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Smart Insulin Pens Market Size

Report ID: GMI8271
Published Date: Feb 2024
Report Format: PDF

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Smart Insulin Pens Market Size

Smart Insulin Pens Market size was valued at around USD 850.6 million in 2023 and is anticipated to register a CAGR of over 9.2% between 2024 and 2032. This robust market growth can be attributed to factors such as the rising prevalence of diabetes coupled with enhanced awareness of self-management of diabetes.

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The persistent rise in the prevalence of diabetes globally has become a significant catalyst for the growth of the market. Diabetes, a chronic condition characterized by elevated blood sugar levels, has experienced a surge in incidence, attributed to sedentary lifestyles, poor dietary choices, and the aging demographic trend.

For instance, according to IDF Diabetes Atlas, in 2021, 537 million adults (20-79 years) were estimated to be living with diabetes around the globe. This number is predicted to rise to 643 million by 2030 and 783 million by 2045. The rising prevalence of diabetes necessitates effective and user-friendly insulin delivery devices such as insulin pumps, and smart pens address this need by simplifying the injection process.

A smart insulin pen is an advanced medical device designed to enhance the management of diabetes. These pens are equipped with electronic components, connectivity features, and additional functionalities that enhance the precision, convenience, and monitoring of insulin delivery.

Smart Insulin Pens Market Report Attributes
Report Attribute	Details
Base Year:	2023
Smart Insulin Pens Market Size in 2023:	USD 850.6 Million
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	9.2%
2024 – 2032 Value Projection:	USD 1.9 Billion
Historical Data for:	2018 – 2023
No. of Pages:	165
Tables, Charts & Figures:	251
Segments covered:	Connectivity Type, Indication, Distribution Channel, and Region
Growth Drivers:	Rising prevalence of diabetes Technological advancements Enhanced awareness of self-management of diabetes
Pitfalls & Challenges:	High cost of smart insulin pens

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global smart insulin pens industry was valued at around USD 850.6 million in 2023 and is estimated to reach USD 1.9 billion by 2032, attributed to factors such as the rising prevalence of diabetes coupled with enhanced awareness of self-management of diabetes.

The Bluetooth segment is anticipated to witness substantial expansion at 9.3% rate from 2024 to 2032 owing to a high level of accessibility and control over diabetes management for patients.

North America smart insulin pens market accounted for USD 329.3 million in 2023 and is predicted to witness substantial growth through 2032 owing to prevalence of both Type 1 and Type 2 diabetes, and the widespread reliance on insulin for effective diabetes management.

Cambridge Consultants Ltd., Eli Lilly and Company, Emperra GmbH, Jiangsu Delfu medical device Co., Ltd., Medtronic plc, Novo Nordisk, and Ypsomed Group.