April 18, 2024
Smart Insulin Pen Market

Smart Insulin Pen Market is Expected to Witness Growth Due to Rising Diabetes Prevalence

The smart insulin pen market is gaining traction due to various advantages smart insulin pens offer over conventional insulin pens such as accurate dosing, connectivity and data transmission.

Global smart insulin pen market is estimated to be valued at US$ 50.58 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.

Smart insulin pens help in monitoring and delivering insulin doses with high precision. These pens are Bluetooth-enabled and can transmit dosage information along with glucose readings to a mobile application in real-time, thereby facilitating efficient diabetes management. Growing prevalence of diabetes and rising awareness about diabetes care devices are fueling the demand for smart insulin pens globally. The smart insulin pen enables easier and convenient self-medication as compared to vials and syringes.

Key Takeaways
Key players operating in the Smart Insulin Pen Market Size are Bayer AG, Henkel AG & Co. KgaA, Avon Products Inc., Johnson & Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter & Gamble, L’Oréal SA, Lotus Herbals Pvt. Ltd., and The Estée Lauder Companies Inc., among others.

The global diabetes population has been steadily rising over the years. According to International Diabetes Federation, around 537 million adults were living with diabetes in 2021 worldwide and this figure is estimated to swell to 643 million by 2030 and 783 million by 2045. Growing diabetes burden worldwide is fueling the demand for smart insulin pens for effective self-management of insulin therapy.

Geographically, North America dominated the global smart insulin pen market in 2024. However, Asia Pacific is projected to witness the highest growth during the forecast period owing to rising prevalence of diabetes in countries like China and India coupled with high acceptance of advanced diabetes care devices.

Market key trends
One of the major trends gaining traction in the Smart Insulin Pen Market is integration of artificial intelligence (AI) and cloud computing. AI capabilities allow automation of certain tasks such as tracking insulin doses and glucose readings, detecting injection patterns and insights. Cloud connectivity facilitates convenient data sharing of patients’ trends and patterns with healthcare providers for efficient diabetes management.

Porter’s Analysis

Threat of new entrants: Low level of barriers for new entrants to enter the market such as low capital requirements.

Bargaining power of buyers: Moderate bargaining power of buyers due to availability of substitutes available in the market.

Bargaining power of suppliers: High bargaining power of suppliers due to specialized components and technologies required.

Threat of new substitutes: High threat of substitutes such as traditional insulin pens and pumps.

Competitive rivalry: High level of competition among existing players to gain more market share.

Geographical Regions

The smart insulin pen market in North America by value is currently concentrated in the US and Canada due to high diagnosis and treatment rates for diabetes. Rising awareness about advanced diabetes management solutions coupled with increasing healthcare expenditure is further fueling market growth in the region.

The Asia Pacific region is poised to witness the fastest growth in the smart insulin pen market during the forecast period from 2024 to 2031. This can be attributed to factors such as rapidly growing diabetic population, rising disposable incomes, improving access to healthcare facilities and increasing healthcare spending in emerging economies of India and China. Growing medical tourism industry and expansion efforts by key players also augur well for the regional market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it