United States Smart Insulin Pen Market
The United States smart insulin pen market is expected to witness a CAGR of more than 35% to reach market value of around US$ 392 Million by 2026.
The surge in cases of diabetes is a major driving force for the expansion of the smart insulin pen market globally. The patients who have diabetes have become more hands-on in terms of it’s management. A better understanding of treatment options such as smart insulin pens is expected to rise in the coming period. Moreover, the availability of better product options is expected to reinforce the development of the market. The insulin pens available these days are “connected” insulin pens which are refillable and function with insulin cartridges effortlessly. The increased rate of development in the market is expected to push cost benefits towards the end-users of the smart insulin pen market. The use of smart insulin pens is estimated to promote a reduction in environmental pollution from insulin containers as smart pens are refillable.
The ability to pre-load doses in smart insulin pens is significantly motivating the overall demand increasingly. Also, the collaboration between industry giants and specialty firms in the market are promoting further expansion of the market. Case in point is that of Rimidi and Companion Medical who announced a first-of-its-kind collaboration to improve data visualization for clinicians handling high-risk patients with diabetes who are being administered insulin therapy. The association fits in Companion Medical’s connected device, InPen, the original and lone FDA-cleared, smart insulin pen matched with an integrated diabetes managing app, into Rimidi’s platform by running insulin dosing data from the InPen over the cloud. The collaborations of this type are utilizing devices such as connected glucometers with very optimistic effects on diabetes results showing improvements in a lesser timeframe. The need to implicitly hasten the trial and error process of recognizing the optimum dose for each patient while driving down costs is expected to encourage the smart insulin pen market further.
The lack of devices that could aid in managing of diabetes is projected to spur the integration of technology such as Bluetooth, apps and cloud technology among others is anticipated to bolster the smart insulin pen injectors market around the world. The conventional glucometer’s integration with insulin pens that are broadly used than insulin pumps is expected to augment the convenience factor and thus translate to an incremental growth pace for the smart insulin pen market. Moreover, the availability of scanning via apps and real-time alerts are estimated to offer life-altering technology to individuals living with diabetes. Recently, Biocorp, manufacturer of an Internet-connected cap for insulin pen injectors that can routinely convey dosage data to a mobile app, has entered into private discussions for usage of the device in Sanofi’s diabetes care program. The smart sensor cap, Mallya, is an original connected device for injection pens that have been assessed to touch the accuracy conditions for a CE Class IIb, medical device label by European regulators. Biocorp also added that it would obtain a preliminary sum of €4 million from Sanofi to back-related development activities under the private negotiation, which is the initial step toward a partnership with Sanofi. The central players shaping the smart insulin pen market are Companion Medical, Diabnext, Digital Medics Ptd Ltd., Emperra GmbH E-Health Technologies and Diamesco Co., Ltd. to name a few.
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