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. 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.
The demand for the smart insulin pens has increased considerably in the recent years owing to the increase in incidence of diabetic patients coupled with their cost-effective nature as compared to insulin pumps. However, applications that are not suitable for integrating with insulin restrict the market growth. On the contrary, advancements in technology and combining resources from all around the world would present opportunities in the smart insulin pens market.
Download Sample Report: https://www.alliedmarketresearch.com/request-sample/3485
First-generation pens segment to maintain its dominance by 2023
The first-generation pens segment accounted for more than half of the total revenue in 2017 and will maintain its dominance by 2023. However, the second-generation pens segment is projected to register the highest growth rate with a CAGR of 12.2% from 2017 to 2023.
Europe to maintain lead position by 2023
Europe accounted for more than one third of the market in terms of revenue in 2017. However, Asia-Pacific is expected to grow at the highest CAGR of 11.9% during the forecast period.
Hospitals and Clinics segment to lead throughout the forecast period
The hospitals and clinics segment accounted for more than one third of the total revenue in 2017 and will maintain its dominance by 2023. However, the home care settings segment is projected to register the highest growth rate with a CAGR of 11.4% from 2017 to 2023.
Reusable segment to maintain its dominance by 2023
Reusable segment accounted for more than three-fifths of the market in terms of revenue in 2017. However, pre-filled segment is expected to grow at the highest CAGR of 11.1% during the forecast period.
Inquire more about this report: https://www.alliedmarketresearch.com/purchase-enquiry/3485
Leading market players
The key market players explored in the research include Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, and Emperra GmbH. They have adopted different strategies such as mergers & acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
About Us:
Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client’s insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.
Media Contact
Company Name: Allied Market Research
Contact Person: David Correa
Email: Send Email
Phone: +1-800-792-5285
Address:5933 NE Win Sivers Drive #205, Portland, OR 97220
City: Portland
State: United States
Country: United States
Website: www.alliedmarketresearch.com/smart-insulin-pens-market