Wilmington, Delaware, United States, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The global smart insulin pens market was valued at USD 31.2 Mn in 2021 and is projected to expand at a CAGR of 11.2% from 2022 to 2031.
Rise in prevalence of two types of diabetes in children and adults is fueling the smart insulin pens market. Smart insulin pens are used to administer insulin for the treatment of type 2 and type 1 diabetes. These devices have added features such as time and dose recorder, memory function, and data transfer.
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Smart insulin pens are of two types: disposable and reusable. These pens can be integrated with a smartphone app, which enables patients of diabetes to keep track of insulin administration schedules. Most diabetic patients have difficulty in calculating insulin dosage correctly. Smart insulin pen has the capability to compute each dose based on carbohydrate amount, current blood sugar level, active insulin, meal size, and settings prescribed by the doctor.
The diabetes guidelines of American Diabetes Association (ADA) updated in 2022 recommends insulin pens instead of vials and syringes. Smart insulin pens are likely to play a crucial role in the management of diabetes, which is a chronic health condition.
Growth Drivers
- Increase in adoption of technology in the management of diabetes is augmenting the smart insulin pens market
- Integration of monitoring and therapeutic features to help detect blood glucose level and calculate insulin dose is driving market growth
Regional Landscape
North America held key share of the global market in 2021. Growth of the market in the region can be ascribed to the presence of prominent players and early adoption of advanced technology for clinic use. Increase in incidence of diabetes and product approvals isfueling market statistics in the region.
The market in Asia Pacific is expected to expand at a rapid pace during the forecast period, driven by increase in adoption of advanced devices for the management of diabetes.
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Key Findings of Study
Rise in Awareness about Diabetes Fueling Market Development – Diabetes is associated with large numbers of deaths globally. The prevalence of diabetes is increasing among adults and children.
Diabetes is prevalent in large numbers in India. The Ministry of Health and Family Welfare launched mDiabetes, a mobile health program for the prevention and care of diabetes. Therefore, initiatives of government health departments to create awareness about diabetes are likely to boost the smart insulin pens market size during the forecast period.
Integration of Monitoring and Therapeutic Features Augmenting Market Progress – Smart insulin pens offer significant advantages in diabetes management. For instance, these pens are used record the last dose of insulin.
Usage of smart insulin pens eliminates the need for taking insulin through a needle, which is quite painful and stressful. Hence, patients prefer the integrated technology. Advances in device connectivity technology have led to the usage of smartphone and the internet for insulin dosage record keeping. Integrated technology helps detect the blood glucose level and measure the insulin dose.
Increase in Adoption of Connected Medical Devices to Boost Market – Diabetes is a condition which results in increased blood glucose level of the patient. Patients suffering from type 1 diabetes need to self-administer insulin every day, which is quite stressful and painful. Hence, patients are seeking safe, pain-free, cost-effective, and easy-to-handle innovative insulin administering technologies.
Smart insulin pens offer several advantages over conventional mode of insulin delivery. They allow flexibility in everyday schedule and also help improve the quality of life. These pens enable accurate dosage delivery of insulin and have the ability to recall the time and amount of previous dose. Furthermore, portability and convenience are key advantages of these pens over conventional delivery.
Rise in Incidence of Diabetes Fueling Demand for Adaptors for Conventional Pens – Based on product, the adaptors for conventional pens segment held the leading share of the market in 2021. Rise in incidence of diabetes in individuals of all ages is fueling smart insulin pens market expansion.
Competitive Analysis
The global landscape is highly fragmented, with the presence of numerous small and large-sized players. Key players are expanding their geographical footprint to consolidate their position in the global market.
Prominent players in the smart insulin pens market include Novo Nordisk A/S, Eli Lily and Company, Emperra GmbH, Medtronic plc, and Bigfoot Biomedical.
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The global smart insulin pens market has been segmented as follows:
Global Smart Insulin Pens Market, by Product
- Smart Insulin Pens
- Adaptors for Convenience Pens
Global Smart Insulin Pens Market, by Connectivity Type
- Bluetooth
- USB
Global Smart Insulin Pens Market, by Application
- Type 1 Diabetes
- Type 2 Diabetes
Global Smart Insulin Pens Market, by Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Diabetes Clinics/Centers
- E-commerce
Global Smart Insulin Pens Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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