May 29, 2024
Smart Insulin Pen Market

Smart Insulin Pen Market Is Expected to be Flourished by Higher Adoption of Connected Healthcare Devices

Smart insulin pens are reusable insulin pens with Bluetooth connectivity features that allow easy transmission of dosing data to mobile applications for diabetes management. It helps patients monitor glucose levels, record insulin doses, and receive customized guidance based on their diabetes treatment plan. The integration of connected healthcare technologies enables improved management of diabetes.

The global Smart Insulin Pen Market is estimated to be valued at US$ 43.9 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

Increased Adoption of Connected Health Devices: Connected health devices help improve clinical outcomes while reducing treatment costs by facilitating remote monitoring and access to healthcare services. The adoption of smart insulin pens is expected to grow significantly over the forecast period due to the growing demand for self-monitoring and connected healthcare solutions for diabetes management. According to the International Diabetes Federation, over 537 million adults were living with diabetes in 2021 globally. The increasing prevalence of diabetes is a key factor driving demand for smart insulin pens.

Higher Convenience of Using Smart Pens: Smart insulin pens can record, store and sync data with mobile apps and electronic medical records remotely. This allow patients to gain real-time insights about insulin dosages, blood sugar levels and the overall treatment progress. It provides higher convenience as compared to conventional insulin pens which lack digital features. The enhanced benefits and ease of use of smart insulin pens is expected to further propel the market growth over the forecast period.

Segment Analysis

The smart insulin pen market can be segmented into reusable pens and disposable pens. Out of these, the disposable pens sub-segment dominates the market due to the convenience of usage and minimal risk of infection. As these pens are meant to be used only once, it eliminates the need to refill insulin cartridges and transfer insulin between containers, which reduces the chances of contamination.

PEST Analysis

Political: Regulations regarding the usage and sale of smart insulin pens influence the market. For example, favorable reimbursement policies by governments promote the adoption of these advanced insulin delivery devices.

Economic: Growing per capita healthcare expenditure in developing nations improves access to smart insulin pens. Increased spending on diabetes care presents lucrative opportunities.

Social: Higher prevalence of type 1 and type 2 diabetes raises social awareness regarding effective diabetes management through smart insulin pens. Their advantages in monitoring insulin delivery drive their uptake.

Technological: Integration of new technologies such as Bluetooth, mobile connectivity and artificial intelligence are being explored by manufacturers to make insulin delivery smarter and deliver dosing data for improved therapy decisions.

Key Takeaways

The Global Smart Insulin Pen Market Size is expected to witness high growth over the forecast period of 2023-2030. Regionally, North America dominates the market owing to the increasing prevalence of diabetes and favorable reimbursement policies.

Regional analysis: North America accounts for the largest share of around 40% of the global smart insulin pen market due to the rising prevalence of diabetes and favorable reimbursement framework. The Asia Pacific region is expected to grow at the fastest pace attributing to increasing healthcare expenditure and improving access to diabetes care products in developing countries.

Key players: Key players operating in the smart insulin pen market are Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, Companion Medical Inc., Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Pendiq GmbH, Sanofi, Berlin Chemie Companion Medical Inc., Bigfoot Biomedical, Digital Medics Pty ltd, Eli Lilly and company, Ypsomed Holding AG, Diabnext Diamesco Co. Ltd. Novo Nordisk dominates the market with innovative smart insulin pens and their global presence.

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