Global Smart Insulin or Glucose-Responsive Insulin Market Grows at a Staggering CAGR of 10.37%

Introduction

Smart insulin responds to a patient's glucose levels and modifies its release accordingly. The opposite is also true: fewer insulin molecules are released when blood sugar levels are low. The growth of the global market for smart insulin (also called glucose-responsive insulin) is fueled by factors such as the rising incidence of diabetes, the escalating cost of healthcare, and the increasing need for innovative medical supplies. As the global market for smart insulin (also known as glucose-responsive insulin) continues to grow fast, insulin delivery devices, including insulin pumps and pens, are attractive investment opportunities for the industry's leading players.

Market Dynamics

Increased Use of Technologically Advanced Products Drives the Global Market

The rising interest in cutting-edge diabetes management solutions like smart insulin devices proves that technological progress has been a boon in treating diabetes. Significant firms invest considerably in research and development to create painless, non-invasive insulin delivery technologies and continuous glucose monitoring devices. The industry leader Insulet Corporation developed the OmniPod Insulin Management System. This Pod-shaped device is smaller and lighter than earlier generations and has an in-built blood glucose meter. As a result, advancements in smart insulin devices have increased.

Untapped Opportunities and an Undiagnosed Population in Developing Countries Creates Tremendous Opportunities

The prevalence of diabetes is higher in North America and Europe because of the general trend toward obesity and advancing age among the populations there. There is significant untapped potential for the intelligent insulin devices market in these areas. Yet, in the coming years, governments in developing regions may see growth opportunities. Brazilians, Russians, and Indians are all examples of such countries. The healthcare needs of their large populations need to be adequately met. Still, these countries' improved healthcare infrastructure, increased government support, and increased healthcare expenditure over the past few years have made them ideal locations for the smart insulin devices market growth. Diabetic symptoms often go unrecognized for years or even decades in countries with emerging or undeveloped economies.

Regional Analysis

North America is the most significant shareholder in theglobal smart insulin or glucose-responsive insulin market. The three countries that makeup North America—the United States, Canada, and Mexico—are specifically analyzed. Manufacturers of glucose-reactive insulin devices or "smart insulin" in North America can look forward to lucrative opportunities due to the region's enormous pool of people opting for diabetes treatment and the rise in diabetes rates. Due to developed supply-side infrastructure, rapid acceptance of breakthrough technologies, and enough reimbursements, the market for smart insulin, also known as glucose-responsive insulin, are increasing in North America. However, the licensing process is lengthy because of the stringent regulatory standards of device quality and safety, which slows down market expansion.

Europe is expected to grow during the forecast period. Europe is a popular academic topic across the continent, including in countries like Germany, France, the UK, Italy, and many more. Many European organizations are working with the government to spread information about diabetes and its treatment. All around Europe, diabetes-related healthcare expenditures have increased in recent years. Government measures in Europe that may boost the popularity of smart insulin devices among people with diabetes have pushed manufacturers to continue developing such devices. In response to the needs of the growing diabetic population, several companies have lately released innovative products, such as insulin pumps and pens, that employ continuous glucose monitor (CGM) technology.

The rising diabetes rate in the region is a significant factor in this growth. The rapid pace of modernization is mainly responsible for creating an obesogenic environment, which has led to a rise in the number of people diagnosed with diabetes. The growing need for home-based treatments for diabetes management and consultation and the increased prevalence of chronic diseases such as diabetes and cardiovascular disease supports this sector.

Key Highlights

• The global smart insulin or glucose-responsive insulin market was valued at USD 3849 million in 2022. It is projected to reach USD 9354 million by 2031, growing at a CAGR of 10.37% during the forecast period (2023–2031).
• Based on delivery device, the global smart insulin or glucose-responsive insulinmarket is bifurcated into smart insulin pens and smart insulin pumps. The smart insulin pump segment is the highest contributor to the market.
• Based on disease, the global smart insulin or glucose-responsive insulinmarket is bifurcated into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment is the highest contributor to the market.
• Based on end-user, the global smart insulin or glucose-responsive insulinmarket is bifurcated into rapid-acting insulin, intermediate-acting insulin, long-acting insulin, short-acting insulin, and premixed-type insulin. The rapid-acting insulin segment is the highest contributor to the market.
• North America is the most significant shareholder in the global smart insulin or glucose-responsive insulin

Competitive Players

Competitive Players

The global smart insulin or glucose-responsive insulin market’s major key players are Adocia, AstraZeneca, Diamesco CO., LTD., B. Braun Melsungen, Becton, F. Hoffmann-LA Roche Ltd., Dickinson and Company, Biocon, Biodel, Bioton, Novo Nordisk A/S, Dongbao Enterprise Group, Tandem Diabetes Care, INC, Medtronic PLC., Eli Lilly and Company, and GSK.

Recent Developments

Market News

• In November 2022, AstraZeneca will acquire Neogene Therapeutics, accelerating its ambitions in oncology cell therapy.
• In October 2022, Novo Nordisk has announced the completion of its acquisition of Forma Therapeutics.

Segmentation

Global Smart Insulin or Glucose-Responsive Insulin Market: Segmentation

By Delivery Device

• Smart Insulin Pens
• Smart Insulin Pumps

By Disease

• Type 1 Diabetes
• Type 2 Diabetes

By End-User

• Rapid-Acting Insulin
• Intermediate-Acting Insulin
• Long-Acting Insulin
• Short-Acting Insulin
• Premixed-Type Insulin

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA