Smart Insulin Pens Market: Overview
The market size of Smart Insulin Pens Market was USD 91.3 million in 2021, and it is projected to grow at a CAGR of 5.1 percent during the forecast period. Increased demand for smart insulin pens, rising disposable incomes, and growth possibilities in Asia-Pacific and LAMEA's emerging economies are anticipated to create growth opportunities for the smart insulin pens market throughout the projected year. The International Diabetes Federation estimates that 537 million adults (20-79 years old) will have diabetes by 2021. There will be 643 million diabetics worldwide by 2030, and 783 million by 2045. About three out of every four diabetic adults reside in low- and middle-income nations. Adults with diabetes make up almost one in two people (240 million). More than 1.2 million children and adolescents (0–19 years) have type 1 diabetes, and 6.7 million people died from it in 2016. About 21 million live births (or 1 in 6) are affected by diabetes during pregnancy, and 541 million adults are at higher risk of acquiring type 2 diabetes.
Workflow management for diabetic patients can be time-consuming and laborious because it necessitates extensive data gathering, processing, and assimilation in addition to timely administration of insulin dosage. As a result, the number of companies making smart insulin pens has skyrocketed recently. These companies provide highly specialized solutions to simplify the treatment of diabetic patients. For instance, the Omnipod DASH® Insulin Management System from Insulet Corporation allows continuous insulin management for up to 3 days without needing repeated daily injections. Smart insulin pens are likely to have more prospects for growth in the future because of their straightforward design, convenience of use, and accessibility to important applications for monitoring dosage administration and food intake.
The high cost of smart insulin pens and other diabetes treatment methods significantly hinders their uptake, especially in low- and middle-income nations. These areas may not have the resources to sustain significant research and development efforts, which results in generally subpar healthcare infrastructure. Fortunately, government initiatives are assisting in addressing this weakness. Second, even though these products have the potential to save lives, the relevant regulatory agencies are closely monitoring them. Governments aim to guarantee that the merchandise on the market is beyond all reasonable doubt or suspicion. This is frequently a fairly drawn-out process that takes a long time, delaying the accessibility of novel therapeutic options. The Guardian Connect linked glucose monitoring system is coupled with the new InPen gadget from Medtronic, which was released in November 2020. Only the most recent InPen smart insulin pen has FDA certification for usage by individuals requiring numerous daily injections.
Smart Insulin Pens Market: COVID-19 Impact
Since people with diabetes are more likely to develop unfavorable symptoms and have a higher mortality rate than patients without concomitant conditions, the COVID-19 outbreak has significantly impacted the diabetic community. The newly discovered coronavirus and the ensuing lockdown have also impacted the diabetic community through drug repurposing, weaker production techniques, and a scarcity of vital medical equipment like smart insulin pens. However, research is being done, and significant improvements are being made in the field of diabetes, with the clinical requirements of patients gaining the medical community’s attention. After the pandemic, businesses concentrated on making their goods more enduring, tolerable, and simple to follow, hypoglycemia avoidance, as well as stronger supply chains to overcome the demand and supply gap, which can be advantageous for the market for smart insulin pens despite the epidemic.
Smart Insulin Pens Market: Drivers
Growth Encouraged by Increasing Demand for Better Diabetes Management
With each year that goes by, diabetes's worldwide toll rises. The International Diabetes Federation reported that 463 million persons worldwide had diabetes in 2019. By 2030, this figure is expected to reach 578 million, or 10.2% of the world's population, and finally reach 700 million (10.9%) by 2045. The frequency is higher in urban regions (10.8%) than in rural areas (7.2%). Growing obesity cases, a direct result of sedentary living habits, are mostly to blame for these frightening growth rates. Lack of exercise has made people more prone to developing such chronic conditions, necessitating the development of a strong healthcare system. The market for smart insulin pins is expanding daily as diabetes people need ongoing monitoring of their insulin levels.
Increase of Diabetes Cases at Alarming Rates to Promote Growth
The growing number of diabetics due to increased obesity, sedentary lifestyles, and aging is one of the major drivers driving the market for smart insulin pens. One of the main risk factors for diabetes in people nowadays is obesity. The main connections between diabetes cases, which have been increasing at epidemic rates, include important risk factors such as being overweight and obese. Because of this, the global market for smart insulin pens is growing due to the enormous number of people with diabetes. The growing desire for refillable insulin pens, Bluetooth-enabled smart insulin pens, and USB-connected insulin pens is a significant trend in the market for smart insulin pens. These insulin pens, most common in industrialized countries like the United States, are widely used by diabetic patients to inject insulin.
Smart Insulin Pens Market: Restraints
In Developing Countries, High Cost of Smart Insulin Pens is a Significant Obstacle
The high cost of smart insulin pens and other diabetes treatment options could be a significant obstacle for the global pharmaceutical sector in the years to come. Poor healthcare infrastructure and reimbursement policies harm developing nations like Africa by discouraging patients from seeking treatment and preventing them from accessing cutting-edge technology like smart insulin pens. As a result, device manufacturers cannot track sales, which has become an enormous burden over time.
Smart Insulin Pens Market: Segment Overview
First Generation Pens are Dominating the Market Due to Development in R&D
According to type, the first-generation pens segment dominated the market in 2020. This trend is anticipated to continue during the forecast period because of improvements in R&D activities in the healthcare sector and an increase in the population of people with diabetes. The market for first-generation smart insulin pens was assessed at $60.2 million in 2020; by 2030, it is anticipated to have grown to $174.8 million, with a CAGR of 11.2%. In addition, a surge in public knowledge of cutting-edge insulin administration techniques is anticipated to boost market expansion.
Reusable Segment is Dominating in Market due to Advanced Features
Reusable smart insulin pens are equipped with memory and timing functions that allow intelligent injection for patients, and this trend is projected to continue during the projection period. Based on usability, the reusable pen segment dominated the market in 2020. Due to increased public knowledge of cutting-edge insulin administration techniques, the prefilled category is anticipated to develop quickly throughout the projection period.
Smart Insulin Pens Market: Regional Landscape
Rising Diabetic Cases are Fuelling Market Growth in North America
As of 2020, the Center for Disease Control and Prevention (CDC) projects that over 34 million Americans, or more than ten percent of the population, will have diabetes. Additionally, according to the American Diabetes Association (ADA), more than a million new cases of diabetes are diagnosed each year nationwide. An estimated 88 million persons in the US, or 34.5% of the adult population, have prediabetes. With these developments in mind, the CDC is aggressively trying to stop this epidemic by assisting in the detection of prediabetes, preventing type 2 diabetes and its complications, and enhancing general health. The National Diabetes Prevention Program (NDPP), which aims to cut the incidence by approximately 60%, has been introduced. Since January 2016, the Ad Council has collaborated with the CDC, ADA, and American Medical Association (AMA) to launch public service advertising (PSA) campaigns about prediabetes.
Due to the growing importance of the diagnostic health sector, increased public knowledge of sophisticated pen needles, and the expansion of campaigns advocating using smart insulin pens, the APAC market should grow quickly. The primary growth-restraining issue in the area continues to be the constantly increasing number of diabetic patients. Another element driving market expansion is the growing number of overseas vendors aiming to establish their regional operations by offering cutting-edge diabetes care products. The increased demand for green insulin pens is the newest trend in the APAC market, as more people know these gadgets’ advantages.
Smart Insulin Pens Market: Competitive Landscape
For better diabetic care and control, Digital Medics Pty Ltd., for instance, provides the SmartPlus Digital Insulin Pen, which is outfitted with the Diabetes IQ App and keeps track of 195 insulin dosages with compatible insulin cartridges. An updated version of the Diabetes IQ App, which features a new BG pattern detection system, food database updates, and improved analytics & reports, was released by the firm in March 2020. The InPen maker, Companion Medical Inc., was acquired by Medtronic Plc. in August 2020. By streamlining diabetes treatment and enhancing outcomes, Companion Medical's InPen increases Medtronic's capacity to fulfill diabetic patients' demands better.
Few of the Smart Insulin Pens Market players include Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic plc, Sanofi, Berlin-Chemie, Bigfoot Biomedical, Novo Nordisk, Pendiq, Eli Lilly, Digital Medics Pty Ltd., and Company.
Regional Classification of the Global Smart Insulin Pens Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Smart Insulin Pens Market
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