Smart Insulin or Glucose Responsive Insulin Market Share Hit to $6.17 Billion at 10.5% CAGR by 2027
Pune, Maharashtra, India, February 18 2021 (Wiredrelease) Allied Analytics –:Increase in incidence and prevalence of diabetes, rise in healthcare expenditure, and surge in adoption of technologically advanced products drive the growth of the global smart insulin or glucose responsive insulin market. On the other hand, adverse effects and several safety issues with the devices impede the growth to some extent. Nevertheless, rise in awareness toward smart insulin devices and untapped opportunities & undiagnosed population in developing regions are expected to create multiple opportunities in the industry.
“Smart Insulin or Glucose Responsive Insulin Market by Delivery Devices (Smart Insulin Pen and Smart Insulin Pump), Disease, (Type 1 Diabetes and Type 2 Diabetes), and Type (Rapid Acting, Intermediate Acting, Long Acting, Short Acting, and Premixed Type): Global Opportunity Analysis and Industry Forecast, 2019–2027.” According to the report, the global smart insulin or glucose responsive insulin industry was estimated at $2.77 billion in 2019, and is expected to hit $6.17 billion by 2027, registering a CAGR of 10.5% from 2020 to 2027.
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– There’s been a slow growth in the global smart insulin market. Disruptions in supply chains and restrictions on trade of advance medical products across countries during lockdown have impacted the market negatively.
– Nevertheless, with several government bodies bringing in relaxations on the current regulations, the global market is projected to regain its position soon.
The smart insulin pump segment to dominate by 2027-
Based on delivery device, the global smart insulin pump segment accounted for 96% of the global smart insulin or glucose responsive insulin market share in 2019 and is expected to lead the trail by 2027. Surge in demand for home infusion therapy and advancements in traditional insulin pumps are expected to propel the growth of the segment. The smart insulin pen segment, on the other hand, would register the fastest CAGR of 12.2% throughout the forecast period. Increase in demand for minimally invasive devices boosts the segment growth.
The type 1 diabetes segment to rule the roost-
Based on disease, the type 1 diabetes segment contributed to more than three-fifths of the global smart insulin or glucose responsive insulin market revenue in 2019 and is projected to retain its dominance by the end of 2027, owing to the presence of large pool of patients suffering from this condition. Simultaneously, the type 2 diabetes segment would portray the fastest CAGR of 11.1% during the study period. This is due to increasing prevalence of diabetes 2 and growing product approvals for treating the condition.
North America garnered the highest share in 2019-
Based on geography, North America held the major share in 2019, generating nearly two-fifths of global smart insulin or glucose responsive insulin market. With more and more patients opting for advanced diabetes treatments in this province, the market growth has increased to a significant extent. At the same time, Asia-Pacific would manifest the fastest CAGR of 13.0% from 2020 to 2027, due to increase in diabetic population across the region.
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Comprehensive competitive analysis and profiles of major smart insulin or glucose responsive insulin market players such as CeQur, Diamesco Co, Eli lily and Company, Insulet Corporation, Medtronic Plc, Novo Nordisk A/S, F. Hoffmann-La Roche AG, Sanofi and Zealand Pharma are provided in this report.
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