Global Smart Insulin Pen market analysis
Insulin distribution is done with smart insulin pens, which are Bluetooth-enabled portable machines. In order to provide effective diabetes treatment, these pens will log vital data such as time, date, and the amount of insulin prescribed by a patient.
By the end of 2027, the global smart insulin pen market is expected to be worth US$ 5.3 million.
The rising incidence of diabetes is expected to propel growth of the global smart insulin pen market during the forecast period. As per the American Diabetes Association’s report, around 500 million people globally suffered from type 2 diabetes in 2018.
Concerns over needle-stick accidents are also expected to contribute to the market’s expansion. For diabetics, needle stick complications from diabetes injection needles and lancing machines are a major problem. Insulin syringe needle stick accidents are a kind of percutaneous wound damage incurred by the needle tips, which can happen when using, treating, disassembling, or disposing of needles and syringes.
In terms of value, Europe dominated the global smart insulin pen market in 2019, contributing about 58.2 percent of the market share, followed by Asia Pacific.
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The global smart insulin pen market is expected to be hampered by a lack of acceptance of smart insulin delivery systems, especially in emerging economies. This is due to the high cost of the smart insulin pen, insufficient reimbursement, and low knowledge of the technology among diabetic patients.
Furthermore, the availability of alternative products such as painless smart insulin patches are likely to stymie demand expansion. Wearable insulin patches allow for more discrete insulin dosing during the day, allowing for injection-free insulin release as required and thereby maintaining blood sugar control. The patch is easier to use than an insulin needle, works better, and is made of biocompatible material.
Due to the growing number of internet users and fast penetration of online shopping, players in the global smart insulin pen market should concentrate on online distribution networks. As per the CNNIC (China Internet Network Information Center), around 802 million Chinese people were using the internet in 2018, accounting for 57.7% of the population.
Furthermore, the high prevalence of diabetes in developing regions is projected to boost growth of the global smart insulin pen market. As per the International Diabetes Federation, between 2000 and 2035, the prevalence of type 2 diabetes in Asia Pacific is projected to rise by more than 150 percent.
The Type 2 Diabetes segment of the global smart insulin pen market was worth US$ 1.2 million in 2019 and is projected to grow at a CAGR of 18.9% to hit US$ 4.4 million by 2027.
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Business start-ups are concentrating on raising funds to broaden their product range. Bigfoot Biomedical, a diabetes startup focusing on automated insulin distribution through connected insulin pens, launched its Series C round in January 2020 with an initial tranche of US$ 45 million.
Market participants are now concentrating on integrating linked insulin data into clinical workflows. Companion Medical and Rimidi, a cloud-based connected care software service provider, announced a partnership in June 2019 to enable clinicians to monitor real-time insulin dose combined with data from connected glucometers and CGMs to remotely optimise dosing decisions, all while operating inside the same clinical workflow.
Key companies contributing in the global smart insulin pen market are E-Health Technologies, Emperra GmbH, Companion Medical Inc., Novo Nordisk, and Digital Medics Pty. Ltd.
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Market players are concentrating their efforts on raising funds in order to broaden their product range. Companion Medical, Inc., for example, entered a loan and protection agreement with K2HV (K2 HealthVentures), a healthcare-focused specialty finance firm, in January 2020 for up to US$ 27.5 million.
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