of smart insulin pens is also observed as a key aspect impacting the market’s growth. And, the report projects the global smart insulin pens market to remain equally split between Bluetooth and USB-connected pens through the end of 2027.

Buy this report @  https://www.futuremarketinsights.com/checkout/1827

The report also expects clinics and ambulatory surgical centres (ASCs) based across the globe as the largest distribution channels for smart insulin pens. In 2017, close to 88% of global smart insulin pens revenues are likely to be accounted by clinics and ASCs. On the other hand, proliferation of online commercial platforms will also play a key role in distribution of smart insulin pens. Throughout the forecast period, e-Commerce distribution channels are expected to exhibit revenue growth at more than 24% CAGR.

Our advisory services are aimed at helping you with specific, customized insights that are relevant to your specific challenges. Let us know about your challenges and our trusted advisors will connect with you:  https://www.futuremarketinsights.com/askus/rep-gb-1827

More from Healthcare, Pharmaceuticals and Medical devices:

About Us

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.

Contact Us
Mr. Abhishek Budholiya
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
F: +1-845-579-5705
T (UK): + 44-(0)-20-7692-8790 
Sales: sales@futuremarketinsights.com  
Press OfficePress@futuremarketinsights.com  
Blog: Market Research Blog  
Websitehttps://www.futuremarketinsights.com/

Editor Details

Last Updated: 06-Mar-2020