Smart Insulin Pens Market
Smart Insulin Pens Market Forecasts to 2030 - Global Analysis By Product (Smart Insulin Pens, Adaptors for Conventional Pens and Other Products), Type (First Generation Pens, Second Generation Pens and Other Types), Indication (Diabetes Type I, Diabetes Type II and Other Indications), Usability, Connectivity, End User and by Geography
|
Years Covered |
2021-2030 |
|
Estimated Year Value (2023) |
US $117.05 MN |
|
Projected Year Value (2030) |
US $289.32 MN |
|
CAGR (2023 - 2030) |
13.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Middle East & Africa |
According to Stratistics MRC, the Global Smart Insulin Pens Market is accounted for $117.05 million in 2023 and is expected to reach $289.32 million by 2030 growing at a CAGR of 13.8% during the forecast period. Smart insulin pens, which combine conventional insulin delivery with contemporary technology, represent a revolutionary breakthrough in the management of diabetes. Moreover, with the help of smartphone applications and Bluetooth connectivity, these pens allow users to track and monitor their insulin dosages in real time. In addition to providing patients and healthcare professionals with useful insights into insulin usage patterns, the pens frequently include data storage capabilities, personalized insulin dose recommendations, and dose reminders.
According to International Diabetes Federation, in 2021 approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045.
Market Dynamics:
Driver:
Increased compliance and involvement of patients
An essential factor in encouraging patient adherence and involvement in diabetes care is the use of smart insulin pens. Individuals are empowered to actively engage in their treatment plans through features like real-time monitoring, personalized dosage recommendations, and dose reminders. Additionally, these pens help improve adherence to recommended insulin regimens by encouraging a sense of control and accountability, which lowers the risk of complications linked to inadequate diabetes management.
Restraint:
Inequitable distribution and limited accessibility
The restricted availability of smart insulin pens presents a major obstacle, especially in areas with limited resources and developing nations. The realization of the potential benefits these cutting-edge devices offer may be hampered by unequal distribution, which could lead to disparities in healthcare access. Furthermore, the inconsistent implementation of smart insulin pens worldwide is a result of issues with infrastructure, the availability of qualified medical personnel, and economic considerations.
Opportunity:
Rising rate of diabetes and aging population
The market for smart insulin pens has a lot of potential due to the aging population on a global scale and the concurrent rise in diabetes prevalence. Insulin therapy is frequently necessary for older people, and smart pens' user-friendly features can make them comfortable. Moreover, in order to take advantage of these opportunities, specific marketing plans and product adjustments are needed to cater to the unique requirements and preferences of senior citizens.
Threat:
Conventional insulin delivery methods competition
The widespread acceptance and continued use of traditional insulin delivery devices, like syringes and pens, pose a threat to smart insulin pens. Adopting newer, technologically advanced alternatives may be met with resistance due to the established use and familiarity of these methods. Additionally, in order to counter this danger, manufacturers should emphasize the unique benefits and features that differentiate smart insulin pens from conventional models.
Covid-19 Impact:
The market for smart insulin pens has been impacted in a number of ways by the COVID-19 pandemic. Despite increased focus and innovation in the healthcare sector during the pandemic, changes in priorities, disruptions in healthcare access, and economic uncertainty impacted market dynamics. Opportunities for smart insulin pens were created by the increased focus on healthcare technology and infrastructure worldwide, including remote patient monitoring. However, issues like hiccups in the supply chain, postponed healthcare initiatives, and budgetary limitations in healthcare systems hindered the uptake of these gadgets.
The Smart Insulin Pens segment is expected to be the largest during the forecast period
Due to their cutting-edge features and seamless technological integration, smart insulin pens are expected to hold the largest share of the market in the smart insulin pens market. These pens provide users with dose reminders, data tracking, and real-time monitoring through Bluetooth connectivity and smartphone applications. Moreover, smart insulin pens are a preferred option for both patients and healthcare providers due to their convenience and increased adherence, which have fueled their widespread adoption.
The Home Care Settings segment is expected to have the highest CAGR during the forecast period
Due to the growing demand for in-home medical services and the trend towards patient-centric healthcare, the home care settings segment is predicted to have the highest CAGR. Home care settings provide a practical and comfortable setting for managing a range of medical needs as healthcare technologies advance and patients seek more individualized care. Additionally, this covers using medical devices, monitoring long-term conditions, and administering treatments.
Region with largest share:
Due in large part to its substantial investments in healthcare, technological advancements, and strong healthcare infrastructure, North America is expected to hold the largest market share. Major pharmaceutical and medical device companies are based in the United States, which plays a significant role in the region's dominance by promoting ongoing innovation and propelling market growth. Furthermore, North America is becoming more and more prominent due to government initiatives and a favorable regulatory environment.
Region with highest CAGR:
The Middle East and Africa (MEA) region has the highest CAGR in the market. The area is seeing a rise in healthcare spending, a rise in investments in healthcare infrastructure, and a rise in awareness of healthcare solutions. Particularly in the Middle East, nations are improving their healthcare systems and embracing cutting-edge medical technology. Moreover, the region's significant growth is influenced by the prevalence of chronic diseases and the desire for improved healthcare outcomes.
Key players in the market
Some of the key players in Smart Insulin Pens market include Companion Medical Inc., Eli Lilly & Company, Diamesco Co. Ltd., Jiangsu Deflu Medical Device Co. Ltd., Berlin-Chemie, Medtronic PLC, Emperra GmbH, Digital Medics Pty Ltd., Novo Nordisk A/S, Sanofi, Pendiq and Bigfoot Biomedical.
Key Developments:
In November 2023, Medtronic announced today that it launched its Penditure left atrial appendage (LAA) exclusion system in the U.S. Penditure, an implantable chip, comes pre-loaded on a single-use delivery system for LAA management during concomitant cardiac surgery procedures. Medtronic designed it with a curve to better match atrial anatomy and without fabric for atraumatic closure and reduced inflammation.
In August 2023, Novo Nordisk A/S has agreed to acquire Inversago Pharma for up to $1.075 billion. Inversago Pharma is developing CB1 receptor-based therapies for the potential treatment of obesity, diabetes and complications associated with metabolic disorders.
In July 2023, Eli Lilly and Company and Versanis Bio today announced a definitive agreement for Lilly to acquire Versanis, a private clinical-stage biopharmaceutical company focused on the development of new medicines for the treatment of cardiometabolic diseases. Versanis' lead asset is bimagrumab, a monoclonal antibody that binds activin type II A and B receptors to block activin and myostatin signaling.
Products Covered:
• Smart Insulin Pens
• Adaptors for Conventional Pens
• Other Products
Types Covered:
• First Generation Pens
• Second Generation Pens
• Other Types
Indications Covered:
• Diabetes Type I
• Diabetes Type II
• Other Indications
Usabilities Covered:
• Prefilled
• Reusable
Connectivities Covered:
• Bluetooth Connected
• USB Connected
• Other Connectivities
End Users Covered:
• Clinics & Ambulatory Surgical Centers
• E-Commerce
• Online Sales
• Home Care Settings
• Retail Pharmacies
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Smart Insulin Pens Market, By Product
5.1 Introduction
5.2 Smart Insulin Pens
5.3 Adaptors for Conventional Pens
5.4 Other Products
6 Global Smart Insulin Pens Market, By Type
6.1 Introduction
6.2 First Generation Pens
6.3 Second Generation Pens
6.4 Other Types
7 Global Smart Insulin Pens Market, By Indication
7.1 Introduction
7.2 Diabetes Type I
7.3 Diabetes Type II
7.4 Other Indications
8 Global Smart Insulin Pens Market, By Usability
8.1 Introduction
8.2 Prefilled
8.3 Reusable
9 Global Smart Insulin Pens Market, By Connectivity
9.1 Introduction
9.2 Bluetooth Connected
9.3 USB Connected
9.4 Other Connectivities
10 Global Smart Insulin Pens Market, By End User
10.1 Introduction
10.2 Clinics & Ambulatory Surgical Centers
10.3 E-Commerce
10.4 Online Sales
10.5 Home Care Settings
10.6 Retail Pharmacies
10.7 Other End Users
11 Global Smart Insulin Pens Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Companion Medical Inc.
13.2 Eli Lilly & Company
13.3 Diamesco Co. Ltd.
13.4 Jiangsu Deflu Medical Device Co. Ltd.
13.5 Berlin-Chemie
13.6 Medtronic PLC
13.7 Emperra GmbH
13.8 Digital Medics Pty Ltd.
13.9 Novo Nordisk A/S
13.10 Sanofi
13.11 Pendiq
13.12 Bigfoot Biomedical
List of Tables
1 Global Smart Insulin Pens Market Outlook, By Region (2021-2030) ($MN)
2 Global Smart Insulin Pens Market Outlook, By Product (2021-2030) ($MN)
3 Global Smart Insulin Pens Market Outlook, By Smart Insulin Pens (2021-2030) ($MN)
4 Global Smart Insulin Pens Market Outlook, By Adaptors for Conventional Pens (2021-2030) ($MN)
5 Global Smart Insulin Pens Market Outlook, By Other Products (2021-2030) ($MN)
6 Global Smart Insulin Pens Market Outlook, By Type (2021-2030) ($MN)
7 Global Smart Insulin Pens Market Outlook, By First Generation Pens (2021-2030) ($MN)
8 Global Smart Insulin Pens Market Outlook, By Second Generation Pens (2021-2030) ($MN)
9 Global Smart Insulin Pens Market Outlook, By Other Types (2021-2030) ($MN)
10 Global Smart Insulin Pens Market Outlook, By Indication (2021-2030) ($MN)
11 Global Smart Insulin Pens Market Outlook, By Diabetes Type I (2021-2030) ($MN)
12 Global Smart Insulin Pens Market Outlook, By Diabetes Type II (2021-2030) ($MN)
13 Global Smart Insulin Pens Market Outlook, By Other Indications (2021-2030) ($MN)
14 Global Smart Insulin Pens Market Outlook, By Usability (2021-2030) ($MN)
15 Global Smart Insulin Pens Market Outlook, By Prefilled (2021-2030) ($MN)
16 Global Smart Insulin Pens Market Outlook, By Reusable (2021-2030) ($MN)
17 Global Smart Insulin Pens Market Outlook, By Connectivity (2021-2030) ($MN)
18 Global Smart Insulin Pens Market Outlook, By Bluetooth Connected (2021-2030) ($MN)
19 Global Smart Insulin Pens Market Outlook, By USB Connected (2021-2030) ($MN)
20 Global Smart Insulin Pens Market Outlook, By Other Connectivities (2021-2030) ($MN)
21 Global Smart Insulin Pens Market Outlook, By End User (2021-2030) ($MN)
22 Global Smart Insulin Pens Market Outlook, By Clinics & Ambulatory Surgical Centers (2021-2030) ($MN)
23 Global Smart Insulin Pens Market Outlook, By E-Commerce (2021-2030) ($MN)
24 Global Smart Insulin Pens Market Outlook, By Online Sales (2021-2030) ($MN)
25 Global Smart Insulin Pens Market Outlook, By Home Care Settings (2021-2030) ($MN)
26 Global Smart Insulin Pens Market Outlook, By Retail Pharmacies (2021-2030) ($MN)
27 Global Smart Insulin Pens Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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