Rising Diabetic Patients Pool Prompts High Demand for Smart Insulin Pens, Market Estimated to be valued at US$ 70.4 Mn by 2027 End

TMR

- Smart insulin pens market is slated to expand at an attractive CAGR of 10.3% during 2019–2027. This growth can be attributed to rise in diabetic patients across major parts of the globe.

- Presence of larger patient pool and increased acceptance of advanced technologies makes North America as one of the prominent market regions.

ALBANY, N.Y., June 21, 2021 /PRNewswire/ -- Smart insulin refers to advanced insulin that is capable to respond automatically to varying blood glucose levels. Thus, higher or lower blood sugar levels are, more or less insulin is released, respectively. The insulin is available in the form of pill or injection. The main function of this hormone is to keep the levels of blood glucose normal in the body of an individual.

The experts at Transparency Market Research (TMR) opine that the global smart insulin pens market is likely to gather the valuation of around US$ 70.4 Mn by the end of assessment period 2019­–2027. The market was accounted for about US$ 29.2 Mn in 2018.

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Smart Insulin Pens Market: Key Findings

• Burgeoning Number of Deaths Owing to Diabetes Increases Product Demand

As per the American Diabetes Association, an estimated 30.3 Million populace from the U.S. was suffering from diabetes during 2015. Of them, around 1.25 Million patients were children. Besides, a World Health Organization highlighted approximately 1.6 Million demises owing to diabetes, in 2016. All these statistics emphasize the severity of the disease and the prompt need to address this issue.

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• Growing Adoption of Advanced Technologies Pushes Market Sales

Growing awareness about the health condition has resulted into increased acceptance of various advanced technologies such as incorporation of glucose monitoring devices and therapeutics as well as connected medical devices in order to achieve better diabetes management. This scenario is working as a key driver for fueling the sales numbers in the global smart insulin pens market.