Portland, OR, June 28, 2022 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global Smart Insulin Pens Market generated $94.7 million in 2020, and is projected to reach $298.8 million by 2030, witnessing a CAGR of 12.1% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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Surge in incidence of diabetic patients and simple functioning & accuracy related to insulin dosing drive the growth of the global smart insulin pens market. However, there are certain disadvantages associated with the use of insulin pen such as two types of insulin cannot be mixed in an insulin pen, thus increasing the frequency of injections needed. This in turn impedes the smart insulin pens industry growth. The upsurge in demand for smart insulin pens, rise in disposable incomes, and growth prospects in emerging economies of Asia-Pacific and LAMEA are expected to provide numerous opportunities for smart insulin pens market size growth.
COVID-19 scenario:
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global smart insulin pens market. Due to the implementation of global lockdown, patients faced difficulty in procuring smart insulin pens due to less production.
- The lockdown further disrupted the whole…
