GLOBAL SMART INSULIN PENS MARKET SIZE (2023 - 2030)

The Global Smart Insulin Pens Market is valued at USD 934.11 million in 2024 and is projected to reach a market size of USD 1499.98 million by 2030. This market is anticipated to witness a CAGR of 7.0% from 2024 - 2030.

Industry Overview:

Smart insulin pens offer an easy-to-carry solution for diabetes management and external insulin delivery. This smart system tracks doses and provides accurate half-unit doses, helpful alerts, reminders, and reports. It also informs or notifies when the insulin expires or exceeds its temperature range so that patients can replace the cartridge and send diabetes data to the health care team whenever required. With the ever-growing diabetic population burden, patients and healthcare stakeholders are investigating novel therapeutic approaches. Smart insulin pens and pumps have revolutionized advanced diabetes care solutions. These devices help provide data to monitor blood glucose levels in real-time. The surge in demand for smart insulin pens, growth prospects in emerging economies, and rise in disposable incomes are likely to provide numerous opportunities for smart insulin pens market growth during the forecast period. As per International Diabetes Federation, in 2021 nearly 537 million adults of age 20-79 years are living with diabetes. The total number of people suffering from diabetes is estimated to rise to 643 million by 2030. Manufacturers are focusing on increasing the availability of Bluetooth-connected smart insulin pens owing to their ease of configuration provided with multiple virtual interfaces. Additionally, treatment for type-2 diabetes is likely to witness a significant increase, thus propelling the market demand. The surge in product approvals by FDA and frequent product launches for smart insulin delivery is anticipated to drive the product demand.

COVID-19 pandemic impact on Smart Insulin Pens Market

The demand for smart insulin pens surged even further during the COVID-19 pandemic, as infected patients with a history of diabetes were given priority for treatment. As patients with diabetes are highly vulnerable to complications, insulin supervision to manage blood sugar levels acquired major importance. The coronavirus outbreak and the subsequent lockdown have also affected manufacturing processes and led to a shortage of essential medical devices such as smart insulin pens. Amid the COVID-19 outbreak, the production of smart insulin pens declined and patients faced difficulty to get smart insulin pens delivered on time as the entire healthcare sector shifted the focus toward the treatment of COVID-19. Additionally, the preference for treatment in homecare settings with mandatory social distancing measures also acted as a growth catalyst for the smart insulin pen market. E-commerce sales of smart insulin pens have registered a noteworthy uptick during the pandemic as online pharmacies have been witnessing a major incline in sales of smart insulin pens. Following the pandemic, manufacturers have been focusing on improving their products’ tolerability, durability, ease of compliance, hypoglycemia avoidance, and strengthening their supply chains, which is likely to drive the smart insulin pens market.

MARKET DRIVERS:

Alarming Escalation in Diabetes Cases and Rising Demand for Improved Diabetes Management are boosting the growth of the smart insulin pens market

The escalating pool of diabetic patients in light of the surge in obesity, sedentary lifestyles, and aging is driving the market demand. Obesity is one of the top factors leading to diabetes among people. As a result, the huge population suffering from diabetes is augmenting the smart insulin pen market size globally. The rising preference for refillable insulin pens, USB-connected insulin pens, and Bluetooth-enabled smart insulin pens among diabetic patients for administering insulin is primarily prevalent in developed nations. The advancements in the healthcare sector and innovations in the smart insulin pens products along with the launch of new products are the key drivers in the smart insulin pens market report.

The growing inclination toward painless surgery is likely to fuel the smart insulin pens market

The demand for minimally invasive surgeries is witnessing a sharp incline. Also, invasive surgical procedures can increase the risk of infections and affect patient health. The conventional insulin delivery approach is mostly done subcutaneously and is quite painful for patients. As a result, medical practitioners are adopting smart insulin jet injectors, which allow insulin injection without using a needle. An insulin jet injector permits the insulin to spread over a larger area compared to a needle. As a result, the insulin moves faster in the bloodstream than it would from a needle injection. 

The rising preference for smart insulin pens in homecare settings is likely to fuel the market growth

The surging preference for smart insulin pens in homecare settings, particularly among the geriatric pool, is emerging as a lucrative opportunity for manufacturers in the smart insulin pen market. The smart insulin pens for home care have gained prevalence with the rising awareness level about diabetes care coupled with the elevated use of insulin delivery devices for home use. The use of smart insulin pens in-home settings helps to reduce hospital visits, thereby saving time and money. Advanced devices like smart insulin pens are compact in size and portable resulting in a greater inclination for self-care diabetes management.

MARKET RESTRAINTS:

High costs of smart insulin pens can be a challenge in underdeveloped nations which can limit the market expansion

High costs of smart insulin pens and other diabetes treatment solutions can become a key challenge for the global smart insulin pens industry in the coming years. Underdeveloped regions have substandard healthcare infrastructure along with poor reimbursement scenarios, which deters patients to seek treatments. They also lack access to advanced devices like smart insulin pens and have inadequate resources to support research and development activities. Thus, manufacturers observe fewer sales in such regions which limits the market progression.

The strict product approval process can be a major growth restraint for the smart insulin pens market

Strict government regulations governing the product approval process can be a major restraining factor in the market growth during the forecast period. Stringent government rules can discourage companies to spend on product development, which can be unfavorable for the smart insulin pen market. Such products are subject to tough scrutiny by appropriate regulatory authorities, given the fact that they are potential life-saving solutions. Through strict regulations, the government ensures the product available in the market is entirely clear of suspicion or doubt. This takes a very lengthy procedure, which can delay the availability of new therapeutic approaches.

SMART INSULIN PENS  MARKET REPORT COVERAGE:

This research report on the global Smart Insulin Pens Market has been segmented and sub-segmented based on product, end-user, and region.

Smart Insulin Pens Market – By Product

• Smart Insulin Pens

• Smart Insulin Pumps

Based on the Product, the Smart Insulin Pens Market is bifurcated into Smart Insulin Pens and Smart Insulin Pumps. Smart Insulin Pens segment is anticipated to be the fastest-growing segment over the forecast period, as a result of the increasing adoption rate among patients owing to its user-friendly design. With smart insulin pen brands focused on innovations and technical advances, this segment is bound to register further growth. The smart insulin pumps segment is anticipated to expand at a high growth rate during the forecast period owing to increasing product adoption and technological advancements. Additionally, a wide product pipeline and successful clinical trials are other key factors propelling the segment growth.

Smart Insulin Pens Market – By End User

• Hospitals and Clinics

• Homecare

• Ambulatory Surgical Centers

• Laboratories

Based on End User, the Smart Insulin Pens Market is bifurcated into Hospitals and Clinics, Homecare, Ambulatory Surgical Centers, and Laboratories. Based on End-Users, the Hospitals and Clinics segment is leading the smart insulin pens market. The increasing number of diabetic patients seeking treatment in hospitals is driving the segment growth. Hospitals are equipped with diabetes management solutions to accommodate various patients with type 1 and type 2 diabetes. Also, hospitals and clinics have skilled professionals to facilitate the delivery of insulin, increase patient comfort, enhance patient safety, and improve blood sugar. The home care segment is anticipated to register the fastest growth rate of CAGR of 12.7% during the forecast period owing to an increase in the number the demand for smart insulin pens in homecare settings and increasing awareness regarding self-blood glucose monitoring devices. Furthermore, the rising hospital charges and cost of healthcare services are also prompting patients to use medical devices at home.

Smart Insulin Pens Market - By Region:

• North America

• Europe

• Asia-Pacific

• Rest of the World

Geographically, the North American Smart Insulin Pens Market is dominating the global market owing to the presence of key players along with many product launches. Factors such as the rising prevalence of diabetes, advanced diagnostic measures, a well-established healthcare industry, the surge in extensive R&D activities, and the rising use of smart insulin pens in supplements also contribute to the market expansion in this region.

The European Smart Insulin Pens Market is anticipated to follow North America with the largest market share owing to the increasing prevalence of diabetes, presence of key players, technological collaborations, and R&D activities in the healthcare sector in the region. Germany is anticipated to emerge as a highly lucrative market for smart insulin pens, owing to the extensive investment volumes to address the increasing burden of diabetes mellitus in the German population. Healthcare providers in the UK are highly emphasizing the need to include needle-free insulin injections, with the increasing inclination towards non-invasive surgeries.

The Asia Pacific Smart Insulin Pens Market is poised to provide lucrative growth opportunities for the market players. Increasing investments in healthcare and favorable government initiatives in spreading awareness about advanced diabetes management solutions are driving the market growth in this region. China dominates the smart insulin market owing to the large diabetes patient pool and increasing foreign direct investment in the country.

The Smart Insulin Pens Market in Latin America, the Middle East, and Africa is anticipated to grow over the forecasted period owing to the rapidly rising number of diabetic patients, and the cost-effectiveness of the smart insulin pens.

Major Key Players in the Market

1. Berlin-Chemie

2.  Novo Nordisk

3.  Digital Medics Pty Ltd.

4.  Eli Lilly and Company

5.  Bigfoot Biomedical

6.  Emperra GmbH

7.  Medtronic PLC

8.  Jiangsu Deflu Medical Device Co. Ltd.

9.  Pendiq

10.  Sanofi 

Novo Nordisk A/S is one of the top insulin pen brands worldwide that provides access to cost-effective diabetes care for patients across the world, especially patients suffering from type 1 diabetes. The company is also specialized in insulin pens for type 2 diabetes, with special attention to the regions that lack timely healthcare. The company is focusing on research, development, commercial, and production operations while partnering with other firms.

Prominent manufacturers in the smart insulin pens market are engaged in expansion strategies, including new product launches, collaborations & partnerships to further R&D activities, mergers & acquisitions. Various firms are innovating advanced glucose monitoring and pump therapy to improve patient medication compliance and type 2 diabetes care management.

Notable happenings in the Global Smart Insulin Pens Market in the recent past:

• Partnership- In March 2022, Health2Sync partnered with Novo Nordisk to offer better insulin usage through a patient support program that brings tailored educational content to people with Type 1 diabetes.

• Partnership- In May 2021, Eli Lilly and Company signed strategic international agreements with DexCom, Inc., myDiabby Healthcare, Glooko Inc., and Roche to integrate data and technology to streamline diabetes management. These companies provide unique diabetes management platforms compatible with Lilly's Tempo Pen^™ and Tempo Smart Button^™ to support patients with diabetes and healthcare professionals.

• Collaboration- In May 2021, Glooko Inc., a leading company providing remote patient monitoring and data management solutions for diabetes and chronic conditions, formed a strategic collaboration with Eli Lilly and Company for patients with diabetes using Lilly's connected insulin pen solutions. The technology collaboration is intended to ease insulin management for diabetic patients and healthcare providers outside the U.S., via the integration of Lilly's Tempo Pen™ and Tempo Smart Button™ with Glooko's platform.

• Partnership- In September 2021, BIOCORP signed a partnership with Novo Nordisk, a world leader in diabetes care, to develop and distribute a Mallya smart add-on device for the Novo Nordisk FlexTouch pen used by patients with diabetes.

• Investment- In January 2020, Bigfoot Biomedical, a provider of automated insulin delivery via connected insulin pens, launched its Series C round with an initial tranche of USD 45 million.

• Acquisition- In August 2020, Medtronic Plc announced the acquisition of Companion Medical, InPen manufacturer. This will enable Medtronic's portfolio to boost its ability to cater to a large number of diabetic patients.

• Product Launch- In November 2020, Medtronic unveiled its new InPen device integrated with Guardian connected glucose monitoring system.