Product ID: SQMIG35A2194
Global 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), By Region(North America, Europe) - Industry Forecast 2024-2031
Report ID:
SQMIG35A2194 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
143 |
Figures:
77
Global 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 Report Snapshots
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