Newark, July 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the smart insulin pens market will grow from USD 67.91 Million in 2022 to USD 191.26 Million by 2032. The smart insulin pens market is witnessing a rise in demand due to the number of patients suffering from diabetic patients. Further, the rising advancement in the development of smart devices is providing lucrative opportunities to the market players.
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Key Insight of the Smart Insulin Pens Market
Europe region to account for the largest market size during the forecast period.
Europe is expected to have the most major smart insulin pens market share during the forecast period. The factors supporting the growth of the European smart insulin pens market include the increasing geriatric and obese population at a higher risk of developing diabetes. Many agencies are investing in high-end smart medical devices to increase the probability of effective treatments.
The USB segment is expected to augment the market during the forecast period.
The connectivity segment is divided into USB and Bluetooth. The USB segment is expected to augment the market during the forecast period. USB-connected smart insulin pens have better battery performance, which is why most end-users prefer using them over Bluetooth-connected pens. Further, USB smart insulin pens are easily available in developing economies.
The second-generation pens segment is expected to grow at the highest CAGR during the forecast period.
The product type segment is divided into first-generation pens and second-generation pens. The second-generation pens segment is expected to augment the market during the forecast period. Second-generation insulin pens have been designed with USB or Bluetooth characteristics to enable closer medication monitoring as the global population of people with diabetes rises. The second generation has better attributes, such as tracking the glucose level continuously.
The online pharmacy segment is expected to grow at the highest CAGR during the forecast period.
The distribution channel segment is divided into hospital pharmacy, online pharmacy, and retail pharmacy. The online pharmacy segment is expected to augment the market during the forecast period. Smart insulin pens are more conveniently available at online pharmacies than at hospitals and retail pharmacies.
The homecare settings segment is expected to grow at the highest CAGR during the forecast period.
The end-user segment is divided into hospitals and clinics, home care settings, ambulatory surgical centres and others. The homecare settings segment is expected to augment the market during the forecast period. Smart insulin pens are increasingly used in home care settings to manage the level of glucose. Also, long-term treatment of diabetic patients is usually managed at home; thus, patients must monitor their insulin levels.
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Market Dynamics
Driver: Enables continuous monitoring of insulin levels
Insulin is one of the medications used to treat diabetes; it can be taken with the help of a pen. In the modern day, smart insulin pens are positioned to provide a more user-friendly insulin delivery alternative and track dosing data that can be shared on digital platforms and integrated with other essential diabetes care information. For people managing type 1 or type 2 diabetes with several daily injections, smart insulin pens are a crucial tool. Smartpen technology lets the patient remember when they took their insulin and how many units are shot while retaining the ease of injections. With the help of cutting-edge technology like the smart insulin pen, patients with diabetes can better manage their medication by keeping track of their insulin levels.
Restraint: Availability of substitutes
Several types of smart devices and conventional monitors are restraining the growth of the smart insulin pens market. These conventional monitors are low-cost and effective for monitoring glucose. Also, conventional glucose monitors and syringes, vials, etc. are widely available; thus, most of the patient population can access them as the earliest.
Opportunity: Increasing investment in the smart medical devices industry
Over the years, there has been high investment in smart medical devices used to manage and treat chronic disorders. The rapid growth of the global obese population and the increased prevalence of diabetes have increased the overall demand for smart insulin pens. Continuous innovation and technological advancements have led to the development of efficient miniature devices. These devices have advanced features, durability, longevity, infection control technology, and better functionality. Thus, these can even be used for acute diabetic patients as these devices do not discomfort the patients in anyways. In addition, the high growth opportunity in developing markets and the decentralization of healthcare are the other key factors anticipated to create substantial growth prospects for players providing smart insulin pens.
Challenges: Stringent regulations for product approval
Several regulatory restrictions are implied on the product approval for smart insulin pens. The manufacturers should adhere to the regulations provided by the FDA authorities and local agencies to launch their products in the commercial market. These regulations increase the barriers to entry for manufacturers.
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Some of the major players operating in the smart insulin pens market are:
• Bigfoot Biomedical
• Berlin-Chemie
• Digital Medics Pty Ltd.
• Emperra GmbH
• Eli Lilly and Company
• Jiangsu Deflu Medical Device Co. Ltd.
• Novo Nordisk
• Medtronic PLC
• Sanofi.
• Pendiq
Key Segments Cover in the Market:
By Connectivity:
• USB
• Bluetooth
By Product Type:
• First Generation Pens
• Second Generation Pens
By Distribution Channel:
• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy
By End-users:
• Hospitals and Clinics
• Homecare Settings
• Ambulatory Surgical Centres
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Million). All the segments have been analyzed global, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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