Smart Insulin Pen Gaining Momentum. Market Size, Trends, Analysis By Arizton
According to Arizton’s recent research report, the insulin pens market The emergence of new technologies such as smart insulin pens, and smart sensors, which include smart caps, attachments, and virtual platforms, are gaining traction in the global market.
The introduction of several integrated systems, smart sensors, and attachments for insulin pens has increased in recent years for the better management of diabetes better. Manufacturers have been aggressively working to develop more systems due to their increasing demand. The high adoption rate in several high- and middle-income countries is most likely to increase the demand during the forecast period.
Smart insulin pens were featured to connect with Continuous Glucose Monitoring (CGM), which enables them to share the record of insulin injected, the date, and dosage details. They were also featured with near field communication (NFC) technology which allows the scanning of the nearby device and transfers the data to the nearby device. New technology advancements include the new insulin pen cap with an innovative dosing system connected to the internet through mobile apps for Type 1 diabetes patients.
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In recent years, due to the increasing demand for insulin pens in the market, there has been an increase in manufacturers. However, key players are primarily interested in inorganic growth. Many startups or small companies are merged and acquired by key players. The innovation of smart insulin pens is gaining traction in the market. In France and other European countries, there is high adoption of smart insulin pens compared to other conventional methods. One of the reasons also is that Europe has good or full diabetes health insurance coverage, which in turn, creates growth opportunities for the market vendors. Also, in the past five years, the use of insulin pen delivery devices has remained dominant in ambulatory care settings in the US.
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Major vendors are continuously competing for the leading position in the market, with occasional spurts of competition coming from other local vendors. The global insulin pens market is dominated by vendors with a global presence. To gain more market share, many key players are expected to expand their presence worldwide during the forecast period, especially in developing countries such as the APAC region. Key companies are focused on developing advanced and innovative products to ensure better diabetes care, help end-users reduce the prevalence of diabetes, and provide quality care to the patient population, further expanding their dominance in the market. Competition is solely based on quality, quantity, technology, safety, and price. The competition among vendors is expected to increase in the upcoming years.
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