GLOBAL SMART INSULIN PENS MARKET SIZE (2024 - 2030)

The Global Smart Insulin Pens Market was valued at USD 934.11 million in 2023 and is expected to reach a market size of USD 1499.98 million by 2030, with an anticipated CAGR of 7.0% from 2024 to 2030.

Industry Overview:

Smart insulin pens present a convenient solution for managing diabetes and administering external insulin. This innovative system tracks doses, offering precise half-unit doses, useful alerts, reminders, and comprehensive reports. Notifying users about expired insulin or deviations from temperature requirements, these pens enable patients to replace cartridges promptly and share diabetes data with healthcare providers when needed. With the persistent challenge of a growing diabetic population, patients and healthcare stakeholders are exploring new therapeutic avenues. The advent of smart insulin pens and pumps signifies a revolution in advanced diabetes care solutions, facilitating real-time monitoring of blood glucose levels. The increasing demand for smart insulin pens, coupled with growth prospects in emerging markets and rising disposable incomes, is expected to create numerous growth opportunities for the market during the forecast period. According to the International Diabetes Federation, nearly 537 million adults aged 20 to 79 years were living with diabetes in 2021. This number is projected to escalate to 643 million by 2030. Manufacturers are concentrating on expanding the availability of Bluetooth-connected smart insulin pens due to their user-friendly configurations and multiple virtual interfaces. Moreover, the treatment of type-2 diabetes is expected to witness substantial growth, further driving market demand. The surge in FDA approvals and frequent product launches for smart insulin delivery systems is poised to bolster product demand.

Impact of the COVID-19 Pandemic on Smart Insulin Pens Market:

The demand for smart insulin pens experienced a notable surge during the COVID-19 pandemic, particularly as infected individuals with a history of diabetes were prioritized for treatment. Given the vulnerability of diabetic patients to complications, the supervision of insulin to manage blood sugar levels became critically important. The outbreak of the coronavirus, along with subsequent lockdowns, disrupted manufacturing processes and led to a shortage of essential medical devices such as smart insulin pens. Amidst the pandemic, the production of smart insulin pens decreased, resulting in delays in delivery for patients, as the entire healthcare sector shifted its focus towards combating COVID-19. Furthermore, the preference for homecare settings with mandatory social distancing measures acted as a catalyst for market growth. E-commerce sales of smart insulin pens witnessed a significant uptick during the pandemic, with online pharmacies experiencing a notable increase in sales. Post-pandemic, manufacturers are concentrating on enhancing product tolerability, durability, ease of use, hypoglycemia prevention, and strengthening supply chains, all of which are anticipated to drive the smart insulin pens market forward.

MARKET DRIVERS:

Escalating Diabetes Cases and Demand for Enhanced Diabetes Management Drive Market Growth:

The rising number of diabetic patients, attributed to the surge in obesity rates, sedentary lifestyles, and an aging population, is propelling market demand. Obesity stands out as a primary factor contributing to diabetes, leading to a substantial diabetic population globally, thereby augmenting the smart insulin pen market size. Developed nations predominantly witness a preference for refillable insulin pens, USB-connected insulin pens, and Bluetooth-enabled smart insulin pens among diabetic patients for insulin administration. Advances in the healthcare sector, coupled with innovations in smart insulin pen products and continuous product launches, are key factors driving growth in the smart insulin pens market.

Growing Preference for Painless Procedures Fuels Smart Insulin Pens Market:

There is a notable surge in demand for minimally invasive surgeries, given the risks associated with invasive procedures and their impact on patient well-being. Conventional insulin delivery methods often involve subcutaneous injections, which can be painful for patients. Consequently, medical practitioners are increasingly adopting smart insulin jet injectors, enabling needle-free insulin administration. Insulin jet injectors allow for broader insulin distribution compared to needle injections, leading to faster insulin absorption into the bloodstream.

Rising Adoption of Smart Insulin Pens in Homecare Settings Boosts Market Growth:

The increasing preference for smart insulin pens in homecare settings, particularly among the elderly population, presents a lucrative opportunity for market players. These pens have gained popularity due to the rising awareness of diabetes care and the growing use of insulin delivery devices for home-based care. Utilizing smart insulin pens at home reduces the need for hospital visits, thereby saving time and costs. Advanced features such as compact size and portability make smart insulin pens highly appealing for self-care diabetes management.

MARKET RESTRAINTS:

High Costs Pose Challenges in Underdeveloped Regions, Limiting Market Expansion:

The considerable costs associated with smart insulin pens and other diabetes treatment solutions present a significant challenge for the global smart insulin pens industry, particularly in underdeveloped regions. These areas often have inadequate healthcare infrastructure and limited reimbursement schemes, deterring patients from seeking treatment. Additionally, the lack of access to advanced devices like smart insulin pens, along with insufficient resources for research and development, leads to lower sales in such regions, thereby hindering market growth.

Stringent Product Approval Processes Impede Market Growth:

The stringent government regulations governing product approvals serve as a major constraint on market growth during the forecast period. Companies may be discouraged from investing in product development due to these regulations, which can negatively impact the smart insulin pen market. Given that these products are crucial for saving lives, they undergo rigorous scrutiny by regulatory authorities to ensure their safety and efficacy. However, this stringent approval process often results in delays in the availability of new therapeutic solutions.

Smart Insulin Pens Market – By Product

• Smart Insulin Pens
• Smart Insulin Pumps

The segmentation of the Smart Insulin Pens Market by product comprises Smart Insulin Pens and Smart Insulin Pumps. The Smart Insulin Pens segment is poised to exhibit the most rapid growth during the forecast period, driven by an increasing adoption rate among patients due to its user-friendly design. With a focus on innovation and technological advancements by brands producing smart insulin pens, this segment is expected to witness further expansion. Conversely, the smart insulin pumps segment is projected to experience substantial growth owing to the rising adoption of these products and advancements in technology. Furthermore, a robust product pipeline and successful outcomes from clinical trials are significant factors bolstering the growth of this segment.

Smart Insulin Pens Market – By End User

• Hospitals and Clinics
• Homecare
• Ambulatory Surgical Centers
• Laboratories

In terms of end users, the Smart Insulin Pens Market is categorized into Hospitals and Clinics, Homecare, Ambulatory Surgical Centers, and Laboratories. Among these, the Hospitals and Clinics segment leads the smart insulin pens market. The segment's growth is primarily fueled by the increasing number of diabetic patients seeking treatment in hospital settings. Hospitals are well-equipped with diabetes management solutions to cater to both type 1 and type 2 diabetic patients. Additionally, hospitals and clinics boast skilled professionals who facilitate insulin delivery, enhance patient comfort, ensure safety, and improve blood sugar control. On the other hand, the homecare segment is anticipated to witness the fastest growth rate with a CAGR of 12.7% during the forecast period. This growth can be attributed to the rising demand for smart insulin pens in homecare environments and a growing awareness regarding self-blood glucose monitoring devices. Moreover, escalating hospital expenses and the cost of healthcare services are prompting patients to opt for medical devices for home use.

Smart Insulin Pens Market - By Region:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Geographically, the North American Smart Insulin Pens Market commands a significant share of the global market due to the presence of key players and numerous product launches. Factors such as the increasing prevalence of diabetes, advanced diagnostic techniques, a well-established healthcare industry, a surge in extensive research and development activities, and the rising utilization of smart insulin pens as supplements contribute to the market's growth in this region.

The European Smart Insulin Pens Market is expected to follow North America in terms of market share, owing to the rising prevalence of diabetes, presence of key market players, technological collaborations, and research and development initiatives within the healthcare sector. Germany, in particular, is projected to emerge as a highly lucrative market for smart insulin pens, driven by substantial investment to address the growing burden of diabetes mellitus among the population. Moreover, healthcare providers in the UK are emphasizing the adoption of needle-free insulin injections, reflecting a growing preference for non-invasive treatment approaches.

The Asia Pacific Smart Insulin Pens Market presents promising growth opportunities for market players. The market growth is fueled by increasing investments in healthcare infrastructure and favorable government initiatives aimed at promoting advanced diabetes management solutions. China stands out as a dominant player in the smart insulin market due to its large population of diabetic patients and increasing foreign direct investments in the healthcare sector.

The Smart Insulin Pens Market in Latin America, the Middle East, and Africa is expected to witness growth during the forecast period, driven by the rapidly rising number of diabetic patients and the cost-effectiveness of smart insulin pens.

Major Key Players in the Market

1. Berlin-Chemie
2. Novo Nordisk
3. Digital Medics Pty Ltd.
4. Eli Lilly and Company
5. Bigfoot Biomedical
6. Emperra GmbH
7. Medtronic PLC
8. Jiangsu Deflu Medical Device Co. Ltd.
9. Pendiq
10. Sanofi

Novo Nordisk A/S stands out as one of the top global insulin pen brands, providing cost-effective diabetes care solutions for patients worldwide, particularly those with type 1 diabetes. The company also specializes in insulin pens for type 2 diabetes, with a focus on regions lacking timely access to healthcare. Novo Nordisk is committed to research, development, commercial operations, and production, often collaborating with other entities.

Prominent manufacturers in the smart insulin pens market are actively pursuing expansion strategies, including new product launches, collaborations, and partnerships to advance research and development activities. These efforts are geared towards innovating advanced glucose monitoring and pump therapy systems to enhance patient medication adherence and improve the management of type 2 diabetes.

Recent Developments in the Global Smart Insulin Pens Market

Partnership: In March 2022, Health2Sync collaborated with Novo Nordisk to enhance insulin usage through a tailored patient support program, providing specialized educational content for individuals with Type 1 diabetes.

Partnership: In May 2021, Eli Lilly and Company entered strategic international agreements with DexCom, Inc., myDiabby Healthcare, Glooko Inc., and Roche, integrating data and technology to streamline diabetes management. These collaborations offer unique diabetes management platforms compatible with Lilly's Tempo Pen™ and Tempo Smart Button™, supporting diabetes patients and healthcare professionals.

Collaboration: In May 2021, Glooko Inc., a leading provider of remote patient monitoring and data management solutions for diabetes, partnered with Eli Lilly and Company. This strategic collaboration aims to simplify insulin management for diabetic patients and healthcare providers outside the U.S., integrating Lilly's Tempo Pen™ and Tempo Smart Button™ with Glooko's platform.

Partnership: In September 2021, BIOCORP partnered with Novo Nordisk to develop and distribute the Mallya smart add-on device for the Novo Nordisk FlexTouch pen, catering to patients with diabetes.

Investment: In January 2020, Bigfoot Biomedical, specializing in automated insulin delivery through connected insulin pens, initiated its Series C round with an initial tranche of USD 45 million.

Acquisition: In August 2020, Medtronic Plc announced the acquisition of Companion Medical, the manufacturer of InPen. This acquisition enhances Medtronic's portfolio, allowing it to better serve a larger population of diabetic patients.

Product Launch: In November 2020, Medtronic introduced its new InPen device integrated with the Guardian connected glucose monitoring system, offering enhanced diabetes management solutions.