The global smart insulin pens market size was valued at USD 105.8 million in 2022 and is projected to be worth around USD 445.6 million by 2032 and it shall grow at a compound annual growth rate (CAGR) of 15.97% during the forecast period 2022 to 2030. Europe market has accounted revenue share of 41% in 2022.
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Smart insulin pens offer a better solution for diabetes management as it it's useful for the external delivery of insulin for a diabetic patient. The smart insulin pens are designed in a way that helps in administering the doses periodically due to the timely reminders provided by the system as well as the alerts. There's a growing demand for smart insulin pens due to its ease of use. The smart device can be attached to the already existing insulin pens used by the diabetic patients Due to the facility of providing timely alerts or periodic reminders there is a growth in the market for smart insulin pen as it helps in providing accurate dosage of insulin. It also helps in keeping a track in case any doses are missed which happens to be very important for a diabetic patient.
The smart insulin pen helps to deliver the required number of doses for a particular patient depending upon his sugar levels. The disposable facility provided by the smart insulin pens helps to maintain the sterility of the product. Thus, in the patient is safe from sexually transmitted diseases which have become the most dreaded risk in the hospital and clinic sectors. This smart insulin pen has provided a very easy to carry remedies for the management of diabetes type 1 and type 2 diabetes. Maintain a record of the diabetes profile of the patient by tracking the diabetes levels during a particular time and date, and the sequential order is also maintained. The patient is assisted by this system to maintain his dozes on time and helps the patient to not miss the doses when prescribed. It helps to maintain the track record and the dosage of each insulin administration as per the date. It is also a good system for reminding the patient for their schedule doses as for the prescriptions. This advance technology is an expert at identifying in the temperature range of the insulin dose and also keeps a close check on the expiry date of the medicine in order to protect the patient from health hazards. It is the latest technology which is used by the hospitals and the clinics in order to maintain the diabetes profiles of numerous patients with accuracy and provide the best qualities service to the people.
The covid pandemic had a very negative impact on the smart insulin pen market due to which in the growth was hampered to a great extent. As the risk of cross infection had increased to operate extent the hospitals and clinics had made a rule to attend only in the emergency cases which were unavoidable and to keep the other cases on hold. The strict lockdown and restrictions imposed by the government along with the restricted movement had blocked people into their homes which declined the laboratory testing and resulted into unchecked diabetes profiles. Hence, the associated diabetic services provided by the medical sector were also hamper to a great extent.
Report Scope of the Smart Insulin Pens Market
|Market Size in 2023||USD 117.4 Million
|Market Size by 2032||
USD 445.6 Million
|Growth Rate from 2023 to 2032||CAGR of 15.97%|
|Forecast Period||2023 to 2032|
|Segments Covered||Type, Usability, Product, Connectivity Type, Indication, End User, Geography|
Emperra GmbH, Bigfoot Biomedical, Digital Medics Pty Ltd., Jiangsu Deflu Medical Device Co., Medtronic plc, Eli Lilly and Company, Novo Nordisk, Pendiq, Sanofi, Berlin-Chemie
The healthcare industry which includes hospitals and clinics are the main channels through which the smart insulin pen market will see it's growth during the forecast period. The patients usually visit these places when they suffer with health issues. Hence it becomes the first step towards the detection of diabetes. DJ Babu zones help to manage the diabetic profiles of the patients along with the line of treatment that will be most suitable according to the lifestyle and parameters of the individual. The high number of diabetic patients among the geriatric age group population has also helped the market to show a tremendous growth during the forecast period.
The rapid organisation of the society and the increasing workload on the younger generation has boosted the number of diabetic patients. This results in the rapid sales of the insulin products in the market. Smart insulin pens have become a device of choice for the recent times. As a result of the workload on the people and the busy lifestyle keeping a record of the diabetes readings and schedules of the insulin doses has become impossible. Hence, the smart technology comes into play in order to make these difficulties easier. The increasing prevalence of needle stick injury has booster the sales of the smart insulin pen market. The current diabetes proves to be a great risk for the health of the individual. Since healing becomes a great problem for the diabetic individuals needle stick injury must be avoided under all circumstances.
With the rapidly changing lifestyle in the use of smart insulin devices has become the need of the current market. That diabetic profiles all the younger generations are more complicated as compared to the older generations. This condition is because of the complicated lifestyles and busy schedule by the younger generations in order to earn more money. With the increasing fashion of consuming packet food containing preservatives the chances of diabetes have increased to a great extent among the younger generation. The problems of diabetes among the infants have also seen a rise during the present times. This provides a great opportunity for the market to show a tremendous growth as a result of the increase in diabetic cases. The busy lifestyle has hampered in the physical activity of the people, hence sedentary lifestyle has become the way of life during the recent times. This leads to diabetes and hence the market has a great opportunity during the forecast period.
Clinics and hospitals are upgrading to the latest technologies in order to attract a huge population for treatment. This helps the market to record a good revenue return during the forecast period. The covid 19 pandemic had a negative in impact on the smart insulin pen market but also increased in the market size for the future. With the ongoing fashion of work from home people are have habituated to lead a sedentary lifestyle and perform their work by sitting at one place. This results in greater number of health hazards and diseases. These multiple factors help the market to show a considerable growth during the forecast period.
On the basis of type, the first generation accounted largest revenue share in 2022 as well as a result of the research and development activities which are carried out in the sector. The rapid advancements made by the market in health care services has strengthened its foot hold in the market. The rapid growth in the diabetic patients in the world has also led to the increase in the use of smart pen insulin devices. As a result of the rapid urbanization the intake of fast food has increased to a great extent. The second-generation devices for scene to display or rapid growth as a result of the growth in the number of old aged people in the society.
By application, the reusable devices accounted largest market revenue in 2022. The advanced features of memory recording have proved to be beneficial for the genetic age group. The time function of this device has also helped to grow the market to a great extent. The pre-field insulin pens have shown a considerable growth during the estimated period. The rapid growth in technology in the insulin sector has made people aware of the new technologies and advancements taking place in the market.
End User Insights
The healthcare sector which includes the local clinics and hospitals has dominated the segment in the recent years. Usually, the health care sectors are provided with multiple devices in order to manage diabetes and their complications. These industries also provide expert labour force and staff who are skilled in handling and managing these types of cases. Keeping patient safety on a priority list, the hospitals use advanced technologies in order to provide flawless services to the patients. In order to manage blood sugar in the simplest and most comfortable ways, such pens are increasingly being used by the healthcare industry. The next sector under this segment is the ambulatory surgical sector which includes such advanced facilities in order to provide first service to the patients. This sector has adopted this advanced technology in order to provide the best services possible to the patient in the absence of a proper hospital or a clinic at that particular moment.
Home care settings being the next sector under this segment has proved to be of great use to the growth of the market as a result of the high number of geriatric populations in the world who do not prefer to move out of their comfort zone in order to get themselves checked for diabetes. As a result, day end up using home kits in order to evaluate they are blood sugar levels.
Smart Insulin Pens Market Share, By Region, 2022 (%)
|Regions||Revenue Share in 2022 (%)|
On the basis of geography, the European market has shown a major growth in the smart insulin market and is forecasted to rule the sector in the future as well. The rapid research and development which is carried out in this region along with the existence of the leading companies in this sector has help the market to show a tremendous growth. The Middle East and countries and Latin America have shown the fastest growth rate during the forecast period as a result of the new facilities which have been provided to the people.
The region of the Asia Pacific has also shown a considerable amount of growth in this sector as a result of the increasing diabetic patients residing in the countries.
Key market developments.
June 2019 - Companion Medical collaborated with Rimidi which is a cloud based solution provider. This is a software that was collaborated to help clinicians to judge the dosage of insulin in the real world which will be decided by reading the data from the glucometer. This was a great step taken towards the development of the market.
Key Market Players
Segments covered in the report.
By Connectivity Type
By End User
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