The global smart insulin pens market was valued at $94.8 million in 2020, and is estimated to reach $298.9 million by 2030, growing at a CAGR of 12.2% from 2021 to 2030.
Smart insulin pens are used for external insulin delivery thus offering an easy to carry solution for diabetes management. Different kinds of smart insulin pens and associated devices, such as smart pen caps, are in the market, and smart insulin pens with connectivity are defined as those with built-in interface technology.
The demand for insulin pens has increased considerably in the recent years owing to surge in incidence of diabetic patients coupled with the cost-effective nature of insulin pens as compared to insulin pumps. In addition, their simple functioning and accuracy related to insulin dosing further stimulates their demand. However, there are certain disadvantages associated with the use of insulin pen such as two types of insulin cannot be mixed in an insulin pen, thus increasing the frequency of injections needed. This in turn impedes the market growth.
The smart insulin pens market is segmented on the basis of type, usability, end user, and region. By type, the market is classified into first generation and second-generation insulin pens. The second-generation insulin pens are further bifurcated into Bluetooth-enabled and USB-connected insulin pens. By usability, it is divided into pre-filled and reusable insulin pumps. According to the end user, the market is classified into hospitals & clinics, ambulatory surgical centers, and home care settings. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
The key players that operate in the smart insulin pens market include Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly and Company, Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Novo Nordisk, Pendiq and Sanofi.
Smart insulin pens are used for external insulin delivery thus offering an easy to carry solution for diabetes management. Different kinds of smart insulin pens and associated devices, such as smart pen caps, are in the market, and smart insulin pens with connectivity are defined as those with built-in interface technology.
The demand for insulin pens has increased considerably in the recent years owing to surge in incidence of diabetic patients coupled with the cost-effective nature of insulin pens as compared to insulin pumps. In addition, their simple functioning and accuracy related to insulin dosing further stimulates their demand. However, there are certain disadvantages associated with the use of insulin pen such as two types of insulin cannot be mixed in an insulin pen, thus increasing the frequency of injections needed. This in turn impedes the market growth.
The smart insulin pens market is segmented on the basis of type, usability, end user, and region. By type, the market is classified into first generation and second-generation insulin pens. The second-generation insulin pens are further bifurcated into Bluetooth-enabled and USB-connected insulin pens. By usability, it is divided into pre-filled and reusable insulin pumps. According to the end user, the market is classified into hospitals & clinics, ambulatory surgical centers, and home care settings. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and Rest of LAMEA).
The key players that operate in the smart insulin pens market include Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly and Company, Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Novo Nordisk, Pendiq and Sanofi.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart insulin pens market analysis from 2020 to 2030 to identify the prevailing smart insulin pens market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the smart insulin pens market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global smart insulin pens market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By End User
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings
By Type
- First Generation Pens
- Second Generation Pens
By Usability
- Prefilled
- Reusable
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Emperra GmbH
- Jiangsu Deflu Medical Device Co. Ltd.
- Medtronic plc
- Novo Nordisk
- Pendiq
- Sanofi
- Berlin-Chemie
- Bigfoot Biomedical
- Digital Medics Pty Ltd.
- Eli Lilly and Company
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART INSULIN PENS MARKET, BY TYPE
CHAPTER 5: SMART INSULIN PENS MARKET, BY USABILITY
CHAPTER 6: SMART INSULIN PENS MARKET, BY END USER
CHAPTER 7: SMART INSULIN PENS MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Smart Insulin Pens Market,' the smart insulin pens market was valued at $94.76 million in 2020, and is estimated to reach $298.87 million by 2030, growing at a CAGR of 12.1% from 2021 to 2030.Smart insulin pens are used for external insulin delivery, thus offering an easy to carry solution to diabetes management. A smart insulin pen or connected pen is an insulin pen that pairs with a mobile app. It helps to manage diabetes by improving insulin administration. These 'second-generation” pens pair with USB or Bluetooth technology to enable wireless transmission of data to the app. This makes titrating insulin or making changes to regimes easier. Smart pens can streamline diabetes information across multiple platforms. For example, smart pen, app, and continuous glucose monitor or blood sugar monitor can sync information to generate data that is in one place and is easier to understand.
Smart Insulin Pens Market trends include the increase in demand for self-injection devices, rise in prevalence of diabetes, and accuracy in dosage delivery of insulin. However, limited usage of smart insulin pens for patients requiring a mixture of two types of insulin restrict the smart insulin pens market size growth.
By type, first generation pens are expected to dominate the market throughout the analysis period. However, the second-generation pens segment is expected to register the highest CAGR of 13.6% during the forecast period, owing to rise in demand for technically advanced smart insulin pens. Second generation pens segment is expected to exhibit the fastest growth rate during the forecast period owing to increase in geriatric population and rise in the number of new product launches.
By usability, the reusable pens segment dominated the market in 2020, reusable smart insulin pens are featured with memory and timing function that provide intelligent injection for patients and this trend is expected to continue during the forecast period,. The global pre-filled smart insulin pens market was valued at $25.8 million in 2020, and is projected to reach $83.7 million by 2030, growing at a CAGR of 12.5% from 2021 to 2030. Prefilled segment is expected to exhibit the fastest growth rate during the forecast period owing to rise in awareness among people regarding the new and advanced methods for insulin delivery.
By end-user, the hospital & clinics segment dominated the market in 2020. Generally, hospitals are well equipped with diabetes management products to accommodate to the various patients with type 1 and type 2 diabetes. Hospitals and clinics have skilled professionals and staffs, which facilitate the delivery of insulin, enhance patient safety, increase patient comfort, and improve blood sugar. The global smart insulin pens market for hospital & clinics was valued at $35.5 million in 2020, and is projected to reach $107.3 million by 2030, growing at a CAGR of 11.7% from 2021 to 2030, mainly driven by the large number of patient visits to the hospitals for treatments than in clinics. Home care settings segment is expected to exhibit the fastest growth rate of CAGR 12.7% during the forecast period owing to increase in the number of home care settings that increase the demand for smart insulin pens.
By region it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe constitutes the largest market share for smart insulin pens market owing to the surge in demand for smart insulin pens, availability of advanced healthcare facilities with trained medical professionals, presence of key market players. It accounted for about 11.8% share of the global market in 2020 due to increasing incidence of diabetic patients. North America accounted for 12.6% share of the global smart insulin pens market. LAMEA is expected to exhibit the fastest growth rate during the forecast period due to surge in demand for smart insulin delivery products, increase in the number of advanced healthcare facilities.
The COVID-19 outbreak is anticipated to have a negative impact on the growth of the smart insulin pens market share. There is implementation of lockdown in order to control spread of COVID-19. Many hospitals are converted into COVID-19 centers hence, diabetes patients faced difficulty to get their smart insulin pens delivered on time. For instance, according to International Diabetes Federation, in 2021 approximately 537 million adults (20-79 years) had diabetes, and the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Furthermore, the focus of entire healthcare sector shifted toward COVID-19. Thus, COVID-19 had negative impact on smart insulin pens industry.
KEY FINDINGS OF STUDY
- Based on type, the second generation pens segment is expected to grow at the highest CAGR of 13.6% during the forecast period.
- Based on usability, the pre-filled pens segment is expected to grow at the highest CAGR of 12.5% during the forecast period.
- Based on end users, the hospitals & clinics segment accounted for nearly half of the share of the global smart insulin pens market in 2020.
- Region wise, Europe constitutes the largest market share for smart insulin pens market, registering a CAGR of 11.8% during the forecast period.
Companies Mentioned
- Emperra GmbH
- Jiangsu Deflu Medical Device Co. Ltd.
- Medtronic plc
- Novo Nordisk
- Pendiq
- Sanofi
- Berlin-Chemie
- Bigfoot Biomedical
- Digital Medics Pty Ltd.
- Eli Lilly and Company
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 170 |
| Published | April 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 94.8 million |
| Forecasted Market Value ( USD | $ 298.9 million |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
