VANCOUVER, BC, Feb. 6, 2023 /PRNewswire/ -- The smart insulin pens market size reached USD 107.2 Million in 2021 and is expected to register a CAGR of 12.1% during the forecast period, according to latest analysis by Emergen Research. A major factor driving revenue growth of smart insulin pens market is increasing prevalence of diabetes. According to the International Diabetes Federation (IDF) Atlas 2021, diabetes affects almost 535 million individuals globally. This figure is expected to reach 640 million by the conclusion of the forecast period.
Furthermore, according to recent research, an additional 540 million individuals are at high risk of developing type 2 diabetes. This is owing to the fact that a huge section of the global population lives unhealthy lifestyles and consumes large amounts of carbohydrates in their diets, which can increase their sugar levels in the bloodstream and the risk of diabetes complications such as nerve damage, eyesight damage, kidney disease, neuropathy, retinopathy, and other chronic diseases.
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The increasing number of diabetic patients globally is driving the need for efficient glucose monitoring and smart insulin pens as it helps blood sugar enter the body's cells so it can be used for energy, thus, keeping glucose levels in check. Increasing number of diabetic patients globally has led to a rise in healthcare expenses, resulting in an increase in demand for smart insulin pens for glucose control.
Drivers:
Smart insulin pens' steady market revenue growth can be attributed to increasing number of product launches. For instance, Medtronic plc announced the launch of the InPen with real-time Guardian Connect CGM data. InPen is the first and only FDA-approved smart insulin pen on the market for individuals who need Many Daily Injections (MDI). Users can now get all the data they require to manage their diabetes on a single screen, including information on insulin dose and real-time glucose levels, owing to this integrated solution. Instead of switching between different apps, users can view all their information in real-time on one screen, which makes deciding how much medication to take to control their blood sugar levels easier. Real-time CGM data was incorporated into the smart insulin pen app once Companion Medical's InPen was added to the Medtronic line in September 2020.
Restraints:
One major aspect that is expected to restrain market revenue growth is the high cost of smart insulin delivery devices. Lower-income countries are bearing an unsustainable financial burden as the global market turns away from affordable genuine insulin and toward more expensive analogs. Human insulin is typically just as efficient as its mimics. On the other hand, analogs cost at least 1.5 times as much and sometimes even three times as much. Another factor that is expected to restrain market growth is the growing acceptance of less expensive alternatives to injecting insulin, such as insulin pumps and insulin syringes. Diabetes patients prefer insulin syringes over insulin pens as they are handier and less expensive.
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Growth Projections:
The smart insulin pens Market is expected to register a CAGR of 12.1% over the forecast period and revenue is expected to increase from USD 107.2 Million in 2021 to USD 302.1 Million in 2030. Increasing number of product launches is expected to drive revenue growth of the market.
Current Trends and Innovations:
The advancing digital transformation and a connected diabetes care ecosystem are a current commercial trend. With the introduction of the first smart insulin pens for sale, the main insulin administration method used by millions of diabetics is now entering the digital era. The connected diabetes care environment for patients, providers, and health systems can be reshaped by Smart Insulin Pens (SIPs). Real-time wireless connectivity, digital dose capture, and integration with individualized dosing decision support are improvements to existing SIPs. When combined with glucose data, automatic dose collection can facilitate efficient retrospective analysis of insulin dose data. The ability to make data-driven choices and recommendations in real-time, during scheduled visits, and in a more continuous, asynchronous care model will increase for patients, physicians, and diabetes care teams.
Strategic Initiatives:
Major companies included in the market report are Berlin-Chemie AG, Bigfoot Biomedical, Inc., Digital Medics Pty Ltd., Eli Lilly and Company, Emperra GmbH E-Health Technologies, Jiangsu Deflu Medical Device Co. Ltd., Medtronic, Novo Nordisk A/S, Pendiq, Sanofi
- On 8 November 2022, Eli Lilly was poised to step up the pace now that the FDA had approved its Bluetooth-connected insulin dose-tracking system. According to Lilly, Big Pharma intended to launch its Tempo diabetes management platform in a few U.S. clinics in the last weeks of 2022 before extending its availability countrywide until 2023. The platform combines Tempo Pens from Lilly, which are prefilled, disposable insulin delivery devices, with the TempoSmart mobile app, which is compatible with them, and the Tempo Smart Button, which is intended to track the Tempo Pens' insulin doses.
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Scope of Research
Report Details | Outcome |
Market size in 2021 | USD 107.2 Million |
CAGR (2022-2030) | 12.1 % |
Revenue forecast to 2030 | USD 302.1 Million |
Base year for estimation | 2021 |
Historical data | 2021-2030 |
Forecast period | 2022-2030 |
Quantitative units | Revenue in USD Million and CAGR in % from 2022 to 2030. |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered | Component, type, extremity, structure, and region |
Regional scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country scope | U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E, Israel, and Rest of MEA. |
Key companies profiled | Berlin-Chemie AG, Bigfoot Biomedical, Inc., Digital Medics Pty Ltd., Eli Lilly and Company, Emperra GmbH E-Health Technologies, Jiangsu Deflu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, Pendiq, and Sanofi S.A. |
Customization scope | 10 hours of free customization and expert consultation. |
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For the purpose of this report, Emergen Research has segmented global smart insulin pens market on the basis of type, usability, end-use, and region:
- Type Outlook (Revenue, USD Million; 2019-2030)
- First Generation Pens
- Second Generation Pens
- Usability Outlook (Revenue, USD Million; 2019-2030)
- Prefilled
- Reusable
- End-Use Outlook (Revenue, USD Million; 2019-2030)
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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