Hyderabad, Telangana -- (SBWIRE) -- 02/21/2023 -- Smart Connected Insulin Pens Caps Attachments Market

Smart insulin pens are utilized for external insulin administration, providing a convenient diabetes control alternative. There are several types of smart insulin pens and associated devices on the market, such as smart pen caps, and smart insulin pens with connection are those that include built-in interface technology.

Market Size and Future Apprehension:

According to the research report published by USD Analytics, the global "Smart Connected Insulin Pens Caps Attachments Market" is expected at a CAGR of 12.52% during the forecast period 2023-2030.

Market Dynamics:

Drivers:

The demand for insulin pens has expanded significantly in recent years, owing to an increase in the number of diabetes patients combined with the lower cost of insulin pens compared to insulin pumps. Furthermore, their ease of use and precision in insulin doses drive up demand.

Restraints:

However, there are certain drawbacks to using an insulin pen, such as the fact that two kinds of insulin cannot be combined in an insulin pen, which increases the frequency of injections required. This, in turn, slows market growth.

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Market Opportunities:

Growing prevalence of diabetes:

According to the World Health Organization, the number of people with diabetes has nearly quadrupled since 1980, and it is estimated that over 463 million people have diabetes worldwide. This growing prevalence of diabetes presents a significant opportunity for the smart connected insulin pen caps and attachments market to expand.

Technological advancements:

The smart connected insulin pen caps and attachments market is benefiting from the rapid advancements in technology, including the development of mobile health apps and cloud computing. These technological advancements have enabled the creation of innovative insulin delivery systems and remote patient monitoring systems.

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Market Challenges:

High costs:
The high cost of smart connected insulin pen caps and attachments can be a significant barrier to adoption for some patients, especially in developing countries where diabetes is also on the rise. However, with increasing competition and adoption, prices are expected to come down in the coming years.
Data privacy concerns:

With smart connected devices comes the risk of data breaches and privacy concerns. It is essential for companies to ensure that data collected from these devices is secure and complies with regulations like HIPAA.

Covid-19 Impact on Smart Connected Insulin Pens Caps Attachments Market:

The COVID-19 epidemic has had an impact on several businesses throughout the world, including the Global Smart Insulin Pens Market. Governments throughout the world took a variety of measures, including harsh lockdowns to enforce social distancing standards and limit the pandemic's rapid spread. The Smart Insulin Pens Market suffered as production plants throughout the world were forced to close during the early phases of the epidemic. The pandemic has a direct impact on small and medium-sized businesses, who are the backbone technology providers of the Smart Insulin Pens Market.

Market Segmentation:

The global Smart Connected Insulin Pens Caps Attachments Market segmented based on type, usability, end users, region

By Generation:
- First Generation Pens
- Second Generation Pens

By Type:
- Prefilled
- Reusable

By Application:
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings

By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa

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Competitive Analysis:

The prominent players in Smart Connected Insulin Pens Caps Attachments Market include
- Emperra GmbH
- Jiangsu Deflu Medical Device Co. Ltd.
- Medtronic PLC
- Novo Nordisk
- Pendiq
- Sanofi
- Berlin –Chemie
- Bigfoot Biomedical
- Digital Medics Pty Ltd
- Eli Lilly & Company

Key Developments:

- Novo Nordisk launched two smart linked insulin pens, the Novo Pen 6 and the Novo Pen Echo Plus, which are now available on prescription in the UK for persons with diabetes who use Novo Nordisk insulin. Novo Pen 6 and Novo Pen Echo Plus are two new Smart Insulin Pens on the market that automatically record insulin dose data with each injection.

- Medtronic Plc. announced its plan to buy Companion Medical Inc., the maker of the In Pen, in August 2020. The addition of Companion Medical's In Pen to the Medtronic portfolio expands the company's ability to better meet the requirements of diabetic patients by simplifying diabetes management and increasing results.

Regional Analysis:
North America led the worldwide Smart Insulin Pens Market in 2021 and will do so in the future. The region's supremacy can be attributed to the high incidence of diabetes, the rising cost of smart insulin pumps, and the presence of top participants. The increased rate of technological adoption is also boosting the North American Smart Insulin Pens Market. Furthermore, new product releases and approvals are projected to fuel the North American market.