The smart insulin pens market is projected to reach a value of US$ 3,927.3 million in 2023, with an anticipated increase to US$ 8,750.7 million by 2033. The adoption of smart insulin pens is poised for substantial growth, with a projected compound annual growth rate (CAGR) of 8.3% during the forecast period.
In light of the escalating global diabetic population, smart insulin pumps are gaining prominence. Healthcare stakeholders and patients are exploring innovative therapeutic strategies to address this growing concern. Smart insulin pumps are expected to emerge as a suitable solution in response to this demand. The ever-increasing demands of hospital workflows are driving investments in cloud-based insulin level monitoring methods, thereby expanding the horizons for growth.
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Manufacturers are thus capitalizing on these trends to launch fresh and inventive product lines, allowing them to gain a firm foothold in the market. Medtronic, for example, will debut its InPenTM smart insulin device with real-time GuardianTM Connect CGM Data in November 2020, making it the first smart insulin pen for diabetics who require many daily injections. BioCorp and Roche Diabetes Care just launched the Mallya smart insulin pen device in France in April 2021.
Key Takeaways from FMI’s Smart Insulin Pens Market Report
- Bluetooth-enabled Smart Insulin Pens will account for more than half of the revenue share by 2031.
- According to indications, type 2 diabetes therapy will account for the majority of smart insulin pen deployment.
- Smart Insulin Pens were primarily distributed through retail pharmacies, with e-commerce sales fast increasing.
- The United States will see credible growth as the approval rate for new diabetes treatment devices rises.
- Growing acceptance of needle-free insulin injections in the United Kingdom
- In the long run, Germany and France will see increasing collaboration between key manufacturers.
- A high concentration of regional manufacturers will drive growth in India and China.
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Smart Insulin Pens Market – Key questions answered in the report
What trends are in store for the Smart Insulin Pens market growth?
According to FMI, the global Smart Insulin Pens Market is expected to reach multi-billion dollar valuations in both the short and long run, owing to an increase in the global diabetes population pool and the resulting increase in hospital workload. Bluetooth-enabled Smart Insulin Pens are predicted to stay in high demand.
Which is the most promising Smart Insulin Pens market?
According to FMI’s estimate, demand for Smart Insulin Pens is projected to continue high in the US market, owing to the government’s ongoing efforts to eradicate the diabetes epidemic through major advertising campaigns. Furthermore, with the presence of multiple regional-level producers, India and China are likely to emerge as the main markets in the Asia-Pacific region.
Competitive Landscape
significant insulin pen manufacturers are efficiently using significant expansion tactics, such as new product releases and R&D, collaboration with current manufacturers, and outright/partial purchase of important market participants. The incorporation of virtual technological breakthroughs to improve diabetes care is being prioritized.
Novo Nordisk and the University of Toronto signed a CAD 40 million investment agreement in February 2021 to establish the Novo Nordisk Network for Healthy Populations. This network will concentrate on novel methods of diabetes management and chronic disease prevention. This will most likely aid in the creation of Smart Insulin Pens.
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Companies are also focusing on providing advanced software platforms, such as Digital Medics’ DiabetesPlus DataSync Software. This platform enables users to download insulin and glucose data directly from the device. Key features include downloading insulin data from the insulin pen, glucose levels from the glucose meter, and synchronization of data on the Cloud for use with mobile devices.
Key Players
- Digital Medics Pty Ltd.
- Emperra GmbH e-Health Technologies
- Companion Medical Inc.
- Sanofi Aventis LLC
- Novo Nordisk A/S
- Eli Lily and Company
- Companion Medical
- Diabnext
- Jiangsu Delfu Medical Device Co. Ltd.
- DIAMESCO Co Ltd.
- Patients Pending Ltd (Bigfoot Biomedical Inc.)
- BERLIN-CHEMIE
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Smart Insulin Pens Market – Key Segments Covered
Indication
- Diabetes Type I
- Diabetes Type II
Connectivity
- Bluetooth Connected
- USB Connected
Distribution Channel
- Clinics & Ambulatory Surgical Centers
- E-Commerce
- Retail Pharmacies
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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