PORTLAND, Oregon and PUNE, India, October 4, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Smart Insulin Pens Market by Type, Usability, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global smart insulin pens market was valued at $57 million in 2016, and is projected to reach $117 million by 2023, growing at a CAGR of 10.7% from 2017 to 2023. The first-generation pens segment held more than three-fifths share of the total market in 2016.
Smart insulin pen is used to deliver insulin into diabetic patients. Increase in demand for self-injection devices, rise in prevalence of diabetes, and accuracy in dosage delivery of insulin are expected to drive the market growth. However, limited usage of smart insulin pens for patients requiring a mixture of two types of insulin restrict the market growth.
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First generation pens are expected to dominate the market throughout the analysis period. However, the second generation pens segment is expected to register the highest CAGR of 12.3%.
According to Pallavi Jaiswal, Research Analyst, Healthcare Research at Allied Market Research, "The benefits offered by smart insulin pens is the major factor driving the growth of the market. For instance, a patient experiences less injection pain while using smart insulin pen, which in turn propels the market growth."
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KEY FINDINGS OF THE STUDY
- The first generation pens is projected to grow at the CAGR of 9.7% during the forecast period.
- USB connected pens is projected to register the highest growth rate of 12.7% during the forecast period.
- Bluetooth-enabled pens segment accounted nearly two-thirds share of the global second generation smart insulin pens market in 2016.
- Home care settings is expected to grow at the highest CAGR of 10.9% during the forecast period.
- France and Germany collectively contributed for more than one-third share of the European smart insulin pens market in 2016.
- Japan was the major shareholder in 2016, accounting for more than one-third share of the Asia-Pacific smart insulin pens market.
Asia-Pacific is projected to register the highest CAGR of 12.0%, owing to rise in incidence of diabetes coupled with rising geriatric population. In addition, surge in awareness of benefits of smart insulin pens, such as it is beneficial for people with vision problems, offers a lucrative opportunity for the market growth.
The major companies profiled in the report are Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, and Emperra GmbH.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research