Smart Insulin Pens Market

Global Smart Insulin Pens Market Size (2023 To 2028)

The global smart insulin pens market is anticipated to grow from USD 104.49 Million in 2023 to USD 180.24 Million by 2028, growing at a CAGR of 11.52% from 2023 to 2028.

MARKET DRIVERS:

The growing patient population suffering from diabetes worldwide is one of the key factors propelling the growth of the smart insulin pens market. The prevalence of diabetes is on the rise. As per the data published by the International Diabetes Federation (IDF), the diabetic population worldwide is expected to rise from 463 million in 2019 to 700 million by 2045. WHO says an estimated 1.5 million people worldwide died of reasons connected with diabetes. Approximately 10.9% of the U.S. population and 9% of the European population have diabetes. Factors such as the growing aging population, rising adoption of unhealthy diets and sedentary lifestyles and increasing incidence of obesity are majorly contributing to the growing prevalence of diabetes. The demand for effective diabetes management tools such as smart insulin pens had been increasing substantially from the last several years along with the increasing diabetic population worldwide. Using smart insulin pens, patients can manage their condition more effectively by providing accurate and convenient insulin dosing and this is particularly helpful for better glycemic control and offer fewer complications associated with diabetes.

Technological advancements further fuel the growth rate of the smart insulin pens market. Smart insulin pens have seen several technological improvements in recent years and technological advancements have helped a leading role in the development of more sophisticated and user-friendly smart insulin pens, Due to these technological improvements in the smart insulin pens, the adoption of these devices by the patients and healthcare providers has increased significantly in the recent years and this trend is much likely to continue in the coming years and contribute to the market growth. Leveraging advanced technologies, the manufacturers of smart insulin pens have been able to develop devices that have improved accuracy and reliability. Several advanced features have been added to the smart insulin pens such as connectivity, data tracking, and smartphone integration, improved patient experience and increased efficiency using technological advancements and these features have been helping the patients for the effective management of diabetes.

The benefits of smart insulin pens such as convenience, ease to use and offers improved glycemic control that allows patients to administer insulin easily and with greater accuracy and reduce the risk of complications associated with diabetes is another notable factor boosting the growth rate of the smart insulin pens market. Rising emphasis on patient-centric healthcare, availability of favorable reimbursement policies for smart insulin pens, growing awareness among people regarding diabetes, its risks, and the importance of proper management contribute to the market growth. Furthermore, the growing healthcare expenditure, rising preference for self-administration of insulin, rapid adoption of wireless technologies such as Bluetooth and smartphone apps and growing geriatric population worldwide fuel the growth rate of the smart insulin pens market.

MARKET RESTRAINTS:

High costs associated with smart insulin pens compared to traditional insulin pens are one of the major factors hindering the market growth. Poor adoption of smart insulin pens in some countries, the scarcity of people with technical expertise who can develop and integrate smart technologies into insulin pens and strict regulatory guidelines and requirements for smart insulin pens further hamper the market growth. Poor awareness levels regarding the benefits of smart insulin pens among patients, healthcare providers, and insurers, connectivity issues, and privacy concerns impede the market growth. Limited battery life, technical malfunctions or failures and limited compatibility are showcasing a negative impact on the market growth.

Impact of COVID-19 on the global smart insulin pens market:

The COVID-19 pandemic has shown a mixed impact on the global smart insulin pens market. On one side, the disruptions in global supply chains caused by the COVID-19 pandemic resulted in a shortage of raw materials that are required for the manufacturing of smart insulin pens and affected market growth negatively. In addition, the measures taken by several governments to curb the spread of the coronavirus such as social distancing, temporary shutdowns in the manufacturing facilities and lockdowns, have resulted in the reduced amount of production of smart insulin pens and generated a shortage of these devices and this has impacted the market growth negatively for a short term during the COVID-19 pandemic. Furthermore, several diabetic patients have been unable or unwilling to visit healthcare facilities for disease management during COVID-19 and this has resulted in the decreased demand for smart insulin pens and contributed an unfavorable impact on the market growth. On the other side, the usage of healthcare technologies such as telemedicine and remote patient monitoring has increased significantly during the COVID-19 pandemic and this has offered growth opportunities to the market participants to develop new digital tools and services to support remote diabetes management. During the COVID-19 pandemic, the emphasis on patient safety has increased and this has resulted in the increased demand for smart insulin pens that can help patients manage their diabetes more effectively and avoid complications. Likewise, the global smart insulin pens market had favorable and unfavorable impacts of the COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global smart insulin pens market has been segmented based on the Type, usability, end-user, and region.

Smart insulin pens market – By Type:

• First Generation Pens
• Second Generation Pens
• Bluetooth-Enabled
• USB Connected

Based on Type, the first-generation pens segment had the leading share of the global market in 2022 and is expected to grow at a healthy CAGR during the forecast period. Factors such as the growing diabetic patient population, increasing demand for insulin pens and cost-effectiveness of first-generation pens majorly drive the segmental growth.

The second-generation pens segment accounted for a substantial share of the worldwide market in 2022 and is expected to grow at a significant CAGR during the forecast period. The advanced features and benefits of second-generation pens such as dose memory, dose reminders and insulin tracking, and improved accuracy and precision in dose delivery of second-generation pens fuel the growth rate of the segment. Technological advancements, the growing demand for better diabetes management and rising awareness about the benefits of smart insulin pens further boost the segmental growth.

The Bluetooth-enabled segment is expected to account for a considerable share of the worldwide market during the forecast period. The growing demand for real-time data monitoring, improving patient outcomes, and technological advancements primarily boost segmental growth.

Smart Insulin Pens Market – By Usability:

• Prefilled
• Reusable

Based on usability, the reusable segment captured the major share of the global market in 2022 and is expected to grow at a promising CAGR during the forecast period. The cost-effectiveness of reusable pens compared to prefilled pens is one of the major factors propelling segmental growth. The benefits of reusable pens such as the flexibility in insulin dosing and the ability to switch between different types of insulin are another major attribute contributing to the segment’s growth rate.

The prefilled segment had a considerable share of the worldwide smart insulin pens market in 2022 and is estimated to grow substantially during the forecast period. The benefits of prefilled smart insulin pens such as preloaded insulin cartridges, convenience and reduced risk of dosing errors are one of the key factors driving the segmental growth. The rising demand for convenience in diabetes management, the need for accurate and precise insulin dosing and the rising prevalence of diabetes further boost the growth rate of the segment.

Smart Insulin Pens Market – By End User:

• Hospitals & Clinics
• Ambulatory Surgical Centers
• Home Care Settings

Based on end-user, the hospitals and clinics segment led the market in 2022 and is anticipated to be the dominating segment throughout the forecast period. The growing diabetic patient volume visiting hospitals and clinics and the availability of trained healthcare professionals who can administer insulin in hospitals majorly drive segmental growth. The growing incidence of diabetes, the availability of healthcare infrastructure, and the rising demand for efficient and accurate insulin administration in hospital settings further boost the growth rate of the segment.

The ambulatory surgical centers segment is anticipated to hold a considerable share of the global market during the forecast period. The growing number of surgeries performed in ambulatory surgical centers, the need for accurate and precise insulin dosing during surgery, and the demand for effective diabetes management in these settings primarily boost segmental growth.

Smart Insulin Pens Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America led the smart insulin pens market in 2022 and is expected to witness a promising CAGR during the forecast period. The rising prevalence of diabetes in the North American region, growing adoption of digital health technologies for diabetes management and availability of advanced healthcare infrastructure and reimbursement policies majorly propel the North American smart insulin pens market growth. The rising demand for personalized diabetes management solutions, the presence of major players in the market investing in research and development and growing initiatives from the North American governments to promote diabetes management and awareness further boost the growth rate of the North American market. The U.S. smart insulin pens market had the major share of the North American market in 2022, followed by Canada. The U.S. market is estimated to register a prominent CAGR during the forecast period owing to factors such as the growing prevalence of diabetes. According to the data published by the Centers for Disease Control and Prevention (CDC), an estimated 34.2 million people in the U.S. have diabetes.

Europe accounted for the second biggest share of the worldwide market in 2022 and is anticipated to hold a decent occupancy in the global market during the forecast period. Factors such as the growing geriatric population in the European region, the rising incidence of type 2 diabetes in Europe and the availability of government funding for diabetes research primarily drive the European market growth. The rising trend towards self-monitoring of blood glucose levels, the presence of key market participants, increasing investments by the market participants for the R&D of smart insulin pens and rapid adoption of digital health technologies for diabetes management further fuel the growth rate of the European market. Germany played the dominating role in the European market in 2022 and is expected to grow at a healthy CAGR during the forecast period owing to the growing incidence of diabetes in Germany and the availability of government funding for diabetes research.

APAC is the most lucrative regional market for smart insulin pens and is estimated to register the fastest CAGR among all the regions during the forecast period. Rapidly growing incidence of diabetes in the countries of the Asia-Pacific region, increasing demand for affordable diabetes management solutions and rising adoption of digital health technologies for diabetes management primarily boost the growth rate of the APAC market. The presence of a large patient pool in the Asia-Pacific region and the rising emphasis of major players on expanding their presence in the region also contribute to the regional market growth. China was the largest regional segment in APAC in 2022 and is expected to grow substantially during the forecast period due to the large patient pool of diabetes in China and the growing demand for affordable diabetes management solutions.

Latin America occupied a considerable share of the worldwide market in 2022 and is expected to progress at a healthy CAGR during the forecast period.

MEA held a moderate share of the global market in 2022 and is estimated to register a steady CAGR in the coming years.

KEY MARKET PLAYERS:

Novo Nordisk A/S, Diamesco Co. Ltd, Emperra GmbH, E-Health Technologies, Digital Medics Pvt Ltd, F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd, Bigfoot Biomedical, Injex UK, and Smith's Medical are promising companies that play a vital role in the global smart insulin pens market.

RECENT MARKET HAPPENINGS:

• In November 2022, a medmix brand Haselmeier, and the AARDEX Group partnered to tackle the challenge of managing patient compliance in clinical trials through a wirelessly connected medication management technology, D-Flex Logbook, and D-Flex injector pen, which enables simplified adaptation of specific injection dose.
• In Oct 2022, BIOCORP and Merck KGaA, Darmstadt, signed an agreement for a specific version of the Mallya device supply, a Bluetooth-enabled clip-on device for injection pens.
• In October 2022, a new aid system by Diatribe, iLet Bionic Pancreas, would eliminate the need to dose insulin at mealtimes manually, count carbohydrates or set basal rates, and determine correction doses to treat hyperglycemia.