The report covers forecast and analysis for the smart insulin pens market on a global and regional level. The study provides historic data from 2015 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the smart insulin pens market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities and various trends in the smart insulin pens market on a global level.
As per the report, the global demand for Smart Insulin Pens market was valued at approximately USD 28.94 million in 2018 and is expected to generate revenue of around USD 57.85 million by end of 2025, growing at a CAGR of around 10.4% between 2019 and 2025.
Worldwide demand for smart insulin pens is growing at a rapid pace. Global demand for smart insulin pens is expected to be driven by the high demand for diabetes management solution. Smart insulin pens are used to provide external insulin. The demand for insulin pens has risen due to the increase in incidence of diseases like diabetes, and the preference of cost-effective solutions over more expensive ones like insulin pumps. The simple and easy-to-use structure and improved accuracy in insulin dosing has accelerated the demand for insulin pens. However, there are certain issues related to the use of such products, such as the increase in frequency of injections required to be administered. This is due to the fact that only a single type of insulin can be used in the insulin pen. This slows the growth of the smart insulin pen market.
Based on type, the market is divided into type, usability, region and end user. In the type segment, there is first generation and second generation insulin pens. Second generation insulin pens segment is divided into Bluetooth-enabled and USB connected. Bluetooth-enabled insulin pens held the largest market share in 2018. This is due to the major application of such insulin pens found in monitoring blood glucose levels and insulin and the increase in the number of manufacturers who widely adopt these solutions involving smart connectivity. Among the usability segment, there are pre-filled and reusable insulin pumps. Reusable insulin pumps held the largest market share in 2018. This is due to the ease of use of these products. The insulin cartridge can be easily replaced with a new one. These pens can last for many years if used with proper care. Hospitals, pharmaceutical companies, and ambulatory surgical centers are the various end users in this market. Hospitals are the major end user segment which dominated the market in terms of revenue in 2018 due to the large number of patients admitted for conditions of diabetes.
North America is leading the global smart insulin pens market. Countries in North America have high prevalence of diseases like diabetes which increases the demand of smart insulin pens. The Center for Disease Control and Prevention has analyzed the population of the U.S. and has projected that at least 9.4% of the total population suffer from diabetes. Needle-free insulin is a highly preferred mode of daily insulin dose management among patients of North America. This has resulted in increased penetration of the smart insulin pen technology.
Europe was second largest smart insulin pens market in 2018 globally. Diabetes U.K. has analyzed population of the UK in 2016 and projected that 3.6 million people had diabetes. The incidence of diabetes is increasing steadily resulting in an increased share of the product in the European market. Many companies are bringing out different types of smart insulin pens such as Pendiq which is a highly popular USB connected smart insulin pen. Many manufacturers are also developing Bluetooth enabled devices for administering insulin.
Asia Pacific is estimated to be growing at a highest CAGR over the forecast period. This is due to the increasing population in countries like China and India where there is also a high incidence rate of diseases like diabetes. The smart insulin pens are available at low cost which further accelerates the demand of the product in this region. Smart insulin pens have resulted in a digitized solution for diabetes using technology of Bluetooth connectivity. This has resulted in a strong impact on the smart insulin pen segment.
Some of the key players in smart insulin pens market include Companion Medical, Smiths Medical, Novo Nordisk, NIPRO Medical Corporation, Companion Medical, InjexUK, Biocorp, Diamesco Co. Ltd., and Emperra GmbH. among others.
Global Smart Insulin Pens Market: Type Segment Analysis
- First generation insulin pens
- Second generation insulin pens
- Bluetooth-enabled
- USB connected
Global Smart Insulin Pens Market: Usability Segment Analysis
- Pre-filled insulin pumps
- Reusable insulin pumps
Global Smart Insulin Pens Market: End-User Segment Analysis
- Hospitals
- Pharmaceutical Companies
- Ambulatory surgical centers
- Other End Users
Global Smart Insulin Pens Market: Regional Segment Analysis
- North America
- U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
