Smart Insulin Pens Market:
WiseGuyReports.com adds “Global Smart Insulin Pens Market Size, Status and Forecast 2020-2026” reports to its database.
The global smart insulin pens market is expected to grow from $75.8 million in 2019 and to $77 million in 2020 at a growth rate of 1.6%. The slow growth is due to disruption in supply chains and restrictions on trade of medical products across countries owing to the COVID-19 outbreak. The market is then expected to grow and reach $98.4 million in 2023 at CAGR of 8.51%.
The smart insulin pens market consists of sales of smart insulin pens which allows to dial the insulin dose accurately and related products. The companies manufacturing the smart insulin pens are primarily engaged in designing and manufacturing of first- and second-generation smart insulin pens which are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes. The revenue generated by these companies is through sales of these pens to Hospitals & Clinics, Ambulatory surgical centres and Home care settings.
North America was the largest region in the smart insulin pens market in 2019. Asia Pacific was the fastest growing region in the smart insulin pens market in the forecast period.
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In February 2020, Senseonics a US-based medical technology company which primarily focuses on the design, development and commercialization of glucose monitoring products announced partnership with Companion Medical. The partnership will benefit both the companies by integrating Eversense® CGM System with the InPen™ smart system for accurate insulin delivery. Companion Medical is a US-based company which aims at achieving desirable diabetes outcomes and manufactured InPen™ which is the US first FDA approved insulin pen.
Diabetics may be prescribed with two types of insulin for better control over blood glucose levels. They usually prefer a pre-mixed insulin (combination) or a method in which the insulin doses could be mixed and once puncture is necessary to deliver the different types of insulin doses required. Multiple punctures for the insulin delivery can lead to poor adherence of the medication which in turn results in poor glycemic control. In 2018, a study published states that poor glycemic control (A1c>7%) was reported in 68% of respondents and there was an association between A1c >7% and poor adherence levels. Dislike towards injection to a large extent and needle phobia can result in poor adherence levels. It is estimated that over 10% of population have needle phobia. These factors can reduce the adherence of smart insulin pens where two types of insulin can’t be mixed and results in multiple needle punctures which thereby effect the purpose of the insulin being administered which is expected to hinder the market growth.
The next generation smart insulin pens go far beyond memory storage. They help in calculating personalized doses, track glucose continuously and connects with apps of smartphones to visualize the data. In 2019, Novo Nordisk and Abbott partnered to integrate insulin dose data into the digital health tools which aims at connecting key technologies such as continuous glucose monitoring and insulin pens thus simplifying diabetes management. The NovoPen 6 and the NovoPen Echo Plus pens will be able to connect to the Dexcom G6 CGM and the Diasend diabetes management platform (Glooko). In 2019, Companion Medical announced that the Bluetooth-enabled InPen which takes away the guesswork from dosing of insulin with an in-app bolus calculator that uses precise carbohydrate ratios and correction factors and calculates the personalized insulin doses. This enhances the ease of usage of smart insulin pens which is expected to boost the market.
Accurate dose of insulin can be achieved than vial or a syringe with an insulin pen. For kids who need to take insulin during school time and visually impaired diabetic patients, an accurate dose of insulin can even be pre-set over the dosage dial which helps in accurate delivery of dose at the time of injection. Echo Plus by Novo Nordisk which is a pediatric friendly insulin pen allows even half-unit dosing with a maximum of 30 units. HumaPen Luxura HD from Lilly allows the delivery of insulin in half-unit increments and NovoPen Junior – Insulin Pen by Novo Nordisk can deliver highly accurate doses of insulin and finely adjusts small doses even half-unit increments. The accurate adjustments and delivery of doses of insulin can avoid either over-dosing or low-dosing of the drug which is expected to increase the demand of smart insulin pens and drive the market growth.
Major players in the smart insulin pens market are Companion Medical, Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co. Ltd., Emperra GmbH E-Health Technologies, Digital Medics Pvt Ltd., F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd., and Bigfoot biomedica.
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