According to the latest report by IMARC Group, titled “Smart Insulin Pens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the global smart insulin pens market analysis. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global smart Insulin pens market size reached US$ 118.1 Million in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 193.2 Million by 2028, exhibiting a growth rate (CAGR) of 11.5% during 2023-2028.
Smart Insulin Pens Market Overview
A smart insulin pen represents a reusable injector pen with an intuitive smartphone app that facilitates patients with diabetes in better managing their insulin delivery efficiently. It is more affordable, easy to utilize, and provides helpful reminders, alerts, and reports when compared to conventional insulin. Smart insulin pens aid in calculating doses of the blood sugar levels, carbohydrate quantities, meal size, and active insulin. They notify the expiration date or the temperature range of insulin so that the cartridge is replaced in a timely manner. As a result, smart insulin pens find extensive applications in hospitals, clinics, ambulatory surgical centers, and home care units across the global.
Impact of COVID-19:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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major market drivers in the Smart Insulin Pens Market
The escalating awareness among the masses about the product benefits, such as delivering accurate half-unit doses, preventing skipped or missed doses, tracking time and number of doses, etc., is among the key factors stimulating the smart insulin pens market. Apart from this, the rising prevalence of diabetes, on account of the increasing obesity rate and the expanding geriatric population, and the growing healthcare sector across the globe are also propelling the market growth.
Besides this, the inflating investments in research and development (R&D) activities by key market players for introducing insulin pens with memory and timing functions that provide intelligent injections for patients are further fueling the global market. Additionally, the increasing focus on developing Bluetooth-connected smart insulin pens is also driving the market growth. Furthermore, the elevating adoption of home treatment models, as they are more comfortable, convenient, and personalized, is acting as another significant growth-inducing factor. Moreover, the escalating demand for needle-free insulin delivery devices, owing to the rising risk of needle stick injuries while using, handling, disassembling, or disposing of needles, is expected to positively influence the smart insulin pens market over the forecasted period.
For the competitor segment, the report includes global key players of the Smart Insulin Pens Market.
Bigfoot Biomedical Inc., Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Jiangsu Delfu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, pendiq GmbH and Ypsomed AG.
The report has been segmented the market into Type, Usability, indication, connectvity and end user:
Breakup by Type:
- First Generation Pens
- Second Generation Pens
Breakup by Usability:
Breakup by Indication:
- Type 1 Diabetes
- Type 2 Diabetes
Breakup by Connectivity:
Breakup by End User:
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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