Smart Insulin Pens Market Size To Cross USD 445.61 Mn By 2030

The global smart insulin pens market size is predicted to cross around USD 445.61 million by 2032 up from USD 105.8 million in 2022 with a CAGR of 15.97% from 2023 to 2032.

The market for smart insulin pens is expected to boost during the forecast period as a result of the rapidly increasing cases of diabetes pertaining to the modern lifestyle of people. The increasingly sedentary lifestyle of people because of the growing fashion of working from home which is adopted by most of multinational companies has resulted in a number of health disorders. With the increasing research and development in the field of diabetes introduction of the smart insulin pen has proved to be a boon to the market. The healthcare industry has become the major sector that supports the growth of the smart insulin pen market which includes hospitals and local clinics which are the primary centers that deal with the diabetic profiles of people.

Report Highlights:

• On the basis of type, the first generation has been seen to lead the market which is followed by the second generation.
• On the basis of application, reusable devices have been seen to top the market with the highest sales pertaining to their cost effectiveness and ease of access.
• On the other hand, the prefilled types have been considered later pertaining to the problems faced in the alternation of doses.
• On the basis of end user, the clinics and hospitals in the healthcare industry have been considered to be the fastest growing market. These places are the first ones to receive the patient and hence get the first chance to treat and manage their health profiles.
• On the basis of geography, the European market has seen the largest growth owing to the rapid research and development programs along with the excellent healthcare facilities that are provided to the people by the government. Following them the regions of Latin America and the Middle East are the ones that show considerable growth during the forecast period. The Asia Pacific region too has shown a decent growth.

Smart Insulin Pens Market Report Scope

Regional Snapshots

The European market has proved to be the largest for smart insulin pen devices as a result of the huge population suffering with diabetes full stop this region also has the benefits of the numerals advanced facilities that are provided to the people residing in this region. Along with this in the region of Latin America has also shown tremendous growth in the market for smart insulin pen devices.

The middle eastern countries to have provided great opportunities for the market to grow pertaining to the rapid urbanization and modern lifestyle adopted by the people living in these regions. The Asia Pacific sector has also shown considerable growth owing to the developing status of the countries. The increasing industrialization in these regions has boosted the sedentary lifestyle of the people which has in turn given rise to numerous health disorders.

Market Dynamics:

Drivers

The risk of needle stick injury can be avoided to a great extend my opting to the smart insulin pen devices. The smart insulin pen devices help to record the blood sugar levels of the individual and directly seeded into the system to be recorded in the health profile of the person. This advanced technology helps to record the date and time of the test that is performed. The memory system which is functional in this technology helps to recall the past blood sugar levels of the individual too.

On the basis of the blood sugar levels recorded earlier in the entire diabetic profile of the person is presented to the doctor which then becomes helpful to device a treatment plan. The advance technology is used in the smart insurance devices helps to remind the person regarding the insulin doses which they are supposed to take during the day. This reminder system which is included in this device is helpful for the geriatric population who cannot remember their daily routines. It is also beneficial for the people who have a very busy schedule and are not able to administer the required dosage at that particular time due to their lifestyle.

Restraints

The technological glitches that take place with these devices are difficult for the individual to handle. The doses of the individual suffering with diabetes have to be correlated with the signs and symptoms of the patients which need to be evaluated by the doctor in person. Hence, it proves to be a restraining factor for the geriatric population which is not very sound mentally. Human mind analysis is still of great importance even after the development of artificial intelligence. These multiple causes prove to be the restraining factors during the growth phase of the market.

Opportunities

The rapidly increasing geriatric population has proved to be a great opportunity for the growth of the market during the forecast period. The elderly people usually suffer with diabetes and require constant monitoring in order to maintain their health. These people usually required a diabetic profile to be maintained by the system which helps them to record their blood sugar levels from time to time and manage the insulin levels accordingly.

The reminder system which is included in this device helps to set an alarm for the people to take their insulin shots at the prescribed hour by the doctor as per the required dosage. It greatly benefits the hospital staff to avoid needle stick injuries which have become a great threat to the medical fraternity. Safety of the patient as well as the medical staff has been considered of prime importance after the occurrence of the pandemic. The chances of cross infection are greatly reduced by the usage of this smart technology. These multiple factors prove to be great opportunities for the market of the smart insulin pen devices during the forecast period.

Challenges

Any error by the system will not be taken care of by the elderly population and thus can be life threatening to the patient. Malfunctioning of the devices and systems will prove to be a great challenge for the market as it will directly hamper the health of the individual. These factors prove to be the challenges that the market has to face during the forecast period.

Recent Developments:

June 2019 - Companion Medical united with Rimidi which is a software solution provider. This is a cloud based platform that was looked upto in order to assist the clinicians to manage the levels of insulin required for a particular individual which will be set by studying the data from the device. This deal has proved to be great help to the healthcare sector. 

Market Segmentation

By Type

• First Generation Pens
• Second Generation Pens

By Usability

• Prefilled
• Reusable

By Product

• Smart Insulin Pen
• Adaptors for Conventional Pen

By Connectivity Type

• Bluetooth
• USB

By Indication

• Type 1 Diabetes
• Type 2 Diabetes

By End User

• Hospitals and Clinics
• Ambulatory Surgical Centers
• Home Care Settings

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