The Smart Insulin Pens market has witnessed notable trends, reflecting the integration of technology into diabetes management and the pursuit of more personalized and efficient insulin delivery systems. One significant trend is the increasing adoption of smart insulin pens as advanced tools for insulin administration. Smart pens, equipped with Bluetooth connectivity and digital tracking features, offer real-time data on insulin doses, injection times, and blood glucose levels. This trend is driven by the growing demand for connected healthcare solutions that empower individuals with diabetes to monitor and manage their condition more effectively. Smart insulin pens provide users and healthcare providers with valuable insights, leading to improved treatment adherence and better glycemic control.
Moreover, the market is experiencing a focus on user-friendly design and enhanced functionality in smart insulin pen devices. Manufacturers are investing in ergonomic designs, intuitive interfaces, and customizable settings to cater to the diverse needs of individuals with diabetes. The aim is to create devices that are easy to use, reduce the burden of diabetes management, and enhance the overall user experience. This trend aligns with the broader movement towards patient-centric healthcare solutions, where the usability and convenience of medical devices play a crucial role in promoting engagement and long-term adherence to treatment plans.
Technological advancements in data analytics and connectivity are playing a pivotal role in shaping market trends within the smart insulin pens industry. Integration with smartphone apps and cloud-based platforms allows users to track and analyze their insulin usage patterns, set reminders for injections, and share data with healthcare professionals for remote monitoring. This connectivity not only enhances the convenience of diabetes management but also facilitates more proactive and personalized care, enabling timely adjustments to insulin regimens based on individual responses and lifestyle factors.
Another noteworthy trend is the increasing collaboration between pharmaceutical companies, technology firms, and healthcare providers in the development and promotion of smart insulin pen solutions. These collaborations aim to leverage the strengths of each sector to create comprehensive diabetes management ecosystems. Pharmaceutical companies are partnering with technology firms to integrate their insulin products with smart pen technologies, while healthcare providers are incorporating smart pen data into electronic health records for more informed decision-making. This trend reflects a holistic approach to diabetes care, where the synergy between pharmaceuticals and digital technologies enhances the overall management of the condition.
The market for smart insulin pens is also influenced by the rising prevalence of diabetes and the global push towards value-based healthcare. With the increasing burden of diabetes on healthcare systems, there is a growing recognition of the need for cost-effective and outcome-driven solutions. Smart insulin pens, by promoting better adherence and personalized care, contribute to improved patient outcomes and reduced healthcare costs associated with complications arising from poorly managed diabetes. This trend aligns with the broader shift towards value-based reimbursement models and the emphasis on preventive and patient-centric care.
Geographically, market trends in smart insulin pens vary based on regional healthcare infrastructures, diabetes prevalence, and technological adoption rates. Developed regions with advanced healthcare systems and higher diabetes awareness are witnessing a more rapid adoption of smart insulin pen technologies. In contrast, emerging markets may experience a gradual but steady uptake as awareness increases, and healthcare infrastructure improves.
Report Attribute/Metric | Details |
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Market Opportunities | Rising preference for refillable insulin pens, Bluetooth-enabled smart insulin pens, and USB-connected insulin pens |
Market Dynamics | Alarming Escalation in Diabetes Cases lifestyles and aging |
Smart Insulin Pens Market Size was valued at USD 3.69 Billion in 2023. The Smart Insulin Pens industry is projected to grow from USD 4.14 Billion in 2024 to USD 9.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.7% during the forecast period (2024 - 2032). The demand for smart insulin pens has increased owing to the surge in the incidence of diabetic patients, together with their cost-effective nature in comparison to insulin pumps. This is one of the market drivers that are boosting the market.
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
One of the factors propelling the industry forward is this. Due to the rapid increase in the incidence of diabetes patients and the convenience of insulins as opposed to insulin pumps, the demand for insulin pens has increased dramatically in recent years. The ease with which they function and the accuracy with which they treat diabetes with insulin further contribute to their popularity.
In addition, smart insulin pens offer substantial advantages for the control of diabetes. These pens have added features that make it easier to keep track of when the previous insulin injection was given. Insulin injection requires a lot of planning and concentration. Therefore, patients utilize unified devices. Blood sugar levels may be monitored and insulin requirements can be assessed with the use of integrated technology. It allows for the injection of insulin at a set interval.
Additionally, ensuring that insulin treatment is carried out on schedule is only one aspect of the time-consuming procedure that is overseeing the development of diabetes patients. Therefore, there has been a recent proliferation of smart insulin pen manufacturers offering sophisticated methods for streamlining the care of diabetes patients. As a result, this feature is expected to boost sales of smart insulin pens.
March 2023: Diabeloop, an industry leader in automated insulin administration, and Novo Nordisk will work together to incorporate DBL-4pen, Diabeloop's self-learning algorithm for MDI treatment, into Novo Nordisk's NovoPen 6 and NovoPen Echo Plus with DBL-4pen. People with Type 1 and Type 2 diabetes who use MDI can benefit from DBL-4pen, a self-learning basal and bolus recommendation software. Both the NovoPen 6 and the NovoPen Echo Plus include a built-in dose memory feature that records the dosage and time of the last 800 insulin injections and displays this information digitally.
March 2022 saw the announcement by Novo Nordisk, the world’s leading healthcare company, that two smart connected insulin pens were now available on prescription in the UK for those with diabetes being treated with Novo Nordisk insulin. These are known as insulin injection pens and will record information about dosing including time of day and amount of insulin taken.
Glooko Inc., a top provider of telehealth for diabetes and other chronic conditions, has made an acquisition this past month. The DIABNEXT platform enables individuals who are diabetic patients to have better control over their illness via remote access with their doctors, who can help them adjust the balance of their disease. It is complemented by Glooko’s product range, which includes a mobile app.
One of the leading global healthcare companies, Novo Nordisk Pharma, reported receiving medical device approval from regulatory bodies in Japan for its products NovoPen 6 and NovoPen Echo Plus in June last year, making it the first smart insulin pen approved in Japan.
The need for insulin pens has risen considerably in recent years due to the rush in the prevalence of diabetic patients coupled with the practical nature of insulins as compared to insulin pumps. Additionally, their simple working and precision related to insulin treatment further stimulate their demand. However, there are a few drawbacks associated with the usage of an insulin pen, such as two types of insulin that cannot be mixed in an insulin pen, thus raising the frequency of injections required and market growth. The rise in the call for smart insulin pens, increase in disposable incomes, and growth probabilities in rising economies of Asia-Pacific and LAMEA are anticipated to provide various possibilities for the market for smart insulin pens to grow while the study period. According to IDF, in 2021, approx. Five hundred thirty-seven million adults (20-79 years) endured diabetes. The total sum of people with diabetes is expected to grow to 643 million by 2032. The aforementioned reasons are expected to assist the market for smart insulin pens to grow during the forecast period. Thus, this factor is driving the market CAGR.
Additionally, teens and young adults with type 2 diabetes develop eye diseases and nerve and kidney– also risk factors for heart disease – more often than their fellows with type 1 diabetes in the years shortly after diagnosis. Young people with type 2 diabetes appeared to have signs of complications more frequently in nearly every estimate than their peers with type 1; many youths, both teens and young adults, showed difficulties. Producers are mainly paying attention to increasing Bluetooth-connected smart insulin pens availability, given its ease of configuration with multiple virtual interfaces, including both Android and Apple operating systems. Also, treatment for type-2 diabetes is expected to witness a significant incline, thus generating demand in the segment.
Figure 1: Smart Insulin Pens Usage around the globeSource: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Furthermore, smart insulin pens provide significant benefits in diabetes management. These pens carry extra functions that assist in recording the last dose of insulin. Taking insulin through a needle and syringe is quite complex and stressful. Hence, patients use integrated technology. Integrated technology assists in detecting the blood glucose level and evaluating the insulin dose. It provides a prearranged time interval for insulin administration. Also, managing diabetic patients' progress is often a time-taking as it involves plenty of information collection, assimilation, and processing, apart from ensuring that insulin treatment is run on a timely basis. Hence, the last few years have shown an explosion of smart insulin pens producers who provide highly specialized and skillful solutions to smoothen diabetic patient management. Thus, it is projected that this aspect will advance smart insulin pens market revenue.
The market segments of smart insulin pens, based on product type, includes smart pens and connecting devices. The smart pen segment held the majority share in 2022 in the smart insulin pens market data. Smart pens will be the fastest-growing segment over the study period as a result of the heightened assumption rate and notable popularity among patients owing to convenient designs. Because insulin pen brands are paying more attention to innovations and technical advances, the segment is expected to record further growth.
The smart insulin pens market segmentation, based on end-users, include hospitals/retail pharmacies and online. The Hospital segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032, and contribute to the market revenue of smart insulin pens. This is owing to the fact that hospitals are go-to spots for diabetic patients seeking treatment or consultation. Hospitals have treatment equipment with diabetes management products to lodge to the various patients with type 1 and 2 diabetes. Clinics and hospitals have skilled staff and professionals, which facilitates the delivery of insulin, enhances patient safety, improve patient comfort, and upgrade blood sugar.
However, the Online segment is also emerging due to digitalization and is further expected to exhibit significant growth during the forecast period.
Figure 2: Smart Insulin Pens Market, by End user, 2023 & 2032, (USD Billion)Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
November 2022: Eli Lilly and Company launched the Tempo Personalized Diabetes Management Platform in the United States. The technology is meant to assist both patients and doctors in managing therapy with Lilly insulins for persons with type 1 or type 2 diabetes. The Tempo Smart Button, the TempoSmart app, and the Tempo Pen are the three main components of the platform, and they all work together to give individuals with diabetes individualized instructions. App is a private label version of Welldoc's BlueStar, a diabetes management app, designed to collect insulin dose-related data from the Tempo Smart Button and was created in collaboration with Welldoc.
March 2023: The 510(k) approval for an Android mobile app for a linked smart cap for insulin pens was given by the FDA in March 2023. In May of 2021, the FDA gave 510(k) approval to Bigfoot Biomedical's Bigfoot Unity diabetes management system for use by diabetics on multiple daily insulin injection treatment. At the time the system was first released, only iOS devices could use it. According to the press release, 41% of the U.S. population uses Android smartphones, therefore this new clearance will make the system available to them.
By region, the study records market insights into North America, Asia-Pacific, Europe, and the Rest of the World. North America’s smart insulin pens market accounted is anticipated to exhibit a significant CAGR growth during the forecast period. The market for smart insulin pens is anticipated to be driven by the rapid advancement of diagnostic measures and medication by the target patients. The region also has a well-ingrained healthcare industry and medical devices, which also aid the market for smart insulin pens.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 3: SMART INSULIN PENS MARKET SHARE BY REGION 2022 (%)Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Europe’s smart insulin pens market accounts for the second-largest market share due to the rising occurrence of diabetic patients, the existence of players, and growth in R&D activities in the healthcare sector in the region. Europe was the highest participant in the market with approx. Of $38.9 million in 2020 and is projected to register a CAGR of 11.8% by 2032. Further, the UK market of smart insulin pens held the largest market share, and the German smart insulin pens fastest-growing market in the region.
The Asia Pacific smart insulin pens Market is expected to rise at the fastest CAGR from 2024 to 2032. The rising eminence of the diagnostic health industry, increasing awareness about smart pen needles, and the growth in campaigns encouraging the usage of smart insulin pens. Nonetheless, the critical growth rendering factor remains the expanding diabetes patient pool in the region. Further, the China market of smart insulin pens held the largest market share, and the India market of smart insulin pens was the fastest-growing market in the region.
Smart Insulin Pens Key Market Players & Competitive Insights
Major market players are expending a lot of money on research and development to grow their product lines, which will help the market of smart insulin pens rise even more. Competitors are also coming out with strategic dynamism to leave their footprint with key market developments, such as acquisitions and mergers, new product launches, contract-based agreements, increased investments, and collaboration with other organizations. Participants in the smart insulin pens industry must offer low-cost items to enlarge and capture in a highly competitive and rising market environment.
One of the primary business strategies made by producers in the smart insulin pens industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, the smart insulin pens industry has provided medicine with some of the most crucial benefits. The market of smart insulin pens has significant players such as Novo Nordisk A/S, Eli Lily and Company, Digital Medics Pty Ltd., Companion Medical, and Diamesco Co. Ltd.
Lilly was founded by Colonel Eli Lilly in 1876, a man dedicated to creating high-quality medicines that helped needs in an era of difficulties peddled by questionable characters. Eli Lilly and Co (Lilly) is a healthcare company that is involved in the discovery, development, and marketing of human healthcare products. The company offers medicines for cardiovascular conditions, diabetes, endocrinology, cancer, neurological problems, immune disorders, men's health, and musculoskeletal problems.
Novo Nordisk AS (Novo Nordisk) was founded in 1923 and is headquartered just outside Copenhagen, Denmark. A subsidiary of Novo Holdings AS is a healthcare company focused on discovering, developing, and producing the newest biological medicines. It emphasizes advancing drugs for treating diabetes and other severe conditions, including human growth hormone (HGH), hemophilia, disorders, and obesity.
Key Companies in the market of Smart Insulin Pens include
Smart Insulin Pens Industry Developments
Oct-2023: French drug delivery device maker Biocorp has been acquired by Novo Nordisk A/S. The acquisition bolsters and diversifies its range of connected delivery solutions.
Sep-2023: Bigfoot is an intelligent system used to manage insulin developed by Abbott Laboratories, which acquired this company through an agreement signed recently. This deal also gives it the ability to provide improved diabetes management tools.
November 2020 Medtronic launched its new InPen device integrated with Guardian Connect's connected glucose monitoring system. The latest InPen appears to be the only smart insulin pens that has got FDA approval for use by patients that need multiple injections every day.
August 2020 Biocon Biologics India Ltd, along with its partner Mylan N.V. released their latest insulin glargine injection in the US in a pre-filled pen presentation. This is by far the cheapest insulin glargine pen available in the US market.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
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