The smart insulin pens market consists of sales of smart insulin pens which allows to dial the insulin dose accurately and related products. The companies manufacturing the smart insulin pens are primarily engaged in designing and manufacturing of first- and second-generation smart insulin pens which are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes. The revenue generated by these companies is through sales of these pens to Hospitals & Clinics, Ambulatory surgical centres and Home care settings.
The global smart insulin pens market is expected to grow from $75.8 million in 2019 and to $77 million in 2020 at a growth rate of 1.6%. The slow growth is due to disruption in supply chains and restrictions on trade of medical products across countries owing to the COVID-19 outbreak. The market is then expected to grow and reach $98.4 million in 2023 at CAGR of 8.51%.
