Global Smart Insulin Pens Market

Smart Insulin Pens Market Size, Share, Growth Analysis, By Product(Smart insulin pen, adaptors for conventional pen), By Connectivity type (Bluetooth, and USB), By Indication(Type 1 diabetes, type 2 diabetes), By End-user(Hospitals & clinics, ambulatory surgical centers, home care settings), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2194 | Region: Global | Published Date: April, 2024
Pages: 219 |Tables: 143 |Figures: 77

Smart Insulin Pens Market Insights

Global Smart Insulin Pens Market size was valued at USD 3.66 billion in 2022 and is expected to rise from USD 4.03 billion in 2023 to reach a value of USD 8.63 billion by 2031, at a CAGR of 10% during the forecast period (2024–2031).

Smart insulin pens are a better solution for  diabetes management because they help in external administration of insulin to diabetic patients. The smart insulin pens are designed in such a manner that they aid in the administration of doses on a regular basis as a result of the system's timely reminders and alerts. Owing to their ease of use, smart insulin pens are becoming increasingly popular. The smart device can be attached to an existing insulin pen of a diabetic patient. The market for smart insulin pens is expanding due to the ability to provide timely alerts or periodic reminders, which aids in providing the correct insulin dosage. It also aids in monitoring any missed doses, which is critical for diabetic patients. This smart insulin pen has provided a very convenient solution for the management of type 1 and type 2 diabetes. Maintaining a record of the patient's diabetes profile by monitoring the diabetes levels at a specific time and date, as well as the sequential order is crucial. The smart insulin pen is an expert at determining the temperature range of the insulin dose and moreover keeps a close eye on the expiry date of the medicine to ensure the safety of patients from health hazards. The COVID-19 pandemic had a significant negative impact on the smart insulin pen market, thereby, restricting growth. The government's strict lockdown and restrictions, as well as restricted movement, had kept people at home, preventing laboratory testing and resulting in unchecked diabetes profiles. As a result, the medical sector's diabetic services were severely hampered.

US Smart Insulin Pens Market  is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 3.66 billion

Largest Segment

Home Care Settings

Fastest Growth

Hospitals & clinics

Growth Rate

10% CAGR

Global Smart Insulin Pens Market ($ Bn)
Country Share for North America Region (%)

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Smart Insulin Pens Market Segmental Analysis

The global smart insulin pens market is segmented based on product, connectivity type, indication, end-user, and region. Based on product, the smart insulin pens market is segmented into smart insulin pens, and adaptors for conventional pens. In terms of segmentation by connectivity type, the Smart Insulin Pens Market is segmented into Bluetooth, and USB. With respect to indication, the Smart Insulin Pens Market is segmented into type 1 diabetes, type 2 Diabetes. The end-user segment is further classified into hospitals & clinics, ambulatory surgical centers, and home care settings. Based on region, Smart Insulin Pens Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Smart Insulin Pens Market Analysis by End-user

Based on end-users, the smart insulin pens market is segmented into hospitals & clinics, ambulatory surgical centers, and home care settings. The hospitals & clinics segment is expected to earn the largest market share in managing diabetes and its complications during the forecast period. These sub-segments provide highly skilled workers and personnel who are experienced in dealing with and managing these types of cases. In order to provide error-less services to patients, hospitals prioritise their patient’s safety. Smart insulin pens are progressively being used by the healthcare industry to manage blood sugar in the most simple and convenient ways possible.

The ambulatory surgical centres segment is expected to grow moderately during the forecast period because it includes advanced facilities for providing first-rate care to patients. This sector is focusing on implementing cutting-edge technology in order to provide the best medical services possible to patients in the absence of a proper hospital or clinic at the time.

The home care settings segment is expected to register the fastest growth rate in the forecast period. This is owing to the presence of a large number of geriatric population worldwide, there has been a new scope of market growth. People in their old age prefer to aid medical services within the comfort of their homes or familiar surroundings. These include diabetes-check-ups, blood sample collection for tests, and home care settings. Among these, the home care settings segment has proven to be extremely beneficial to the smart insulin pen market growth. As a result, the aged people rely more on home kits to monitor their blood sugar levels, thereby creating new business generation opportunities for this future market.

Smart Insulin Pens Market Analysis by indication

Based on indication, the smart insulin pens market is segmented into type 1 diabetes, type 2 diabetes. Owing to the high prevalence of diabetes across all age groups, type 2 diabetes treatment is supposed to generate considerable revenue streams during the forecast years. Smart insulin pens have helped to transform diabetic care by adapting in a connected care ecosystem for patients, providers, and health systems.

Global Smart Insulin Pens Market By End-user, 2022 (%), 2023 (%)

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Smart Insulin Pens Market Regional Insights

Demographically, the global smart insulin pens market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, every region is further classified based on the key countries contributing to the market growth. The rise in prevalence of diabetes in countries such as Canada and the US augments the cost of smart insulin pumps in North America, thus, helping it contribute the largest share in 2021 and to continue so in the forecast period. In addition to this, the presence of multiple players in this region, coupled with the high rate of technological adoption is also driving the North America smart insulin pens market. Furthermore, the market in North America is expected to be driven by new product launches and related FDA approvals.

Diabetes affected approximately 537 million adults aged 20 to 79 in 2021. The total number of diabetics is expected to rise to 643 million by 2030 and 783 million by 2045. According to the American Diabetes Association (ADA), over a million new cases of diabetes are diagnosed in the United States each year. The Center for Disease Control and Prevention (CDC) is actively working to start reversing this epidemic by assisting in the identification of people with prediabetes, the prevention of type 2 diabetes and its complications, and the improvement of overall health. The American Diabetes Association (ADA) revised its diabetes guidelines in 2022. The ADA recommended the use of insulin pens rather than vials and syringes for the first time. Smart insulin pens, for example, are most likely to have an impact in better diabetes management compared to the traditional methods.

The Europe market is projected to emerge as the fastest growing market during the forecast period. As the trend toward non-invasive surgeries continues, healthcare providers across the UK are emphasizing on the importance of needle-free insulin injections. These injections reduce the discomfort and trauma of the patient associated with needle insertion. As a result, smart insulin pens that incorporate a variety of modern techniques are gaining traction, thus, driving the European market during the forecast period.

As a result of the new facilities made available to the people, the MEA region is expected to grow at the fastest rate during the forecast period.

The Asia Pacific region may also register significant growth in this sector as a result of the increasing number of diabetic patients in developing countries such as China, India, and others.

Global Smart Insulin Pens Market By Region, 2024-2031
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  • Fastest

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Smart Insulin Pens Market Dynamics

Smart Insulin Pens Market Driver

Busy Lifestyles and Tight Daily Schedules Augments Need for Insulin Dose Trackers

  • The population of diabetic patients have increased due to the rapidly evolving society and the growing workload on the younger generation. As a result, insulin products are selling quickly on the market. In recent years, smart insulin pens have become a popular device. On account of people's increasing workloads and busy lifestyles, keeping track of diabetes readings and insulin dose schedules is becoming more and more impossible. As a result, smart technology enters the picture to alleviate these difficulties. The rising incidences of needle stick injuries have boosted sales of smart insulin pens. Owing to this, smart insulin pens market manufacturers are widely producing the product globally, in order to attract high revenues in the next few years.

Smart Insulin Pens Market Restraint 

High Cost of Smart Insulin Pens may Hinder Growth

  • The high cost of smart insulin pens may reduce their global market demand. Patients in developing countries, such as Africa, are suffering as a result of inadequate healthcare infrastructure and poor reimbursement policies, which discourage them from seeking treatment and accessing modern devices such as smart insulin pens.

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Smart Insulin Pens Market Competitive Landscape

The global smart insulin pens market is highly competitive and somewhat fragmented in nature. To maintain a competitive edge, major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Smart Insulin Pens Market Top Player's Company Profiles  

  • Emperra GmbH
  • Novo Nordisk A/S
  • Medtronic plc
  • Eli Lilly and Company
  • Sanofi S.A.

  • Companion Medical Inc.

  • Diabnext

  • Insulet Corporation

  • Pendiq GmbH

  • Digital Medics Pty Ltd.

  • F. Hoffmann-La Roche AG

  • Ypsomed AG

  • Common Sensing Inc.

  • InjexUK Ltd.

  • Diamesco Co., Ltd.

  • Nipro Corporation

  • Jiangsu Delfu Co., Ltd.

  • Wockhardt Ltd.

  • Biocon Ltd.

Smart Insulin Pens Market Recent Developments

  • In January 2024, Eli Lilly and Rexam are making significant investments in their French manufacturing facilities to produce a new insulin injection pen. This collaboration, which has been in the works for several years between Rexam Pharma and Eli Lilly and Co. Group, is anticipated to launch in 2009. The insulin injection pen will consist of over a dozen plastic components and a metal spring, featuring two sections: one for dose selection and the other serving as a protective cap. Production of the pen's sections will take place at the La Verpillière site, while Lilly's Fegersheim site in Alsace near Strasbourg will handle the production of the glass cartridge filled with insulin for insertion into the pen. The newly developed pen will be available for sale globally.  
  • In January 2024, BIOCORP, a Novo Nordisk company headquartered in France and known for designing, developing, and manufacturing innovative medical devices, revealed that they obtained 510(K) clearance from the U.S. Food & Drug Administration (FDA) to commercialize SoloSmart®, a smart medical device connecting SoloStar® insulin pens by Sanofi. 
  • In August 2023, Kakao Healthcare, the digital healthcare arm of South Korean internet giant Kakao Corporation, joined forces with Novo Nordisk to enhance its diabetes management platform utilizing mobile and AI technologies. This partnership entails the introduction of a smart healthcare service tailored to aid diabetes patients. Through a memorandum of understanding, the two entities solidified their commitment to innovating solutions for diabetes management.

Smart Insulin Pens Key Market Trends

  • Increasing latest advancements in research & development activities in the healthcare department, coupled with the increase in diabetic patients worldwide are the key industry trends for the global smart insulin pens market. Additionally, increase in new innovative products by market manufacturers to cater to the need of smart insulin pens are also projected to create lucrative growth opportunities for this market in the long run.

Smart Insulin Pens Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global smart insulin pens market analysis, in Asia Pacific, the smart insulin pens market is projected to grow gradually over the projected time frame, owing to an older population that is more susceptible to being diagnosed with diabetes. Smart insulin pens are in great supply worldwide, owing to an increase in diabetes cases caused by obesity, unhealthy lifestyles, and old age. However, a restriction on using all types of insulin through a pen, such as mixing different types in one injection, is a limiting factor in the market for smart insulin pens.

What's Included

NA

Report Metric Details
Market size value in 2023 USD 3.66 billion
Market size value in 2031 USD 8.63 billion
Growth Rate 10%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Smart insulin pen, adaptors for conventional pen
  • Connectivity type 
    • Bluetooth, and USB
  • Indication
    • Type 1 diabetes, type 2 diabetes
  • End-user
    • Hospitals & clinics, ambulatory surgical centers, home care settings
  • Region
    • North America, Europe, Asia-Pacific, Latin America, and MEA
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Emperra GmbH
  • Novo Nordisk A/S
  • Medtronic plc
  • Eli Lilly and Company
  • Sanofi S.A.

  • Companion Medical Inc.

  • Diabnext

  • Insulet Corporation

  • Pendiq GmbH

  • Digital Medics Pty Ltd.

  • F. Hoffmann-La Roche AG

  • Ypsomed AG

  • Common Sensing Inc.

  • InjexUK Ltd.

  • Diamesco Co., Ltd.

  • Nipro Corporation

  • Jiangsu Delfu Co., Ltd.

  • Wockhardt Ltd.

  • Biocon Ltd.

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Smart Insulin Pens Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Smart Insulin Pens Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Smart Insulin Pens Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Smart Insulin Pens Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Smart Insulin Pens Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Smart Insulin Pens Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Smart Insulin Pens Market size was valued at USD 3.66 billion in 2022 and is expected to rise from USD 4.03 billion in 2023 to reach a value of USD 8.63 billion by 2031, at a CAGR of 10% during the forecast period (2024–2031).

The smart insulin pens market is highly competitive and somewhat fragmented in nature. To maintain a competitive edge, major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Emperra GmbH', 'Novo Nordisk A/S', 'Medtronic plc', 'Eli Lilly and Company', ' Sanofi S.A. ', ' Companion Medical Inc. ', ' Diabnext ', ' Insulet Corporation ', ' Pendiq GmbH ', ' Digital Medics Pty Ltd. ', ' F. Hoffmann-La Roche AG ', ' Ypsomed AG ', ' Common Sensing Inc. ', ' InjexUK Ltd. ', ' Diamesco Co., Ltd. ', ' Nipro Corporation ', ' Jiangsu Delfu Co., Ltd. ', ' Wockhardt Ltd. ', ' Biocon Ltd. '

The population of diabetic patients have increased due to the rapidly evolving society and the growing workload on the younger generation. As a result, insulin products are selling quickly on the market. In recent years, smart insulin pens have become a popular device. On account of people's increasing workloads and busy lifestyles, keeping track of diabetes readings and insulin dose schedules is becoming more and more impossible. As a result, smart technology enters the picture to alleviate these difficulties. The rising incidences of needle stick injuries have boosted sales of smart insulin pens. Owing to this, smart insulin pens market manufacturers are widely producing the product globally, in order to attract high revenues in the next few years.

Increasing latest advancements in research & development activities in the healthcare department, coupled with the increase in diabetic patients worldwide are the key industry trends for the smart insulin pens market. Additionally, increase in new innovative products by market manufacturers to cater to the need of smart insulin pens are also projected to create lucrative growth opportunities for this market in the long run.

Demographically, the smart insulin pens market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, every region is further classified based on the key countries contributing to the market growth. The rise in prevalence of diabetes in countries such as Canada and the US augments the cost of smart insulin pumps in North America, thus, helping it contribute the largest share in 2021 and to continue so in the forecast period. In addition to this, the presence of multiple players in this region, coupled with the high rate of technological adoption is also driving the North America smart insulin pens market. Furthermore, the market in North America is expected to be driven by new product launches and related FDA approvals.

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Global Smart Insulin Pens Market

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