The Global Smart Insulin Pens Market size is expected to reach $199.8 million by 2030, rising at a market growth of 10.5% CAGR during the forecast period. In the year 2022, the market attained a volume of 797.8 thousand units experiencing a growth of 9.9% (2019-2022).
Consumers have been inclining towards devices that offer real-time insulin monitoring for better diabetes management. The Second generation smart insulin pens offer more advanced connectivity options, such as seamless integration with mobile apps, cloud storage, and remote monitoring systems which fulfils the need. Consequently, the second generation pens segment would account for nearly 40% of the total market share by 2030. These pens often have more sophisticated data analysis capabilities, allowing users to monitor trends in their insulin usage and glucose levels. The advanced features and user-centric design of second-generation pens foster greater user engagement. These benefits have increased the demand for these products.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in April, 2022, Ypsomed AG entered a partnership with Abbott, to develop automated insulin delivery solutions. The partnership reinforces the company's commitment to improving diabetes management for patients around the globe. Moreover, in May, 2021, Eli Lilly And Company came into partnership with Roche, to develop diabetes management solutions. Under the partnership, Eli Lilly And Company would combine its Tempo Pen and Tempo Smart Button with a compatible diabetes management platform offered by Roche to develop a comprehensive diabetes management solution for patients around the globe.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Eli Lilly And Company, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, Emperra GmbH, Jiangsu Delfu Medical Device Co.,Ltd, Abbott Laboratories and Ypsomed AG.
Consumers have been inclining towards devices that offer real-time insulin monitoring for better diabetes management. The Second generation smart insulin pens offer more advanced connectivity options, such as seamless integration with mobile apps, cloud storage, and remote monitoring systems which fulfils the need. Consequently, the second generation pens segment would account for nearly 40% of the total market share by 2030. These pens often have more sophisticated data analysis capabilities, allowing users to monitor trends in their insulin usage and glucose levels. The advanced features and user-centric design of second-generation pens foster greater user engagement. These benefits have increased the demand for these products.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, in April, 2022, Ypsomed AG entered a partnership with Abbott, to develop automated insulin delivery solutions. The partnership reinforces the company's commitment to improving diabetes management for patients around the globe. Moreover, in May, 2021, Eli Lilly And Company came into partnership with Roche, to develop diabetes management solutions. Under the partnership, Eli Lilly And Company would combine its Tempo Pen and Tempo Smart Button with a compatible diabetes management platform offered by Roche to develop a comprehensive diabetes management solution for patients around the globe.
Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; F. Hoffmann-La Roche Ltd is the forerunner in the Market. In April, 2021, F. Hoffmann-La Roche Ltd signed a partnership with Novo Nordisk, to develop solutions for data collection of diabetes patients. Under the partnership, Roche would integrate its mySugr's Logbook with Novo Nordisk's connected insulin pens to deliver an enhanced data set along with improved insights. Companies such as Novo Nordisk A/S, Abbott Laboratories and Medtronic PLC are some of the key innovators in Market.COVID 19 Impact Analysis
Smart insulin pens and other medical device production and distribution were impacted by the pandemic's disruption of global supply chains. Production costs went up, and there were shortages and delays. Financial hardships for both individuals and healthcare systems resulted from the pandemic's economic uncertainty. However, the need to minimize in-person interactions during the pandemic accelerated the adoption of remote monitoring and telehealth solutions. These pens, equipped with connectivity features, played a role in facilitating remote diabetes management and consultations. Therefore, the pandemic had a moderate effect on the market.Market Growth Factors
Growing demand for connectivity and real-time monitoring devices
The pens have become more interconnected, allowing users to sync their devices with smartphones and other mobile applications. This connectivity enables real-time data transfer, making it easier for patients to keep track of their insulin administration and share relevant information with their healthcare providers. Additionally, in an effort to address the challenge of insulin depletion, some smart pens incorporate sensors that monitor the amount of insulin remaining in the cartridge. This feature enables users to plan for timely refills, minimizing the risk of running out of insulin unexpectedly. Therefore, the rising demand for connectivity and real-time monitoring in healthcare devices is accelerating the demand for these pens as well.Increasing demand for products meeting regulatory approvals and standards
Regulatory approvals and adherence to standards build consumer trust. Adhering to industry standards and meeting regulatory requirements, these pens are more likely to be adopted by patients and healthcare providers. Moreover, healthcare providers, insurers, and other stakeholders are more inclined to recommend and support these pens that have obtained regulatory clearance. Regulatory agencies establish standards encompassing device design, performance, and manufacturing processes. These standards ensure the consistent quality and reliability of the pens. Thus, regulatory approvals and standards are critical drivers of growth in the market.Market Restraining Factors
High initial costs and limited insurance coverage
The upfront expense of acquiring these devices may deter individuals with diabetes who are price-sensitive or have limited financial resources. The cost of purchasing a smart insulin pen, particularly advanced second-generation devices with cutting-edge features, can be a barrier to access for many potential users. Moreover, not every insurance company reimburses for technologically advanced products as these are comparatively more expensive. In some regions, insurance providers may offer only partial or no coverage for these pens. Consequently, the limited insurance coverage and high initial cost are barriers to the widespread adoption of these pens and can hinder their market growth.Usability Outlook
By usability, the market is divided into prefilled and reusable. The reusable segment garnered a remarkable growth rate in the market in 2022. Reusable pens generate less plastic waste than prefilled pens, which require the disposal of the entire device with each cartridge. For people who care about the environment, this may be a crucial factor. Reusable pens offer greater flexibility in dosage adjustment, allowing users to customize their insulin doses as needed, which may be particularly valuable for individuals with variable insulin requirements. Users of reusable pens can select from a broader range of insulin types and brands, giving them more options to tailor their treatment to their needs.Product Outlook
Based on product, the market is characterized into second generation pens and first generation pens. The second generation pens segment procured a considerable growth rate in the market in 2022. Second-generation pens offer more advanced connectivity options, such as seamless integration with mobile apps, cloud storage, and remote monitoring systems. This enables real-time data sharing with healthcare providers, caregivers, and family members. The advanced features and user-centric design of second-generation pens foster greater user engagement. These benefits have increased the demand for these products.End User Outlookk
Based on end-user, the market is segmented into hospitals & clinics, ambulatory surgical centers, and home care settings. The home care settings segment acquired a substantial revenue share in the market in 2022. These pens for insulin delivery in homecare settings are expected to gain enormous traction in the upcoming years, as most of the world's diabetes cases are concentrated among the elderly population. Insulin pens used at home can help lower the number of hospital visits, saving patients a great deal of money and time. These pens are the best option for administering insulin at home because of their high level of portability.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the largest revenue share in the market in 2022. The increasing demand for smart insulin pens in North America can be attributed to the growing prevalence of diabetes, the region's affinity for digital health solutions, insurance coverage, and the endorsement of these devices by healthcare professionals. Moreover, the North America market is a hub for innovation and competition in the healthcare technology sector. This environment has led to the development of more advanced and user-friendly pens, further stimulating demand.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Medtronic PLC, Eli Lilly And Company, Novo Nordisk A/S, F. Hoffmann-La Roche Ltd, Emperra GmbH, Jiangsu Delfu Medical Device Co.,Ltd, Abbott Laboratories and Ypsomed AG.
Strategies deployed in the Market
- Oct-2023: Novo Nordisk A/S announced the acquisition of Biocorp, a French drug delivery device maker. The acquisition complements and strengthens Novo Nordisk's connected delivery solutions.
- Sep-2023: Abbott Laboratories signed an agreement to acquire Bigfoot, a smart insulin management systems developer. The acquisition strengthens Abbott's capability to deliver improved diabetes management solutions.
- Sep-2022: Medtronic PLC released the Smart MDI system, a glucose management system for patients who are going through multiple daily injections. The system leverages Medtronic's InPen smart insulin pen and Guardian 4 smart continuous glucose monitoring (CGM) system to deliver real-time glucose values and insulin doses.
- Apr-2022: Ypsomed AG entered a partnership with Abbott, a medical device company, to develop automated insulin delivery solutions. The partnership reinforces the company's commitment to improving diabetes management for patients around the globe.
- Mar-2022: Novo Nordisk A/S introduced NovoPen Echo Plus and NovoPen 6 smart self-injection insulin pens. The two pens are used to display dosing information and can be paired with a compatible app to send the information to healthcare professionals, thereby facilitating remote patient monitoring.
- May-2021: Eli Lilly And Company came into partnership with Roche, a global pharmaceutical company, to develop diabetes management solutions. Under the partnership, Eli Lilly And Company would combine its Tempo Pen and Tempo Smart Button with a compatible diabetes management platform offered by Roche to develop a comprehensive diabetes management solution for patients around the globe.
- Apr-2021: F. Hoffmann-La Roche Ltd signed a partnership with Novo Nordisk, a Danish pharmaceutical company, to develop solutions for data collection of diabetes patients. Under the partnership, Roche would integrate its mySugr's Logbook with Novo Nordisk's connected insulin pens to deliver an enhanced data set along with improved insights.
Scope of the Study
Market Segments Covered in the Report:
By Usability (Volume, Thousand Units, Revenue, USD Million, 2019-30)- Prefilled
- Reusable
- First Generation Pens
- Second Generation Pens
- USB Connected
- Bluetooth-Enabled
- Hospitals & Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Medtronic PLC
- Eli Lilly And Company
- Novo Nordisk A/S
- F.Hoffmann-La Roche Ltd
- Emperra GmbH
- Jiangsu Delfu Medical Device Co.,Ltd
- Abbott Laboratories
- Ypsomed AG
Unique Offerings
- Exhaustive coverage
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Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Smart Insulin Pens Market, By Usability
Chapter 6. Global Smart Insulin Pens Market, By Product
Chapter 7. Global Smart Insulin Pens Market, By End User
Chapter 8. Global Smart Insulin Pens Market, By Region
Chapter 9. Company Profiles
Companies Mentioned
- Medtronic PLC
- Eli Lilly And Company
- Novo Nordisk A/S
- F. Hoffmann-La Roche Ltd
- Emperra GmbH
- Jiangsu Delfu Medical Device Co.,Ltd
- Abbott Laboratories
- Ypsomed AG
Methodology
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