Smart Insulin Pens Market Size Projected to Attain $191.26 Million by 2032 | Exclusive 236 – Pages Research Report
The global smart insulin pens market size is anticipated to grow from USD 67.91 million to USD 191.26 billion in 10 years. The market will experience rapid growth due to the increasing incidence of diabetes during the forecast period. The high investment in research and development of high-end and next-generation smart insulin pens will lead to a substantial growth rate in the market.
Newark, Oct. 23, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 67.91 million in 2022 global smart insulin pens market will reach USD 191.26 million in 2032. Reusable smart pens automatically record insulin injection times, amounts, and times of day. In addition to having a dose memory display that indicates the time since the last dose, the devices may notify the user when a dose is missed. After connecting their smart insulin pen to an integrated app, this data can be remotely supplied to let customers manage their insulin data more conveniently and in one place. This very helpful system keeps track of dosages, computes and generates reports, alerts, and reminders. For patients, clinicians, and health systems, smart insulin pens improve the diabetic care environment. Real-time wireless connectivity, digital dose capture, and personalised dosing recommendation assistance integration. Enhancements to current SIPs include digital dose collection, real-time wireless communication, and integration with personalised dosing decision support.
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Report Coverage Details
|Market Size in 2022||USD 67.91 Million|
|Market Size in 2032||USD 191.26 Million|
|No. of Pages in Report||236|
|Segments Covered||Connectivity, Product Type, Distribution Channel and End-user|
|Drivers||Increasing usage of smart insulin pens|
|Opportunities||Increasing incidence of diabetes|
Key Insight of the Global Smart insulin pens Market
Europe will dominate the market during the forecast period.
With revenue growth, the European area will hold the greatest market share. Smart insulin pens are in high demand in countries like the UK, Germany, Italy, and France because diabetes is becoming more and more common, especially among the elderly population. The market will increase significantly due to the significant expenditure on the research and development of premium and next-generation smart insulin pens. Furthermore, the dependability of smart insulin pens has risen due to ongoing technical improvements.
The Bluetooth segment dominated the market, with a share of around 62.91% in 2022.
The connectivity segment is divided into USB and Bluetooth. The Bluetooth segment dominated the market, with a share of around 62.91% in 2022.
The first-generation pens segment dominated the market, with a share of around 59.20% in 2022.
The product type segment is divided into first-generation pens and second-generation pens. The first-generation pens segment dominated the market, with a share of around 59.20% in 2022.
The hospital pharmacy segment dominated the market, with a share of around 45.02% in 2022.
The distribution channel segment is divided into hospital pharmacy, online pharmacy, and retail pharmacy. The hospital pharmacy segment dominated the market, with a share of around 45.02% in 2022.
The hospitals and clinics segment dominated the market, with a share of around 52.91% in 2022.
The end-user segment is divided into hospitals and clinics, home care settings, ambulatory surgical centres and others. The hospitals and clinics segment dominated the market, with a share of around 52.91% in 2022.
Advancement in market
As a leader in automated insulin delivery, Diabeloop and Novo Nordisk will work together to incorporate Diabeloop’s self-learning algorithm for MDI therapy, DBL-4pen, with Novo Nordisk’s reusable, linked insulin pens, NovoPen 6 and NovoPen Echo Plus. A self-learning programme called DBL-4pen recommends basal and bolus doses for diabetics with Type 1 and Type 2 who require multiple daily insulin injections (MDI). The NovoPen 6 and NovoPen Echo Plus have linked pens with an integrated dosage memory feature that records the last 800 insulin doses and indicates on an integrated digital display how many units were given at the most recent injection and how much time has passed since that injection. NFC transfers data from the attached pen to an external device.
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Driver: Smart insulin pen use is on the rise.
Over the past few decades, the use of insulin pens for both type 1 and type 2 diabetes has steadily expanded in developed economies. Insulin pens account for a sizeable portion of the market among those with commercial insurance. Insulin pens are becoming a more popular way for people to take their medication. Due to its ease of use and high satisfaction, patients choose insulin pens over syringes and insulin bottles. As smart insulin pens continue down the path of digital transformation, the user can expect more benefits like enhanced decision support, machine learning, and iterative software development.
The production of smart insulin pens requires more electronic control circuits and tolerance-critical components. Assembling the parts for smart insulin pens is a labour-intensive, multi-step process that takes time during production. Their expensive cost is hindering the market expansion of smart insulin pens.
Opportunities: Diabetes incidence is rising.
Obesity trends have generally increased during the last 15 years. Diabetes cases have sharply increased along with the rise in obesity prevalence. As people age, their risk of having diabetes increases. The total number of people diagnosed with diabetes reflects the ageing of a significant section of the population. A recent study projects that by 2040, there will be more than 17 million people with type 1 diabetes worldwide, doubling the current figure. Type 2 diabetes may become more common due to rising rates of childhood obesity, prenatal exposure to obesity and diabetes in mothers, or increased frequency of diabetes testing. The consequences of diabetes on the younger generation are concerning since they may have a serious effect on them as they get older and maybe a sign of health problems for later generations. As a result, in the last ten years, more people have been using smart devices.
Challenges: the lack of accessibility.
Most countries or parts of those countries do not have access to basic healthcare infrastructure, systems, medicines and services. The lack of accessibility, affordability and availability of smart insulin pens will hamper the market’s growth.
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Some of the major players operating in the global smart insulin pens market are:
• Bigfoot Biomedical
• Digital Medics Pty Ltd.
• Emperra GmbH
• Eli Lilly and Company
• Jiangsu Deflu Medical Device Co. Ltd.
• Novo Nordisk
• Medtronic PLC
Key Segments covered in the market:
By Product Type
• First-Generation Pens
• Second-Generation Pens
By Distribution Channel
• Hospital Pharmacy
• Online Pharmacy
• Retail Pharmacy
• Hospitals And Clinics
• Home Care Settings
• Ambulatory Surgical Centres
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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About The Brainy Insights:
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