Global Smart Insulin Pens Market Grows at a CAGR of 10.9%

Due to their ability to deliver insulin externally, smart insulin pens are a better option for controlling diabetes. Because the system sends reminders and alerts at the appropriate times, smart insulin pens are made to make it easier to administer dosages regularly. The demand for clever insulin pens is rising due to their ease of use. The smart device can be linked to previously used insulin pens for diabetic patients. Because they aid in delivering precise insulin dosage and offer the option of sending recurring reminders or timely warnings, the market for smart insulin pens is growing. It also makes it easier to remember missed doses, which is essential for diabetic people. The smart insulin pen helps provide the required doses based on the patient's blood sugar levels. The disposable capability provided by the clever insulin pens helps maintain the product’s sterility. As a result, the patient is shielded against STDs, which have grown to be the risk that healthcare facilities like hospitals and clinics are most afraid of. This smart insulin pen has dramatically simplified the care of diabetes types 1 and 2. Market Dynamics Growing Preference for Painless Surgery Drives the Market Due to recorded patient trauma and injuries that lead to extra difficulties, there is a dramatic rise in the need for minimally invasive or non-invasive surgeries worldwide. Additionally, because the open incision may attract potential germs and further jeopardize the patient's health, invasive surgical treatments increase the risk of infections. Because deeper injections into the muscle cause the body to absorb the insulin too quickly, most conventional injections are subcutaneous. Patients also report that this method is excruciating. Doctors now rely on smart insulin jet injectors, which allow patients to administer insulin without using a needle. The three essential parts of an insulin jet injector are the delivery system, a disposable injector nozzle, and a disposable insulin vial adapter. An insulin jet injector allows the insulin to spread across a larger region in the dermal layer of the skin than a needle does. Rapid Growth in the Use of Connected Medical Devices Creates Opportunities Blood glucose levels are increased in a person with diabetes. Unlike type 2 diabetes, type 1 diabetes is not insulin-dependent. For a diabetic patient, self-administering daily insulin dosages are excruciatingly unpleasant and distressing. Patients are therefore looking for new, painless, secure, affordable, and user-friendly insulin delivery devices. Comparing smart insulin pens to conventional insulin delivery, there are several advantages. They improve the quality of life and provide more freedom in daily routines. These insulin pens can provide the right amount of medication. The smart insulin pen's memory feature enables users to recall past doses and their timing and volume. Pens also have the benefit of being more convenient and portable than more conventional delivery systems. Because it saves time, children and older adults prefer to give insulin with pens. Regional Analysis North Americais the highest contributor to the global smart insulin pens market and is anticipated to grow at a CAGR of 10.48% during the forecast period.This market dominance can be attributed to the regional market's higher patient awareness, quicker adoption of technological advancements, and well-established medical device industry. In addition, several tactical decisions made in the local market, such as partnerships, collaborations, and expansion, favorably impact the growth projectile. Companion Medical, situated in San Diego, has expanded the size of both its production and R&D facilities. Bluetooth-enabled smart insulin pens track how much insulin is injected and wirelessly send that information to the patient's digital blood glucose reading. The program accurately records each dose, which also transmits readings to MRAM. Additionally, the American Diabetes Association reports that each year across the country, more than a million new cases of diabetes are diagnosed. Asia Pacificis expected to grow at a CAGR of 11.3% during the forecast period.Rising healthcare spending and encouraging government initiatives to increase public knowledge of advanced diabetes treatment options are the primary factors driving regional market expansion. Asia-Pacific offers excellent market expansion prospects because of its sizable population, healthy eating habits, knowledge of the possible issues brought on by diabetes, and high prevalence of diabetic patients. The device's lower price increases the region's demand for pens over insulin pens. The significance of managing diabetes has dramatically risen, making it more straightforward for top smart insulin pen manufacturers to enter the market. To reduce this occurrence, the Indian government established the National Program for Prevention & Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke. Key Highlights The global smart insulin pens market was valued at USD 98.3 billion in 2022. It is projected to reach USD 249.4 billion by 2031, growing at a CAGR of 10.9% during the forecast period (2023–2031). Based on the product, the global smart insulin pens market is bifurcated into smart insulin pens and adaptors for conventional pens.The smart insulin pens segment is the highest contributor to the market and is forecastedto grow at a CAGR of 10.35% during the forecast period. Based on usability, the global smart insulin pens market is bifurcated into disposable and reusable pens.The reusable penssegment is the highest contributor to the market and is anticipatedto grow at a CAGR of 10.72% during the forecast period. Based on application, the global smart insulin pens market is bifurcated into type 1 diabetes and type 2 diabetes.The type 2 diabetessegment owns the highest market share and is expected to grow at a CAGR of11.06% during the forecast period. Based on end users, the global smart insulin pens market is bifurcated into hospital pharmacies, retail pharmacies, diabetic clinics, and e-commerce.The hospital pharmaciessegment is the highest contributor to the market and is forecasted to grow at a CAGR of 10.5% during the forecast period. North America is the highest contributor to the global smart insulin pens market and is expected to grow at a CAGR of 10.48% during the forecast period. Competitive Players The global smart insulin pens market’s major key players areNovo Nordisk A/S, Sanofi, Eli Lilly and Company, Companion Medical, Emperra GmbH E-Health Technologies, Diabnext, Ypsomed Holding AG, Digital Medics Pty Ltd., Jiangsu Delfu medical device Co.Ltd, BERLIN-CHEMIE, Patients Pending Ltd. Market News In July 2022, Novo Nordisk meets the main goals of the ONWARDS 3 and 4 trials by showing that once-weekly insulin icodec reduces HbA1c more effectively than insulin degludec in ONWARDS 3. In March 2022, For people with diabetes who use Novo Nordisk insulin, Novo Nordisk announced the Novo Pen 6 and Novo Pen Echo Plus, two smart linked insulin pens currently available in the UK on prescription. The Novo Pen 6 and Novo Pen Echo Plus, two brand-new smart insulin pens, automatically log each injection's insulin dosage. Global Smart Insulin Pens Market: Segmentation By Product Smart Insulin Pen Adaptors for Conventional Pen By Usability Disposable Pen Reusable Pen By Application Type 1 Diabetes Type 2 Diabetes By Mode of Distribution Hospital Pharmacy Retail Pharmacy Diabetic Clinics E-commerce By Regions North America Europe Asia-Pacific LAMEA