According to the new market research report “Smart Insulin Pens Market (Type – First Generation Pens, and Second Generation Pens; Usability – Prefilled, and Reusable; End User – Hospitals & Clinics, Ambulatory Surgical Centers, and Home Care Settings): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025” The global smart insulin pens market was worth nearly USD 70.02 Million in 2018 and is expected to reach over USD 140 Million by 2025 with a CAGR of 10.40% during the forecast period from 2019 to 2025.
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A growing incidence of diabetes increases the demand for needle-free insulin delivery devices across the globe. According to the International Diabetes Federation, nearly 425 million adults were living with diabetes in 2017 and it is expected to mount to 629 million by 2045. Also, 79% of adults with diabetes were living in low- and middle-income countries and the highest number of people with diabetes were between 40 and 59 years of age.
The Lower Cost of Insulin Pumps and Painless Injections are Further Driving the Market Growth
The rise in demand for self-injection devices and accuracy in dosage delivery of insulin drives the growth of the market. Growth in research and development projects propel the expansion of the market. Also, the lower cost of insulin pumps and painless injections are further driving the market growth. The other gain of smart insulin pens is that it can be used by people with visual or motor skills disorders easily. However, restricted usage of smart insulin pens for patients requiring a mixture of two types of insulin may hamper the growth of the market. Moreover, advancements in technology and joining resources from all around the world creates opportunities for the smart insulin pens market in the upcoming years.
Bluetooth Connected Smart Insulin Pen Segment is Estimated to Hold the Largest Market Share during the Forecast Period
The global smart insulin pens market is segmented on the basis of type, usability, and end user. By type, the market is further segmented into first generation and second generation insulin pens. The second generation of insulin pens is further sub-segmented into Bluetooth-enabled and USB connected insulin pens. Bluetooth connected smart insulin pen segment is estimated to hold the largest market share during the forecast period due to the rise of Bluetooth connected smart insulin pens in the North America smart insulin pens market. Based on usability, the global smart insulin pens market is classified into pre-filled and reusable insulin pumps. On the basis of the end user, the market is fragmented into hospitals & clinics, ambulatory surgical centers, and home care settings.
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North America Dominates the Smart Insulin Pens Market and Accounted for More than Half of the Total Revenue in 2017
Geographically, the global smart insulin pens market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America dominates the smart insulin pens market and accounted for more than half of the total revenue in 2017. Furthermore, the presence of key players and a high rate of adoption of technologically advanced devices in North America contributes to the largest revenue in this region. Moreover, Asia Pacific is likely to grow at a rapid pace during the forecast period. This is attributed to the increase in the geriatric population with diabetes that fuels the growth of the smart insulin pens market in this region.
Competitive Analysis of “Smart Insulin Pens Market”
The global smart insulin pens market comprises of companies such as Digital Medics Pty Ltd., Companion Medical Inc., Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co., Ltd., F. Hoffmann-La Roche AG, Emperra GmbH E-Health Technologies, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd., and Bigfoot biomedical and other companies. Several major healthcare players are entering the global smart insulin pens market through strategic acquisitions and partnership. In February, Abbott and Novo Nordisk entered into a partnership to integrate insulin dose data from Novo’s pre-filled, connected pens into digital health tools compatible with Abbott’s FreeStyle Libre glucose-monitoring system.
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