Smart Insulin Pens Market Outlook
The smart insulin pens market size was valued USD 72.97 Million in 2019 and anticipated to grow at 10.77% CAGR from 2020 to 2027, says Market Research Future (MRFR).
The smart insulin pens market is favored by the expanding population of diabetics backed by the rise in obesity, aging, and sedentary lifestyles. Obesity is one of the major reasons for the high rate of diabetes worldwide. The top risk factors including being overweight are the major reasons for diabetes, cases of which are mounting at colossal proportions. This will facilitate considerable growth of the smart insulin pens industry in the years to come.
The smart insulin pens market is witnessing a surging demand for Bluetooth-enabled smart insulin pens, USB connected insulin pens, and refillable insulin pens. Such insulin pens are used primarily by patients for administering insulin and have gained immense favor among people in developed economies such as the United States. Improving reimbursement schemes and policies and soaring number of pharmacies across developing countries are bound to offer lucrative opportunities to global firms in the ensuing years. Technological innovations that are currently underway and the developing regulatory framework across countries could also be favorable for the smart insulin pens market.
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On the competitive front, players are constantly battling for a higher position by adopting strategies including collaborations, product launch, mergers, partnerships and acquisitions. To illustrate, in November 2021, Innovation Zed, manufacturer of advanced novel diabetes management technologies introduced InsulCheck DOSE technology, which will be available in the market by 2022. InsulCheck DOSE technology enables the multiple daily injection (MDI) users by elevating their conventional injection pens and turning them into a smart pen that ensure effective treatment while reducing the stresses as a result of the MDI therapy.
Smart Insulin Pens Market Segmental Insight
The major product types covered are connecting device as well as smart pen. Smart pens will be the fastest surging section at a rate of 10.98% from 2020 to 2027, considering the rising use of these products in view of their user-friendly design.
The major smart insulin pens market end-users considered in the MRFR study are hospital/retail pharmacies along with online. Capturing a valuation of USD 47.97 million in 2019, the hospital/retail pharmacies segment will remain in the lead throughout the appraisal period. Hospitals are the top favored institutions for diabetic patients that seek treatment or consultation.
Smart Insulin Pens Market Regional Study
The American market secures the highest standing in the global industry, thanks to the rising burden of diabetes and the spike in product approvals. The subsequent rise in product launches and the expanding obese population also contribute significantly to the market growth in the Americas. Obesity happens to be one of the key reasons for osteoporosis, arthritis and diabetes in the region, which bolsters the demand for advanced injection pens. Technological innovations combined with the robust distribution networks belonging to the prominent firms in the region also strengthen the market position. Consistent growth in the geriatric pool that requires safer and accurate delivery devices is also responsible for the region’s dominance in the global industry.
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APAC could procure the fastest growth rate over the ensuing years, as a result of the massive patient pool that is affected by diabetes. India and China have booming population with unmet medical requirements, which should mean a host of growth opportunities, coupled with the surging use of innovative technologies in healthcare. This is expected to elevate the demand for smart insulin pens in the future. The dramatic improvement in the infrastructure all across the region will also work in favor of the smart insulin pens market.
Smart Insulin Pens Market Market Vendors
Eli Lily and Company, Companion Medical, Emperra GmbH E-Health Technologies, Novo Nordisk A/S, Ypsomed Holding AG, Digital Medics Pty Ltd., Diamesco Co. Ltd., are some of the most prominent smart insulin pens manufacturers highlighted in the review study.
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