New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Smart Insulin Pen Market Size is to Grow from USD 690.2 Million in 2022 to USD 1839.5 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 10.3% during the projected period. The rising prevalence of diabetes, rising awareness among diabetic patients about new technologies, innovations by key companies, and rising adoption of these pens in developed countries are the major factors driving the growth of the smart insulin pens market during the forecast period.
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Smart insulin pens are reusable wireless insulin injectors that come with a simple app that tracks dosing data and recommends insulin doses for diabetic patients. Disposable and reusable smart insulin pens are available. These pens, which use NFC or Bluetooth technology to connect to a smartphone app, allow diabetics to keep track of insulin administration schedules. The majority of diabetic patients have trouble to calculate insulin dosage correctly. Each dose can be calculated by the smart insulin pen based on carbohydrate amount, current blood sugar level, active insulin, meal size, and doctor-prescribed settings. Insulin stacking could occur as a result. It helps with diabetes management by improving insulin administration. One of the major causes of the rising prevalence of diabetes is a sedentary lifestyle, which includes a lack of exercise, a poor diet, stress, and other factors. Diabetes is also caused by genetic mutations, hormonal diseases, chronic pancreatitis, cystic fibrosis, and medications, all of which are increasing demand for smart insulin pens. Furthermore, the availability of multiple diabetes therapies encourages patients to self-manage with auto-injectors, including insulin pens that are connected to a device. However, smart insulin pens are relatively expensive because they are technologically advanced and innovative. The high cost deters product adoption, especially among the uninsured. Furthermore, coverage for connected insulin pens may be limited or non-existent for the insured population, limiting product adoption and reducing market growth during the forecast period.
COVID-19 Impact
The COVID-19 pandemic impacted demand and usage of connected pens, resulting in a negative market impact. Due to the pandemic, fewer patients visited healthcare facilities such as hospitals and diabetic centers, resulting in a decrease in the number of prescriptions for connected pens, and thus fewer people visiting pharmacies.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Smart Insulin Pen Market Size, Share, and COVID-19 Impact Analysis, By Connectivity (Bluetooth, Near Field Communication, Others), By Indication (Type 1 Diabetes, Type 2 Diabetes), By Distribution Channel (Hospital Pharmacies, Retail & Online Pharmacies, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032".
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The Bluetooth segment is expected to hold the largest share of the global smart insulin pen market during the forecast period.
Based on the product type, the global smart insulin pen market is classified into Bluetooth, near-field communication, and others. Among these, Bluetooth is expected to hold the largest share of the smart insulin pen market during the forecast period, due to Bluetooth connectivity with many products and its high availability. Bluetooth technology is also becoming more widely adopted and supported across a wide range of devices and platforms. Furthermore, the technology offers a greater range of connectivity, up to around 100 meters, allowing for greater usage flexibility.
The type 2 segment is witnessing significant CAGR growth over the forecast period.
Based on the Indication, the smart insulin pen market is segmented into type 1 diabetes and type 2 diabetes. Among these, the type 2 segment holds the significant CAGR growth over the forecast period. Type 2 diabetes affects a large number of diabetic patients, a sizable proportion. More users turn to these pens as patient preference for innovative technologies grows, propelling segment growth during the forecast period.
The hospital pharmacies segment is witnessing substantial CAGR growth over the forecast period.
Based on the end user, the smart insulin pen market is segmented into hospital pharmacies, retail & online pharmacies, and others. Among these, the hospital pharmacies segment is dominating the market with substantial CAGR growth over the forecast period, due to the advanced procurement facilities, easy access, and availability of these pens.
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North America dominates the market with the largest market share over the forecast period.
North America is dominating the market share over the forecast period. The region's comparatively large market size is driven mainly by the growing use of connected insulin pens, as well as the significantly higher cost of the product in the United States compared to other countries. Furthermore, a large insured population, offers and initiatives from key market players, and easy access to healthcare will drive regional growth during the forecast period.
The European market is expected to grow at the fastest rate during the forecast period. Because of the rising diabetes prevalence, the presence of key players, technological partnerships, and R&D activities in the region's healthcare sector. Due to large investment volumes to address the growing diabetes burden in the German population, Germany is expected to emerge as a highly profitable market for smart insulin pens.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Smart Insulin Pen market include Novo Nordisk A/S, Medtronic, Ypsomed AG, Diabnext, Jiangsu Deflu Medical Device Co., Emperra GmbH, Pendiq, Cambridge Consultants Ltd., Sanofi, Berlin-Chemie AG, Bigfoot Biomedical Inc., Digital Medics Pty Ltd., Eli Lilly and Company, and among others.
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Recent Developments
- In June 2023, Novo Nordisk A/S announced its intention to acquire Biocorp, a French medical device company. With Biocorp's technology and expertise, the acquisition aims to develop a new connected insulin pen.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global smart insulin pen market based on the below-mentioned segments:
Smart Insulin Pen Market, Connectivity Analysis
- Bluetooth
- Near Field Communication
- Others
Smart Insulin Pen Market, Indication Analysis
- Type 1 Diabetes
- Type 2 Diabetes
Smart Insulin Pen Market, Distribution Channel Analysis
- Hospital Pharmacies
- Retail & Online Pharmacies
- Others
Smart Insulin Pen Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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