Bluetooth connected smart insulin pen segment to register highest market attractiveness index in the near future
By connectivity, the Bluetooth connected smart insulin pen segment is expected to account for a value share of US$ 0.276 Mn in 2017. The segment is expected to reach a little more than US$ 2 Mn by 2027 end, registering the highest CAGR of 23.2% over the forecast period. Bluetooth connected smart insulin pens represent the future of insulin delivery devices. Such devices have an inbuilt Bluetooth connectivity feature allowing automatic insulin dosage data sharing with healthcare providers. The contribution of the Bluetooth connected smart insulin pen connectivity segment to the overall smart insulin pens market revenue is expected to increase from more than 30% in 2017 end to close to 50% by the end of 2027, with an increase of more than 1000 BPS.
The USB connected smart insulin pen segment is estimated to create an absolute $ opportunity of US$ 0.090 Mn in 2018 over 2017. Revenue from the USB connected smart insulin pen segment is anticipated to expand at a CAGR of 14.4% over 2017–2027, to reach more than US$ 2 Mn by 2027. Pendiq smart insulin pen is the only available USB connected smart insulin pen in the European market. Most of the companies in the global smart insulin pens market are focussing on developing Bluetooth enabled smart insulin pens; therefore, the Bluetooth connected smart insulin pen segment is expected to occupy a majority of the market share during the projected period.
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Increasing demand for improved diabetes management is expected to boost the market value of USB and Bluetooth enabled smart insulin pens
Increasing prevalence of diabetes is one of the growing concerns currently. According to the International Diabetes Federation, an estimated 415 million people were suffering from diabetes in 2015. This is projected to reach 642 million by 2040. Therefore, daily insulin dose management among diabetic patients is important in order to better manage the disease leading to rapid penetration of smart insulin pen technology in the global market. Smart insulin pens have transformed diabetes care through digitalisation and connectivity. A rapidly increasing diabetic patient pool is expected to create a positive impact on the Bluetooth connected smart insulin pen segment.
Diabetes management with conventional insulin pens available in the market is tedious, time-consuming and requires patients to remember and document their data, making it difficult for them to manage their insulin dosage in a timely manner, and can lead to a misinterpretation of the results. Bluetooth and USB enabled smart insulin pens allow users to track their insulin doses and facilitate seamless documentation of insulin units and blood glucose levels. Smart insulin pens also send alerts to patients and healthcare professionals in case of missed doses. This is attributed to an increasing number of manufacturers focussing on introducing devices with smart connectivity, which allow automatic insulin dose data transfer on the patient portal for streamlined data dosage management.
Needle stick injuries with diabetes injection needles and lancing devices are a key concern for diabetics. Insulin syringe needle stick injuries is a percutaneous wound injury caused by needle tips and can occur while using, handling, disassembling, or disposing of needles and syringes. High incidence rate of needle stick injuries and associated serious consequences persuade healthcare professionals to use injection pens. This is expected to augment the penetration of Bluetooth and USB enabled smart insulin pens in the global smart insulin pens market.
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Bluetooth connected smart insulin pen segment is expected to witness 4.9X growth in terms of revenue contribution in the Asia Pacific smart insulin pens market
Bluetooth connected smart insulin pen segment is estimated to register the highest attractiveness index of 1.5 as compared to the USB connected smart insulin pen segment in the global market during the forecast period. This is due to the proliferation of Bluetooth connected smart insulin pens in the North America smart insulin pens market. Also, heavy investment by several big players to develop smart connected insulin pen devices is pushing the revenue generation of smart insulin pens in the North America smart insulin pens market. In Europe, the Bluetooth connected smart insulin pen segment is anticipated to register a market attractiveness index of 1.2 during the forecast period. USB connected smart insulin pen segment is expected to depict a market attractiveness index of 0.5 during the forecast period in the Asia Pacific region. India and China are the most populous countries in Asia Pacific with the highest number of patients diagnosed with diabetes. Increasing efforts by market players to expand their smart insulin pens business in Asia Pacific countries offer immense potential for revenue generation.