Affordability of Smart Insulin Pens Also Propels the Market

Smart insulin pens are utilized for exterior insulin delivery by this it is simple to use and commute with it for managing diabetes. The requirement for the insulin pens has expanded significantly in the past few years attributable to the expansion in frequency of diabetic patients combined with their financially well-informed nature when contrasted with insulin siphons.

This makes it simple to use and switch to handle diabetes with intelligent insulin pens for shipment of insulin outdoors. Due to the frequency growth of diabetic patients combined with their financially well-informed nature compared to insulin siphons, the insulin pens requirement has expanded significantly over the past few years.

The global smart insulin pens market was valued at US$ 29.2 Mn in 2018. It is projected expand at a CAGR of 10.3% from 2019 to 2027. Increase in the prevalence of diabetes, rise in awareness about chronic diseases, such as diabetes, and surge in adoption of connected medical devices are anticipated to augment the global market between 2019 and 2027.

Growing in occurrences of diabetes raises the need for needleless syringe delivery gadgets. As per the Centers for Disease Control and Prevention, in 2015, around 30.3 million individuals or 9.4% of all the population of the U.S. endured with diabetes. Furthermore, as indicated by the Diabetes UK, in 2016, near about 3.6 mn individuals were determined to have diabetes. Thus, increment in diabetics is relied upon to positively affect the market.

Insulin pens accounted for 46% of insulin usage in 2016, up from 38% in 2012, according to a report from the nonprofit Health Care Cost Institute released earlier this year. Syringes remained the most common means of delivering insulin at 53% of usage in 2016, down from 61% in 2012.

The pens are also getting “smarter,” eliminating the need for manual log books. Biocorp’s smart sensor cap is designed to work with a conventional insulin pen to help patients with diabetes manage their insulin use. The device records a patient’s insulin dose, plus the date and time of injection, and sends it to a dedicated mobile application. It can also create a summary report of dosing over a period up to 90 days.(source)

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