PORTLAND, Oregon and PUNE, India, October 4, 2017 /PRNewswire/ --
Smart insulin pen is used to deliver insulin into diabetic patients. Increase in demand for self-injection devices, rise in prevalence of diabetes, and accuracy in dosage delivery of insulin are expected to drive the market growth. However, limited usage of smart insulin pens for patients requiring a mixture of two types of insulin restrict the market growth.
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First generation pens are expected to dominate the market throughout the analysis period. However, the second generation pens segment is expected to register the highest CAGR of 12.3%.
According to Pallavi Jaiswal, Research Analyst, Healthcare Research at Allied Market Research, "The benefits offered by smart insulin pens is the major factor driving the growth of the market. For instance, a patient experiences less injection pain while using smart insulin pen, which in turn propels the market growth."
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KEY FINDINGS OF THE STUDY
Asia-Pacific is projected to register the highest CAGR of 12.0%, owing to rise in incidence of diabetes coupled with rising geriatric population. In addition, surge in awareness of benefits of smart insulin pens, such as it is beneficial for people with vision problems, offers a lucrative opportunity for the market growth.
The major companies profiled in the report are Eli Lilly and Company, Novo Nordisk, Companion Medical, DIAMESCO, and Emperra GmbH.
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SOURCE Allied Market Research
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