October 22, 2021
According to the research report titled “Smart Insulin Pen Market Outlook 2026: United States Opportunity and Demand Analysis, Market Forecast 2019 - 2026”, available with MarketStudyReport, United States smart insulin pen market is expected to reach a market value of around USD 392 million by the end of forecast period, registering a strong CAGR of over 35% throughout 2019-2026.
As per the finding of the report, rising prevalence of diabetes among people of different age groups, and technological advancements in insulin devices are the major growth drivers of United States smart insulin pen market. However, high product pricing and stringent regulatory approval process are likely to negatively impact industry outlook over the projected timeframe.
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Elaborating on the product, smart insulin pens are a step forward from traditional insulin pens as they not only provide a more user-friendly insulin delivery alternative but also possess features like Bluetooth and USB which can be used to store and track dosage information, that can then be shared on digital platforms and integrated with other important diabetes care data.
Notably, development of new and innovative insulin pens and FDA approvals for smart insulin delivery devices in recent years have been increasing demand for these devices. For example, FDA approved Medtronic's MiniMed 670G in 2016, which is claimed to be the first hybrid closed-loop system in the world.
Speaking of the opportunities in United States smart insulin pen industry, advancement of Artificial Intelligence (AI) and data analytics methodologies are anticipated to generate new revenue streams for business players. The integration of such technologies is anticipated to allow millions of patients in monitoring their blood glucose in a more convenient manner.
Based on competition, Diamesco Co., Ltd., Companion Medical, Inc., Emperra GmbH E-Health Technologies, Digital Medics Ptd Ltd., and Diabnext are among the leading companies influencing the competitive dynamics.
The research profiles the aforementioned companies using several criteria such as their business operations, products offered, financials, and recent developments. By doing so, it helps both existing and newcomers in grabbing a larger share of smart insulin pen market in the United States.