Smart Insulin Pen Market to reach $92.7 million by 2030 Globally, at a CAGR of 11.3%, says Coherent Market Insights
The smart insulin pen is an innovative, reusable injector device designed to assist individuals with diabetes in efficiently managing their insulin delivery. By integrating seamlessly with a user-friendly smartphone app, this intelligent system accurately calculates and monitors insulin doses while offering valuable reminders, alerts, and comprehensive reports for improved diabetes management.
/EIN News/ -- Burlingame, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Coherent Market Insights published a report, titled," Smart Insulin Pen Market, By Indication (Type 1 Diabetes, Type 2 Diabetes), By Connectivity (Bluetooth, USB), By Distribution Channel (Clinics and Ambulatory Surgical Centers, e-Commerce, Retail Pharmacies),: Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030.” According to the report, the global smart insulin pen market is estimated to be valued at $43.9 million in 2023 and is expected to exhibit a CAGR of 11.3 % during the forecast period.
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Analysts’ Views on Global Smart Insulin Pen Market:
Increasing prevalence of diabetes is leading to the need and demand for the utilization of smart insulin pens to treat the disease with ease and comfort of patient. For instance, according to data shared by the World Health Organization on April 5, 2023, 8.5% of adults aged 18 years and older had diabetes. Diabetes was the direct cause of 1.5 million deaths and 48% of all deaths due to diabetes occurred before the age of 70 years. Another 460,000 kidney disease deaths were caused by diabetes, and raised blood glucose causes around 20% of cardiovascular deaths there was a 3% increase in age-standardized mortality rates from diabetes. In lower-middle-income countries, the mortality rate due to diabetes increased 13%. More than 95% of people with diabetes have type 2 diabetes. This will increase the global smart insulin pen market growth throughout the forecast period.
Global Smart Insulin Pen Market - Driver
Increase in the product approvals by key market players
Increasing prevalence of diabetes disease increases the demand of insulin therapy. Different market players are currently working on receiving approvals for their products to iexpand their product portfolio. Such strategies by key market players are driving the growth of global smart insulin pen market. For instance, on September 28, 2022, Novo Nordisk, a Denmark-based pharmaceutical company got first smart insulin pen approval for diabetes in China. Novo Nordisk A/S received marketing approval from China’s National Medical Products Administration for its smart insulin pen Novopen Six that automatically collects and stores the date and time of injections and the number of units of insulin that users take.
Smart Insulin Pen Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 43.9 Mn | |
| Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 11.3% | 2030 Value Projection: | US$ 92.7 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, Companion Medical Inc., Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Pendiq GmbH, Sanofi, Berlin Chemie Companion Medical Inc., Bigfoot Biomedical, Digital Medics Pty ltd, Eli Lilly and company, Ypsomed Holding AG, Diabnext Diamesco Co. Ltd. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Global Smart Insulin Pen Market - Restraint
High prices of insulin pens
Insulin pens are convenient method of insulin administration as compared to vials. However, certain factors such as high cost of insulin pen are expected to hinder the growth of the global smart insulin pen market during the forecast period. For instance, according to article published by Journal of Law and Bioscience, on October 9, 2020, prices of the most popular insulin products are costing up to US$ 900 per patient per month. The U.S. comprises only 15% of the global insulin market, yet it accounts for almost 50% of insulin-related revenue. The cost of smart insulin pen varies from US$ 195-US$ 665.
Global Smart Insulin Pen Market - Opportunity
Increasing product launch of smart insulin pens
To improve patient compliance and ease in administration of insulin, the key market players are focused on launching newer insulin pens which is attributed to the growth of the global smart insulin pen market over the forecast period. For instance, in November 8, 2022, Eli Lilly, a U.S. based pharmaceutical company, launched Tempo Personalized Diabetes Management Platform. The platform is made up from three central components: the Tempo Smart Button, a compatible app, TempoSmart and a Tempo Pen (a prefilled insulin pen). Created to work together, these devices offer personalized guidance for adults living with diabetes.
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Global Smart Insulin Pen Market Cross Sectional Analysis:
The indication segment is dominant during the forecast period in North America region due to the increasing prevalence of type 2 diabetes, which is expected to drive segment growth over the forecast period. For instance, according to National Diabetes Statistic Report 2022, total 37.3 million people have diabetes, which is nearly 11.3 % of U.S. population. Total 28.7 million people are diagnosed with people in which 28.5 million are adult population. While still 8.5 million people which is nearly 23% of population of adults are still undiagnosed.
Global Smart Insulin Pen Market Segmentation:
The global smart insulin pen Market report is segmented into by indication, by connectivity, by distribution channel, by region
Based on Indication, the global smart insulin pen market is segmented into type 1 diabetes and type 2 diabetes. Out of which, the type 2 diabetes is expected to dominate the smart insulin pen market during the forecast period and this is due to the increase cases of type 2 diabetes disorder.
Based on connectivity, the global insulin pen market is segmented into Bluetooth and USB. The Bluetooth segment is expected to dominate the market over the forecast period and this is attributed to the increasing technological advancement in this segment.
Based on distribution channel, the smart insulin pen market is segmented into Clinics and Ambulatory Surgical Centers, e-Commerce, Retail Pharmacies. The retail pharmacies is expected to dominate the market over the forecast period and this is due to the increasing usage of prescription based insulin pen obtained from retail pharmacies.
Among all segmentation, the connectivity segment has the highest potential due to the increasing product launch by the key market players. For instance, on December 26, 2022, Biocorp, a France-based medical device company, received U.S. Food and Drug Administration approval for Mallya. It is an add-on that fits atop a range of disposable insulin pens to transmit injection data via Bluetooth to companion software in real time. According to its makers, Mallya is the first system approved for use in the U.S. that can automatically connect different kinds of insulin and GLP-1 medications that lower blood glucose levels.
Global Smart Insulin Pen Market : Key Developments
In March 2020, Digital Medics Pty Ltd, an Australia-based medical equipment supplier introduced an updated version of Diabetes IQ app, which now includes new BG pattern recognition system, food database update and enhanced analytics and reports. This Diabetes IQ app is offered along with SmartPlus Digital Insulin Pen. It helps to maintain 195 insulin dosage history with compatible insulin cartridges.
Key Market Takeaways:
The global smart insulin pen market is expected to exhibit a CAGR of 11.3% during the forecast period due to the increasing launch of technological platforms. For instance, in February 2, 2022, Mednow Inc., a U.S. based pharmaceutical products retailer announced the launch of its enhanced Virtual Diabetes Management program, an end-to-end digital diabetes management solution, to enable convenient on-demand access to Dexcom G6, a real-time continuous glucose monitoring supplies and personalized diabetes care services.
Among indication, the type 2 diabetes segment is dominant due to the increasing prevalence of type 2 diabetes, which is expected to drive the segment growth over the forecast period. For instance, according to data published by Diabetes U.K., on April 13, 2023, 4.3 million people are living with a diagnosis of diabetes in the U.K. Registration figures for 2021-22 are up by 148,951 from 2020-21, and more than 2.4 million people are at high risk of developing type 2 diabetes in the U.K. Approximately 90% of diagnoses are of type 2 diabetes, and around 8% of diagnoses are type 1 diabetes, with the other forms of the condition making up the remaining 2%. There are still an additional 850,000 people living with diabetes who are yet to be diagnosed, bringing the overall U.K. wide figure beyond five million. Thus, an increase in the prevalence of diabetes can drive the growth of the global smart insulin pen market over the forecast period.
Competitive Landscape:
Key players operating in the global smart insulin pen market are Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, Companion Medical Inc., Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Pendiq GmbH, Sanofi, Berlin Chemie Companion Medical Inc., Bigfoot Biomedical, Digital Medics Pty ltd, Eli Lilly and company, Ypsomed Holding AG, Diabnext Diamesco Co. Ltd.
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Detailed Segmentation:
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Global Smart Insulin Pen Market, By Indication:
- Type 1 Diabetes
- Type 2 Diabetes
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Global Smart Insulin Pen Market, By Connectivity :
- Bluetooth
- USB
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Global Smart Insulin Pen Market, By Distribution Channel:
- Clinics and Ambulatory Surgical Centers
- e-Commerce
- Retail Pharmacies
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Global Smart Insulin Pen Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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Digital Diabetes Management Market, By Type (Handheld Devices and Wearable Devices) and By Product (Continuous Blood Glucose Monitoring Systems, Smart Glucose Meter, Smart Insulin Pumps, Smart Insulin Pens and Apps), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)- Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030
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