Demand for Digital Pens To Surge With Booming Consumer Electronic Sales
The surging disposable income of people and mushrooming need for the advanced features offered by digital pens are the major factors propelling the sales of these pens across the globe. The rising popularity of electronic gadgets has pushed up the demand for advanced pens offering various features beyond writing. Furthermore, the emergence of multifunctional writing instruments having advanced features, such as smartphone- and tablet-optimized pens, is also fueling the worldwide sales of digital pens. Features of these pens, such as patient-specific and time-based reminders, audio recording, data storage, data transformation into audio-based text, and data sharing are also driving the popularity of pens around the world.
Besides the aforementioned factors, the growing requirement for digital pens for several purposes, such as note-taking and developing instructional content, is also propelling the global digital pen market revenue, which is expected to rise from $773.5 million in 2017 to $2,098.1 million by 2023, as per the estimates of the market research company, P&S Intelligence. Furthermore, the market will demonstrate a CAGR of 18.4% from 2018 to 2023. Moreover, with growing disposable income of people, they are investing heavily in various digital technology tools for saving time and effort.
As per the National Bureau of Statistics of China, the per capita disposable income in China surged by 8.3% from 2016 to 2017. Clinical documentation, billing and back office, education, and communication are the major application areas of digital pens. Out of these, the use of digital pens is growing rapidly for clinical documentation. Digital pens are classified into camera-based digital pens, positional digital pens, accelerometer-based digital pens, trackball-based digital pens, and active digital pens, on the basis of technology.
Out of these, the use of active digital pens was found to be the highest in the years gone by, owing to the multiple features of these pens in comparison to the passive digital pens. Moreover, the demand for these pens will surge in the coming years as well, on account of rapid advancements and innovations in digital technologies, such as electronic learning solutions, which are being increasingly preferred in the education sector over conventional learning methods.
Across the globe, the digital pen market will grow substantially in North America and Asia-Pacific (APAC) in the coming years. Moreover, APAC will be the fastest growing region in the industry over the next few years. This will be because of the growing penetration of the internet and surging number of consumer electronics users, especially in India and China. Furthermore, the rapidly improving healthcare infrastructure is fueling the need for digital health technologies, which is, in turn, contributing toward the ballooning demand for digital pens in the region.
Hence, it can be safely said that the sales of digital pens will rise enormously in the coming years, primarily because of the growing use of consumer electronic devices, changing consumer preference, and surging disposable income of people all over the world.