As per DelveInsight, the Global Smart Insulin Pens Market is predicted to grow at a CAGR of 12.59% during the forecast period (2022 to 2027). The market is expected to grow owing to the rise in demand for Smart Insulin Pens, primarily due to the increase in diabetes mellitus. Additionally, the rising awareness of self-management of diabetes through Smart Insulin Pens and the technological advancements in devices will also drive the market growth of the device.
Some of the key companies in the Smart Insulin Pens Market include Emperra GmbH E-Health Technologies, Jiangsu Deflu Medical Device Co. Ltd., Medtronic., Novo Nordisk A/S, Pendiq., Sanofi, Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly and Company, Ypsomed, Dexcom, Inc., others.
DelveInsight’s “Smart Insulin Pens Market” research report provides the current and forecasted Smart Insulin Pens Market trends for the next five years, upcoming innovations in the segment, and individual market shares, challenges, drivers & barriers, and key competitors in the market.
Smart Insulin Pens Overview
A smart insulin pen is a medical device that injects insulin into subcutaneous tissue. Smart Insulin Pens are an essential tool that helps to avoid extra dosages, maintain a systematic record of dosages, and convert the information into computer-based records. Today, several types of Smart Insulin Pens are available in the market to cater to different needs.
DelveInsight’s “Smart Insulin Pens Market” report provides an in-depth assessment of the market segmented by connectivity type (Bluetooth and USB), by distribution channel (hospital & retail pharmacy, diabetic clinics & centers, e-commerce, and others), and by geography (North America, Europe, Asia-pacific, and rest of the world).
In the connectivity type segment of the Smart Insulin Pens market, the Bluetooth-connected Smart Insulin Pens are estimated to hold a significant share in the Smart Insulin Pens market in the coming years owing to various associated advantages with the device. The Bluetooth-connected Smart Insulin Pens are equipped with additional features such as audible, visual, and tactile feedback during dose dialing to support easy application and may reduce the chances of human errors during handling.
Smart Insulin Pens Market Analysis
Diabetes prevalence and mortality have grown significantly in low- and middle-income countries than in high-income countries. As per WHO (2021), in 2019, nearly 1.5 million deaths globally were directly caused by diabetes, and it is the ninth leading cause of death. As per the International Diabetes Federation, globally, in 2020-21, 537 million adults (20-79 years) were living with diabetes. The cases are expected to rise to 643 million by 2030 and 783 million by 2045.
Smart Insulin Pens Market is witnessing growth in demand owing to several underlying factors. The rise in the prevalence of diabetes mellitus worldwide due to various factors such as genetics, age, obesity, and unhealthy lifestyles is the key factor for the growth in the demand for Smart Insulin Pens market. Additionally, the increasing number of geriatric patients and various government initiatives worldwide are also anticipated to bolster the Smart Insulin Pens Market.
Globally, Obesity is one of the major risk factors for diabetes. As per the data presented by World Obesity, around 2.7 billion adults will be overweight, over 1 billion affected by obesity, and 177 million adults severely affected by obesity by 2025 globally. With the rising prevalence of obesity, the prevalence of diabetes is also expected to grow, leading to an increase in demand for Smart Insulin Pens Market.
Additionally, the rising prevalence of diabetes mellitus globally and product launches will also stimulate the growth of the smart insulin pen market. However, the lack of accessibility of devices in remote regions and stringent regulatory processes may hamper the market growth.
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Smart Insulin Pens Market Assessment
As per DelveInsight, North America is expected to account for a significant share of the global smart insulin pen market. The rise in the incidence of diabetic patients due to the high consumption of processed food, the rise in the incidence of obesity, and and lifestyle changes are expected to drive the Smart Insulin Pens Market.
As per the NIDDK, in the year 2020, there were approximately 88 million adults ages 18 years or older had prediabetes in the United States. Prediabetes is a condition in which blood glucose levels are higher than normal but not high enough for a diagnosis of diabetes. In the year 2020, it was estimated that 34.2 million people in the United States had diabetes, out of which an estimated 26.9 million people of all ages were diagnosed with diabetes, and around 7.3 million adults ages 18 years or older had diabetes but were undiagnosed.
Moreover, the technological advancements in Smart Insulin Pens like memory function, dose recorder, data transfer, and other features such as audible, visual, and tactile feedback will increase the demand for Smart Insulin in the region, which will drive the growth. Thus, all the above-mentioned factors are anticipated to propel the market for Smart Insulin Pens in North America.
Interested in knowing how the Global Smart Insulin Pens Market will grow by 2027? Click to get a snapshot of Smart Insulin Pens Market Trends and Developments.
Smart Insulin Pens Market – Key Developments and Breakthroughs
Over the years, the Smart Insulin Pens Market has evolved significantly owing to the active participation of global pharma companies and technological advancements in the domain.
Here are a few of the key developments in the Smart Insulin Pens Market over the past few years –
- In March 2022, Novo Nordisk announced that two smart connected insulin pens, NovoPen 6 and NovoPen Echo Plus, are now available on prescription for people living with diabetes treated with Novo Nordisk insulin in the UK.
- In March 2022, Glooko Inc., a leading provider of remote patient monitoring and data management solutions for diabetes and other chronic diseases, announced the acquisition of DIABNEXT.
As per DelveInsight, the ongoing clinical & commercial development activities and the ongoing research in the domain will contribute immensely to the Smart Insulin Pens Market in the coming years.
Key Companies In the Smart Insulin Pens Market
Globally, some of the key companies in the Smart Insulin Pens Market Include Emperra GmbH E-Health Technologies, Jiangsu Deflu Medical Device Co. Ltd. (002223:Shenzhen), Medtronic (NYSE: MDT), Novo Nordisk A/S (NYSE: NVO), Pendiq, Sanofi (NASDAQ: SNY), Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly and Company (NYSE: LLY), Ypsomed (SWX: YPSN), Dexcom, Inc. (NASDAQ: DXCM), others.
As per DelveInsight, due to the very high growth rate and positive return, several new players are expected to enter the Smart Insulin Pens Market in the coming years. The entry of new players and the launch of emerging products will immensely drive market growth.
Learn how new players’ entries will transform the Smart Insulin Pens Market in the coming years at, Smart Insulin Pens’ Competitive Landscape.
Scope of the Smart Insulin Pens Market Report:
- Geography Covered – Global
- Study Period – 2019-2027
- Smart Insulin Pens Market by Connectivity Type – Bluetooth And USB
- By Distribution Channel – Hospital & Retail Pharmacy, Diabetic Clinics & Centers, E-Commerce, And Others
- By Geography – North America, Europe, Asia-Pacific, and Rest of the World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View.
Table of Content
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Smart Insulin Pens Market Key factors analysis |
| 5 | Smart Insulin Pens Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Smart Insulin Pens Market |
| 7 | Smart Insulin Pens Market Layout |
| 8 | Smart Insulin Pens Global Company Share Analysis – Key 3-5 Companies |
| 9 | Smart Insulin Pens Product Profiles and Key Companies |
| 10 | Project Approach |
| 11 | KOL Views |
| 12 | DelveInsight Capabilities |
| 13 | Disclaimer |
| 14 | About DelveInsight |
Reach out to us to get a more detailed overview of the Smart Insulin Pens Regulatory & Patent Analysis
Key Takeaways From the Smart Insulin Pens Market Report Study
- In-depth analysis of the Smart Insulin Pens Market size, share, and key trends.
- Comprehensive analysis of current Smart Insulin Pens Market size (2020) and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on the Smart Insulin Pens Market is significant. To capture and analyze suitable indicators, our experts are closely watching the Smart Insulin Pens Market.
- Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened over the last three years
- Key companies dominating the Global Smart Insulin Pens Market.
- Various opportunities are available for the other competitors in the Smart Insulin Pens Market space.
- What are the top-performing segments in 2020? How these segments will perform in 2027.
- Which are the top-performing regions and countries in the current Smart Insulin Pens Market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Smart Insulin Pens Market growth in the coming future?
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