Smart Insulin Pens Market 2020-Key Demand, Size, Growth and Forecast
Smart insulin pens are devices used to deliver the accurate dose of insulin to diabetics at the appropriate time. They have gained traction among diabetics due to its simplistic nature and easy to handle mechanism compared to traditional syringes. The global smart insulin pens market report by Market Research Future (MRFR) contains the pertinent drivers and challenges faced by manufacturers during the period of 2018 to 2023.
Smart Insulin Pens Market Overview
The global smart insulin pens market is expected to exhibit 10.77% CAGR during the forecast period (2018-2027) due to high prevalence of diabetes. Furthermore, the use of these devices for the management of diabetes by the general populace in developing countries can bode well for the market during the forecast period. Awareness of advanced drug delivery methods, need for modern treatments, and the alarming cases of diabetes can bolster the global market demand till 2023.
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The surge in the adoption rate of glucose monitoring devices, awareness of these devices, and integration of glucose measurement devices are other drivers of the market. According to the World Health Organization (WHO), diabetes was accountable for 1.2 million deaths in 2012. This can spark the demand for smart insulin pens for proper management of diabetes. Co-pay assistance and medical reimbursement policies covering the purveying of these devices can ensure the continuous sales.
Unfavorable reimbursement policies, risks associated with insulin pens, and increasing costs of insulin pens are challenges faced by the market.
Smart Insulin Pens Market Segmentation
The global smart insulin pens market has been segmented on the basis of product type, usability, and distribution channel.
On the basis of product type, the market has been segmented into first-generation pens and second-generation pens. The second-generation pens segment has been further divided into Bluetooth-enabled and USB connected.
By usability, the segment has been divided into disposable pens and reusable pens. Reusable insulin pens segment is likely to be the fastest growing segment during the forecast period.
The market, by distribution channel, has been segmented into retail pharmacies, diabetes clinics, online medical stores, and hospital pharmacies.
Smart Insulin Pens Market Regional Analysis
The Middle East & Africa (MEA), Americas, Asia Pacific (APAC), and Europe are regions discussed in the global smart insulin pens market report.
The Americas can be the leading region of the global market till 2023 due to favorable policies by regulatory authorities, adoption of advanced technology, and rising prevalence of diabetes among the general populace. The approval of novel injectable devices by regulatory agencies can drive the global smart insulin pens market growth.
The Europe smart insulin pens market is driven by adoption of advanced drug delivery devices, rising cases of diabetics, and presence of major players. According to the World Diabetes Foundation, more than 59 million have been diagnosed with diabetes, with the number purported to touch 71.1 million by 2040.
Government policies for assisting diabetics and rise in disposable income levels of patients are main drivers of the smart insulin pens market in APAC. Large cases of diabetes recorded in Southeast Asia can drive the regional market growth. As per the International Diabetes Federation, the number of diabetics in the region can touch 156 million by 2045.
Competition Outlook
InjexUK, Lilly USA, LLC, Digital Medics Pty Ltd., Companion Medical, Sanofi-Aventis US LLC, Diamesco Co., Ltd., Smith’s Medical, NIPRO Medical Corporation, Novo Nordisk A/S, Biocorp, Emperra GmbH E-Health Technologies, and others are notable players of the global smart insulin pens market. Manufacturers are launching new iterations of smart insulin pens for recording the proper dosage amounts and reminders of taking insulin shots at the appropriate time. For instance, the InPen by Companion Medical can capture mealtime data and shares it on the respective medical mobile application.
Industry News
Recently, Medtronic and Novo Nordisk have decided to pool in their offerings for sharing the data acquired by their smart insulin pens on a common diabetes management platform.
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