SAN FRANCISCO, Jan. 14, 2020 /PRNewswire/ -- The global smart insulin pens and pumps market size is expected to reach USD 6.3 billion by 2026, registering around 10.0% CAGR over the forecast period according to a new report by Grand View Research, Inc. Major market drivers include continuous technological advancements in the field of diabetes care along with growing adoption of advanced diabetes management methods. The rising geriatric population coupled with the increasing incidence of diabetes as lifestyle associated disease are the factors expected to drive the product demand. Self-injection devices with integrated connectivity have become an important element of the digital ecosystem.
Key suggestions from the report:
- North America dominated the market in 2018 owing to favorable reimbursement policies, presence of key players, and high adoption rates for advanced technologies
- By insulin pump types, Medtronic's MiniMed accounted for the largest market share in 2018 and is expected maintain its dominance over the forecast period
- Companion medical Inpen is expected to register the fastest CAGR over the forecast period, owing to high adoption rate and advanced features
- By end use, hospital segment held the largest share of the smart insulin pens and pumps market in 2018. Homecare segment, on the other hand, is expected to register the fastest CAGR during the forecast period
- The leading players present in the market are Companion Medical Inc.; Novo Nordisk; Emperra Gmbh E-Health technologies; Jiangasu Delfu medical device Co Ltd; Insulet Corporation;Cellenovo; Medronic Inc.; F Hoffmann-La Roche; Ypsomed; Tandem Diabetes Care; Sooil Development; Valeritas Inc.; and others. Major players are focusing on technological collaboration and product launches
Read 110 page research report with ToC on "Smart Insulin Pens And Pumps Market Size, Share & Trends Analysis Report By Product (MiniMed, Accucheck, Tandem, Omnipod, Inpen, Pendiq 2.0), By End Use, By Region, And Segment Forecasts, 2019 - 2026'' at: www.grandviewresearch.com/industry-analysis/smart-insulin-pens-pumps-market
Smart insulin pens and pumps have created new standards for diabetes care. With the advent of Artificial Intelligence (AI), the entire paradigm of diabetes management has been transformed from simple Bluetooth enabled insulin delivery devices to an artificial pancreas. Furthermore, increasing investment and rising number of new product launches are expected to widen growth opportunities. For Instance, in July 2017, Cellnovo a French medtech company announced to raise USD 19.27 million to improve its product and to continue the R&D in artificial pancreas system. Many key players are focusing on technological collaborations, which is expected to have a long-term positive impact on the market. For instance, in September 2019, Medtronic collaborated with Novo Nordisk to integrate Novo future smart insulin pen dosage data with Medtronic CGM devices.
Grand View Research has segmented the global smart insulin pens and pumps market based on product type, end use, and region:
- Smart Insulin Pens and Pumps Product Type Outlook (Revenue, USD Million, 2015 - 2026)
- Smart Insulin Pens
- Companion Medical (Inpen)
- Novo Nordisk (Novo6 and Novo Echo)
- Emperra Gmbh (ESYSTA Pen)
- Pendiq intelligent diabetes care (Pendiq 2.0)
- Smart Insulin Pumps
- Minimed (630G and 670G,)
- Accuchek (Combo and Insight)
- Tandem (T:slim X2, and G4)
- My Life Omnipod
- Smart Insulin Pens and Pumps End-use Outlook (Revenue, USD Million, 2015 - 2026)
- Hospitals and Clinics
- Smart Insulin Pens and Pumps Regional Outlook (Revenue, USD Million, 2015 - 2026)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Medical Devices Industry, by Grand View Research:
- Digital Diabetes Management Market – The global digital diabetes management market size was valued at USD 6.3 billion in 2018 and is expected to register a CAGR of 19.4% over the forecast period.
- Needle-Free Drug Delivery Devices Market – The global needle-free drug delivery devices market size was valued at USD 7.37 billion in 2017. It is poised to exhibit a CAGR of 10.5% during the forecast period.
- Diabetic Retinopathy Market – The global diabetic retinopathy market size was valued at USD 5.81 billion in 2016 and is anticipated to grow at a CAGR of 6.3% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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