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Home ➤ Life Science ➤ Medical Devices & Supplies ➤ Smart Insulin Pens Market
Smart Insulin Pens Market
Smart Insulin Pens Market
Published date: Oct 2023 • Formats:
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  • Home ➤ Life Science ➤ Medical Devices & Supplies ➤ Smart Insulin Pens Market

Global Smart Insulin Pens Market By Type (First Generation Pens and Second Generation Pens), By Usability (Prefilled and Reusable), By End-User (Hospitals & Clinics, Ambulatory Surgical Centers, and Home Care Settings), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: Oct 2023
  • Report ID: 12028
  • Number of Pages: 267
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Driving Factors
    • Restraining Factors
    • Type Analysis
    • Usability Analysis
    • End-User Analysis
    • Market Key Segments
    • Opportunities
    • Trends
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global Smart Insulin Pens Market size is expected to be worth around USD 350.6 Million by 2032 from USD 111.2 Million in 2022, growing at a CAGR of 12.50% during the forecast period from 2023 to 2032.

    Smart insulin pens a reusable injector pens that are connected to a smartphone app that helps diabetic patients with proper management of insulin administration. Many diabetic patients face difficulty in calculating their challenges.

    If the amount of insulin is active in the body and an individual injects more insulin, it can cause hyperglycemia. Smart insulin pen plays a crucial role by calculating each dose based on the present active insulin, meal size, carbohydrate amounts, and blood sugar level.

    The rising significance of diabetic patients was the primary reason behind the market’s growth; it is estimated that this growth will continue over the forecast period. The hectic and changing lifestyle of individuals makes it difficult to do exercise.

    This may increase the risk of diabetes. Due to the significance of the patients, the insulin demand increases, which further propels the market growth. Additionally, needle stick injuries are becoming common; hence, the demand for smart insulin pens is rising.

    Smart Insulin Pens Market Size

    Key Takeaways

    • Smart Insulin Pens Market is projected to be worth around USD 350.6 Million by 2032.
    • The market value was approximately USD 111.2 Million in 2022.
    • North America held the highest revenue share at 39.2% of the overall market.
    • The market is expected to grow at a CAGR of 12.50% from 2023 to 2032.
    • The first-generation pens had a revenue share of 54.7%.
    • The reusable insulin pens segment had a market share of 57%.
    • Hospitals and clinics constitute the majority of the market share for end-users.

    Driving Factors

    Increasing Prevalence of Diabetes

    Diabetes is one of the leading causes of death across the world. The accuracy associated with insulin dosing and the rising cases of diabetic patients of all ages are the major driving factors that enhance the market’s growth. The smart insulin pens are reusable injector pens with a smartphone app, providing a better solution for managing diabetes.

    Furthermore, it assists the individual in administering the dose periodically through its alerts and system, which give timely reminders. Additionally, the demand for these pens surges because of their ease of use.

    Restraining Factors

    High Cost of Smart Insulin Delivery Devices

    The cost of smart insulin delivery devices is the factor that may restrain market growth. The low-income countries are facing a financial burden as the global smart insulin pens market is shifting towards more cost-intensive analogs from low-cost human insulin.

    Moreover, the increasing popularity of alternate insulin administration methods, such as insulin syringes and insulin pumps, hamper the market growth. The insulin syringes & insulin pumps are cheaper than the smart insulin pens and are more convenient. Thus, individuals who are suffering from diabetes tend to prefer them over smart insulin pens.

    Type Analysis

    First Generation Pens Dominated the Market with Highest Revenue Share

    The type segment was divided into first-generation pens and second-generation pens. The first-generation pens held the highest revenue share of 54.7% due to increased research and development activities. Furthermore, the rapid developments in the healthcare sector enhance the market’s demand.

    Additionally, the faster growth in diabetic patients around the globe has raised the demand for smart insulin pen devices. Furthermore, rapid urbanization and a surge in fast food intake have influenced market demand. Moreover, due to the increasing geriatric population, the demand for second-generation pens was expected to be boosted during the forecast period.

    Usability Analysis

    Reusable Segment Accounted for the Majority of the Market Share

    The usability segment is divided into prefilled and reusable. The reusable segment accounted for the majority of the share of 57%. The reusable insulin pens are featured with memory recording and time functioning, which help patients take a proper dose at the right time—moreover, reusable pen permits replacing the cartridge when it is empty.

    Therefore, the pre-field insulin pens were expected to grow considerably during the forecast period. In addition, individuals are becoming aware of the faster growth and technological advancements in the market, which will likely benefit the market during the forecast period.

    End-User Analysis

    Hospitals & Clinics is Estimated to hold the Majority of Revenue.

    The end-user segment is divided into hospitals & clinics, ambulatory surgical centers, and home care settings. The hospitals & clinics have collected most of the market share owing to the improvement in the healthcare infrastructure and advanced facilities in emerging countries.

    The hospital uses advanced technologies to provide proper treatments to the patients. For example, smart insulin pens provide the simplest way to manage the blood sugar level. Moreover, the ambulatory surgical sector has advanced facilities to deliver the best patient service.

    Smart Insulin Pens Market Share

    Market Key Segments

    By Type

    • First Generation Pens
    • Second Generation Pens

    By Usability

    • Prefilled
    • Reusable

    By End-User

    • Hospitals & Clinics
    • Ambulatory Surgical Centers
    • Home Care Settings

    Opportunities

    Consumption of Food Containing Preservatives Increases the Risk of Diabetes

    The need for smart insulin devices increased due to the rapidly changing lifestyle. Diabetes is becoming common in the younger generation because of their busy schedule and unhealthy lifestyle—the busy lifestyle results in avoiding physical health. The lack of exercise and physical activity attracts such types of chronic diseases.

    Also, the consumption of junk food was increasing among them, increasing the chances of diabetes to a greater extent. Furthermore, a few cases of diabetes among infants were also seen. The above factors create growth opportunities for the global smart insulin pens market.

    Trends

    Technological Advancements in the Market

    Numerous technological advancements in the smart insulin pens market were expected to increase the demand for the market during the forecast period. Furthermore, technical advancements such as accurate dosage administration and memory function will likely enhance the market size.

    Additionally, one of the technological advancements in the market is Insul Check. It is a cap for insulin pens with a sensor tracking the pen use and temperature. Also, iSenz is an adaptor for the intelligent insulin pen with a feature for detecting insulin levels through scanning.

    Thus, owing to these advancements intelligent insulin pens market will likely grow lucratively during the forecast period.

    Regional Analysis

    North America Dominated the Global Smart Insulin Pens Market

    North America accounted for the highest revenue share of 39.2% of the overall market owing to the high rate of adoption of technologies and the presence of key players. Furthermore, new product approval & launches and an increase in the prevalence of diabetes are the factors that propel the market growth in this region.

    At the same time, Europe was expected to grow considerably owing to the increasing activities of the region’s key market players. Also, the rapid R&D carried out in this region will result in tremendous market growth.

    Asia Pacific was estimated to grow with the fastest CAGR during the forecast period owing to the marketing campaigns for smart insulin pens, growing knowledge about contemporary pen needles, and the increasing importance of the diagnostic healthcare sector.

    Furthermore, the increasing number of diabetic patients in this region will likely propel the market growth during the forecast period.

    Smart Insulin Pens Market Region

    Key Regions

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Key Players Analysis

    Key Players are Deploying Different Strategies

    The global smart insulin pens market possesses a few dominant players who collect the maximum share of the market. Significant companies are entering into acquisitions & mergers, implementing different strategies, signing agreements & contracts, and introducing, testing, and developing more effective, innovative insulin pen products.

    Market Key Players

    • Medtronic plc
    • Eli Lilly and Company
    • Novo Nordisk A/S
    • Sanofi S.A
    • Digital Medics Pty Ltd.
    • Bigfoot Biomedical, Inc.
    • Berlin-Chemie AG
    • Jiangsu Deflu Medical Device Co. Ltd.
    • Emperra GmbH E-Health Technologies
    • Other Key Players

    Recent Developments

    • In November 2022: the FDA approved the Bluetooth-connected insulin dose-tracking system of Eli Lilly and Company. The company intended to introduce its Tempo diabetes management platforms in some clinics in the US before extending it worldwide.
    • In November 2022: The UK versions of smart linked insulin pens of Novo Nordisk are now compatible with the FreeStyle LibreLink app of Abbott. Thus, viewing insulin dosing and glucose combinedly will be possible.

    Report Scope

    Report Features Description
    Market Value (2022) USD 111.2 Mn
    Forecast Revenue (2032) USD 350.6 Mn
    CAGR (2023-2032) 12.5%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered By Type – First Generation Pens and Second Generation Pens; By Usability- Prefilled, and Reusable; By End-User- Hospitals & Clinics, Ambulatory Surgical Centers, and Home Care Settings.
    Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; The Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA.
    Competitive Landscape Medtronic plc, Eli Lilly and Company, Novo Nordisk A/S, Sanofi S.A, Digital Medics Pty Ltd., Bigfoot Biomedical, Inc., Berlin-Chemie AG, Jiangsu Deflu Medical Device Co. Ltd., Emperra GmbH E-Health Technologies, and Other Key Players.
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is the Smart Insulin Pens Market Size in the Year 2022?

    The Global Smart Insulin Pens Market size was USD 111.2 Million in 2022, growing at a CAGR of 12.50% during the forecast period from 2023 to 2032.

    What is the Smart Insulin Pens Market CAGR During the Forecast Period 2023-2032?

    The Global Smart Insulin Pens Market size is growing at a CAGR of 12.50% during the forecast period from 2023 to 2032.

    What is the Smart Insulin Pens Market size During the Forecast Period 2022-2032?

    The Global Smart Insulin Pens Market size is expected to be worth around USD 350.6 Million by 2032 growing at a CAGR of 12.50% during the forecast period from 2023 to 2032.

    Smart Insulin Pens Market
    Smart Insulin Pens Market
    Published date: Oct 2023
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    • Medtronic plc
    • Eli Lilly and Company
    • Novo Nordisk A/S Company Profile
    • Sanofi S.A
    • Digital Medics Pty Ltd.
    • Bigfoot Biomedical, Inc.
    • Berlin-Chemie AG
    • Jiangsu Deflu Medical Device Co. Ltd.
    • Emperra GmbH E-Health Technologies
    • Other Key Players
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