The Global Smart Insulin Pens Industry is poised for extraordinary growth, set to reach a substantial value of US$ 3,927.3 million in 2023, and anticipates a remarkable surge to US$ 8,750.7 million by 2033. This projection highlights a robust compound annual growth rate (CAGR) of 8.3% during the forecast period, underlining the accelerating adoption of smart insulin pens worldwide.
The surge in demand for smart insulin pens is a response to the escalating global diabetic population, a concern that is prompting healthcare stakeholders and patients alike to seek innovative therapeutic strategies. Smart insulin pumps, gaining prominence in this landscape, are anticipated to emerge as a fitting solution to address the evolving needs of managing diabetes.
In an era where technology plays a pivotal role in healthcare, smart insulin pens represent a significant leap forward. These advanced devices not only provide precise insulin delivery but also offer a user-friendly interface, enhancing the overall patient experience. As the industry witnesses this shift towards smart solutions, the projected CAGR of 8.3% reflects the growing confidence in these modern therapeutic tools.
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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 Global Smart Insulin Pens Industry 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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Global Smart Insulin Pens Industry – Key questions answered in the report
What trends are in store for the Global Smart Insulin Pens Industry growth?
According to FMI, the Global Smart Insulin Pens Industry 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 Global Smart Insulin Pens Industry?
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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Global Smart Insulin Pens Industry – 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
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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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