In the last few years, use of advanced medical devices over their conventional counterparts has highly increased, and surge in healthcare expenditure has played a pivotal role in the same.
In the last few years, use of advanced medical devices over their conventional counterparts has highly increased, and surge in healthcare expenditure has played a pivotal role in the same. In keeping with the data put out by National Center for Biotechnology Information back in 2016, more than 5 million patients with diabetic condition used insulin either alone or in amalgamation with some oral solution. High-end technological advancements in smart insulin products and emergence of cost-effective expedients with less side effects along with the presence of asymptomatic diabetic patients across the world have paved the way for widespread opportunities for the key players in the industry.
According to Allied Market Research, the global Smart Insulin/Glucose Responsive Insulin Market is estimated to display at a significant CAGR from 2019 to 2027.
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The pharmaceutical giant Novo Nordisk has come up with top-end pens that lay down proper insulin-dosing data, taking in the time and quantity it was administered in and with. The relevant information can also be successfully transferred to a smartphone application, with the very objective of reducing the probability of missed doses. Consequences of late doses of insulin can be risky, perilous, and at times, bring about deadly complications. The smart pens have allowed the patients more freedom and dwindled the very impact of dealing with their persistent medical condition.
The insulin injection pens- NovoPen Echo Plus and NovoPen 6 have turned out to be highly utilitarian to the medical practitioners in their clinical practices too, since imperfect or imprecise information on the dosing can prove out to be a considerable barrier for them to optimize glycaemic control on their patients. It not only results into more fruitful consultations, but also ensures modified guidance for treatment.
Here, it’s worth mentioning that the outbreak of the pandemic has had a positive impact on the global market for smart insulin, for the fact that diabetic patients are more prone to the virus, and thus, there was a steep incline in demand for the pens, especially during the initial period. Remote access to the data may also aids in facilitating a long-term shift from in-person to virtual care. This, in turn, assuages huge pressure on the health system capacity altogether.
At the same time, with robust business prospects in the Asia Pacific region, the market players are emphasizing more on broadening their product portfolio, expanded business operations, merger & acquisitions, lowered costs, and so on.