Smart Insulin Pens Market Forecasts to 2030 - Global Analysis By Product, Type, Indication, Usability, Connectivity, End User and by Geography

According to Stratistics MRC, the Global Smart Insulin Pens Market is accounted for $117.05 million in 2023 and is expected to reach $289.32 million by 2030 growing at a CAGR of 13.8% during the forecast period. Smart insulin pens, which combine conventional insulin delivery with contemporary technology, represent a revolutionary breakthrough in the management of diabetes. Moreover, with the help of smartphone applications and Bluetooth connectivity, these pens allow users to track and monitor their insulin dosages in real time. In addition to providing patients and healthcare professionals with useful insights into insulin usage patterns, the pens frequently include data storage capabilities, personalized insulin dose recommendations, and dose reminders.

According to International Diabetes Federation, in 2021 approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.

Market Dynamics:

Driver:

Increased compliance and involvement of patients

An essential factor in encouraging patient adherence and involvement in diabetes care is the use of smart insulin pens. Individuals are empowered to actively engage in their treatment plans through features like real-time monitoring, personalized dosage recommendations, and dose reminders. Additionally, these pens help improve adherence to recommended insulin regimens by encouraging a sense of control and accountability, which lowers the risk of complications linked to inadequate diabetes management.

Restraint:

Inequitable distribution and limited accessibility

The restricted availability of smart insulin pens presents a major obstacle, especially in areas with limited resources and developing nations. The realization of the potential benefits these cutting-edge devices offer may be hampered by unequal distribution, which could lead to disparities in healthcare access. Furthermore, the inconsistent implementation of smart insulin pens worldwide is a result of issues with infrastructure, the availability of qualified medical personnel, and economic considerations.

Opportunity:

Rising rate of diabetes and aging population

The market for smart insulin pens has a lot of potential due to the aging population on a global scale and the concurrent rise in diabetes prevalence. Insulin therapy is frequently necessary for older people, and smart pens' user-friendly features can make them comfortable. Moreover, in order to take advantage of these opportunities, specific marketing plans and product adjustments are needed to cater to the unique requirements and preferences of senior citizens.

Threat:

Conventional insulin delivery methods competition

The widespread acceptance and continued use of traditional insulin delivery devices, like syringes and pens, pose a threat to smart insulin pens. Adopting newer, technologically advanced alternatives may be met with resistance due to the established use and familiarity of these methods. Additionally, in order to counter this danger, manufacturers should emphasize the unique benefits and features that differentiate smart insulin pens from conventional models.

COVID-19 Impact:

The market for smart insulin pens has been impacted in a number of ways by the COVID-19 pandemic. Despite increased focus and innovation in the healthcare sector during the pandemic, changes in priorities, disruptions in healthcare access, and economic uncertainty impacted market dynamics. Opportunities for smart insulin pens were created by the increased focus on healthcare technology and infrastructure worldwide, including remote patient monitoring. However, issues like hiccups in the supply chain, postponed healthcare initiatives, and budgetary limitations in healthcare systems hindered the uptake of these gadgets.

The Smart Insulin Pens segment is expected to be the largest during the forecast period

Due to their cutting-edge features and seamless technological integration, smart insulin pens are expected to hold the largest share of the market in the smart insulin pens market. These pens provide users with dose reminders, data tracking, and real-time monitoring through Bluetooth connectivity and smartphone applications. Moreover, smart insulin pens are a preferred option for both patients and healthcare providers due to their convenience and increased adherence, which have fueled their widespread adoption.

The Home Care Settings segment is expected to have the highest CAGR during the forecast period

Due to the growing demand for in-home medical services and the trend towards patient-centric healthcare, the home care settings segment is predicted to have the highest CAGR. Home care settings provide a practical and comfortable setting for managing a range of medical needs as healthcare technologies advance and patients seek more individualized care. Additionally, this covers using medical devices, monitoring long-term conditions, and administering treatments.

Region with largest share:

Due in large part to its substantial investments in healthcare, technological advancements, and strong healthcare infrastructure, North America is expected to hold the largest market share. Major pharmaceutical and medical device companies are based in the United States, which plays a significant role in the region's dominance by promoting ongoing innovation and propelling market growth. Furthermore, North America is becoming more and more prominent due to government initiatives and a favorable regulatory environment.

Region with highest CAGR:

The Middle East and Africa (MEA) region has the highest CAGR in the market. The area is seeing a rise in healthcare spending, a rise in investments in healthcare infrastructure, and a rise in awareness of healthcare solutions. Particularly in the Middle East, nations are improving their healthcare systems and embracing cutting-edge medical technology. Moreover, the region's significant growth is influenced by the prevalence of chronic diseases and the desire for improved healthcare outcomes.

Key players in the market:

Some of the key players in Smart Insulin Pens market include Companion Medical Inc., Eli Lilly & Company, Diamesco Co. Ltd., Jiangsu Deflu Medical Device Co. Ltd., Berlin-Chemie, Medtronic PLC, Emperra GmbH, Digital Medics Pty Ltd., Novo Nordisk A/S, Sanofi, Pendiq and Bigfoot Biomedical.

Key Developments:

In November 2023, Medtronic announced today that it launched its Penditure left atrial appendage (LAA) exclusion system in the U.S. Penditure, an implantable chip, comes pre-loaded on a single-use delivery system for LAA management during concomitant cardiac surgery procedures. Medtronic designed it with a curve to better match atrial anatomy and without fabric for atraumatic closure and reduced inflammation.

In August 2023, Novo Nordisk A/S has agreed to acquire Inversago Pharma for up to $1.075 billion. Inversago Pharma is developing CB1 receptor-based therapies for the potential treatment of obesity, diabetes and complications associated with metabolic disorders.

In July 2023, Eli Lilly and Company and Versanis Bio today announced a definitive agreement for Lilly to acquire Versanis, a private clinical-stage biopharmaceutical company focused on the development of new medicines for the treatment of cardiometabolic diseases. Versanis' lead asset is bimagrumab, a monoclonal antibody that binds activin type II A and B receptors to block activin and myostatin signaling.

Products Covered:

• Smart Insulin Pens
• Adaptors for Conventional Pens
• Other Products

Types Covered:

• First Generation Pens
• Second Generation Pens
• Other Types

Indications Covered:

• Diabetes Type I
• Diabetes Type II
• Other Indications

Usabilities Covered:

• Prefilled
• Reusable

Connectivities Covered:

• Bluetooth Connected
• USB Connected
• Other Connectivities

End Users Covered:

• Clinics & Ambulatory Surgical Centers
• E-Commerce
• Online Sales
• Home Care Settings
• Retail Pharmacies
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances