Smart Insulin Pens and Pumps Market Size, Share & Trends Analysis Report By Product Type (Insulin Pens, Insulin Pumps), By End-User (Hospitals and Clinics, Diagnostic Laboratories, Others), By Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Channels, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global smart insulin pens and pumps market was valued at USD 3.99 billion in 2023. It is estimated to reach USD 9.25 billion by 2032, growing at a CAGR of 9.8% during the forecast period (2024–2032). In recent years, due to the high adoption of a sedentary lifestyle and the rise in the cases of obesity, there has been a subsequent surge in the burden of diabetes worldwide, thereby driving the smart insulin pens and pumps market growth. This rise in the cases of diabetes has also led to a demand for better management of the disease, which has led to a growing number of companies entering this industry, further boosting the market expansion. Moreover, there has also been a rise in the launch of innovative smart insulin pens and pumps, thereby creating opportunities for smart insulin pens and pumps market growth.

Highlights

• Smart insulin pens dominate the product type segment
• Hospitals and clinics dominate the end-user segment
• North America is estimated to be the largest market shareholder

Smart insulin pens are similar to conventional insulin pens but are coupled with Bluetooth or other wireless technology to connect with smartphones or other devices. Smart insulin pumps are portable devices that administer insulin continuously throughout the day, replicating the role of the pancreas in individuals with diabetes. The pumps possess programmable features and can administer accurate amounts of insulin based on the user's specific requirements.

Smart insulin pens and pumps are specifically engineered devices that aim to enhance the efficiency of insulin therapy for patients with diabetes. These devices utilize technology to monitor and record insulin dosages, measure blood glucose levels, and offer data analysis to consumers and healthcare practitioners.

Market Dynamics

Global Smart Insulin Pens and Pumps Market Drivers:

Increasing Prevalence of Diabetes

The global incidence of diabetes is rising as a result of factors such as poor dietary habits, sedentary lifestyles, and increasing rates of obesity. For example, in 2021, the International Diabetes Federation documented a total of 537 million adults, representing approximately 1 in 10 individuals who have diabetes. The forecasted estimate is predicted to rise to 643.0 million by 2030 and 783 million by 2045.

Additionally, the absence of proper diagnosis has led to 6.7 million deaths in the year 2021. The majority of persons have type 2 diabetes. Furthermore, the International Diabetes Federation (IDF) additionally approximates that there exists a population of 541 million adults who possess an increased susceptibility to developing type 2 diabetes. The market for smart insulin pens and pumps has grown due to the increased demand for effective and user-friendly insulin administration techniques brought on by the rising incidence of diabetes.

Increased Demand for Better Diabetes Management

The increasing prevalence of diabetes can be mostly attributed to the growing incidence of obesity, which is a direct consequence of sedentary living choices. The absence of physical activity has rendered individuals more susceptible to the onset of chronic ailments, demanding the establishment of a resilient healthcare infrastructure. The market for smart insulin pens and pumps is growing rapidly due to the rising demand for continuous monitoring of insulin levels among diabetic patients.

Furthermore, managing the workflow for diabetic patients can be demanding and arduous as it involves acquiring, analyzing, and organizing a large amount of data and administering insulin doses in a timely manner. Consequently, there has been a significant surge in the number of companies manufacturing smart insulin pens and pumps recently. These organizations offer highly specialized solutions to streamline the management of patients with diabetes.

Global Smart Insulin Pens and Pumps Market Restraint:

Large Population with Undiagnosed Diabetes

The lack of diagnosis in specific populations is a significant obstacle to expanding the smart insulin pens and pumps business. Undiagnosed diabetes can have a negative impact on one's quality of life. Global government estimates indicate that around 179.2 million individuals worldwide have not been diagnosed with diabetes. Undiagnosed diseases are also commonly found in low-income countries.

Furthermore, Africa is renowned for having the most substantial proportion of undiagnosed individuals with diabetes in comparison to other geographical areas. There are around 13.4 million undiagnosed individuals due to a lack of awareness about the disease among 62.3% of the population. Approximately 57% of the population in Southeast Asia is believed to have undiagnosed diabetes. This poses substantial barriers to using smart insulin pens and pumps for diabetes control.

Global Smart Insulin Pens and Pumps Market Opportunities:

Introduction of Novel Products

There has been a rise in the launch of novel and technologically advanced smart insulin pens and pumps in recent years. For instance, in September 2023, DexCom launched the Dexcom G6 Real-Time Continuous Glucose Monitoring System (rt-CGM) in Germany. This system can connect with the Omnipod 5 automated insulin delivery (AID) System. The Dexcom G6 utilizes a small, wearable sensor and transmitter to consistently monitor and communicate glucose levels to a smart device or receiver by wireless means. This allows patients to get real-time glucose data without finger scanning or pricking.

Additionally, in November 2020, Medtronic unveiled the InPen device following its acquisition of Companion Medical, a manufacturer of smart insulin pens. The InPen device is now integrated with Medtronic's Guardian Connect linked glucose monitoring (CGM) system. Medtronic has introduced a novel version of its smart insulin pen incorporating continuous glucose monitoring (CGM). This groundbreaking "connected" device is specifically designed for those with diabetes who administer multiple daily injections (MDI) of insulin. This is expected to generate opportunities for smart insulin pens and pumps market growth.

Regional Analysis

Based on region, the global smart insulin pens and pumps market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle-East and Africa.

North America Dominates the Global Market

North America is the most significant global smart insulin pens and pumps market shareholder and is expected to expand substantially during the forecast period. North America has almost 225,000 children and adolescents with type 1 diabetes, making it the second-highest region in terms of prevalence. The United States alone represents over 78% of the overall amount. In 2019, the overall healthcare spending for diabetes among adults in North America amounted to 324.5 billion. It is projected to increase to 338.8 billion in 2030 and 346.7 billion in 2045. The rising incidence of diabetes in North America has led to higher healthcare expenditure on diabetes treatment. This can be ascribed to unhealthy lifestyle choices, such as a growing obesity rate and a decline in the consumption of nutritious food.

Moreover, there is an increase in the regulatory support of innovative goods, which is expected to generate opportunities for market expansion. For instance, in April 2023, Medtronic plc, a prominent player in the field of medical technology, declared that their MiniMed™ 780G system, equipped with the Guardian™ 4 sensor, had received certification from the U.S. Food and Drug Administration. This system eliminates the need for fingersticks and incorporates SmartGuard™ technology. This achievement signifies the endorsement of the sole system equipped with meal detection technology, which offers automatic modifications and adjustments† to sugar levels every five minutes, catering to basal (background) and bolus (mealtime) insulin needs. The device administers insulin to compensate for instances when users inadvertently neglect to administer a bolus or inaccurately assess the carbohydrate content of their meal. As a result, all of these factors contribute to the expansion of the regional market.

Europe is expected to experience substantial growth. In 2019, the overall prevalence rate of diabetes among persons aged 20-80 was 8.9%. As per the International Diabetes Federation (IDF), the prevalence of diabetes in Europe was approximately 59 million in 2019. It is projected to increase to approximately 66 million by 2030 and 68 million by 2045. The region also has the highest incidence of type 1 diabetes among children and adolescents (0-19 years), with a total of 296,500 cases. The European region's diabetes-related health cost in 2019 was expected to be USD 161,400 million. European countries have increasingly embraced smart insulin pens and pumps in recent years. Compared to conventional insulin pens and other traditional insulin delivery methods, these devices provide several advantages, such as improved accuracy, user-friendly operation, convenience, and cost-effectiveness.

Furthermore, there is also a notable presence of favorable regulatory backing in this region. For instance, in February 2023, Innovation Zed announced that its InsulCheck Dose add-on device had achieved CE mark clearance in Europe. Innovation Zed, a company in Dublin, Ireland, developed the InsulCheck Dose device as an additional unit that can be attached to pen injectors. The system automatically records the dialed dose value, timestamps of injection events, and temperature. The device also records occurrences of attaching and detaching. Therefore, these factors are expected to enhance the market's growth.

Segmental Analysis

The global smart insulin pens and pumps market is segmented by product type, end-user, and distribution channel.

Based on product type, the global market for smart insulin pens and pumps is divided into smart insulin pens and smart insulin pumps. 

The smart insulin pens segment dominates the global market. Smart insulin pens are advanced tools designed to enhance the management of insulin therapy for patients with diabetes. These insulin pens utilize technology to monitor insulin doses, deliver reminders, and give data analysis. These pens connect with a smartphone or tablet through Bluetooth, enabling users to monitor their insulin doses and other pertinent information using specialized mobile applications.

Furthermore, there has been an increase in the introduction of novel products belonging to this particular segment, thereby propelling the expansion of the market. For instance, in March 2022, Novo Nordisk announced the release of two smart linked insulin pens, Novo Pen 6 and Novo Pen Echo Plus. These pens are specifically designed for those with diabetes who take Novo Nordisk insulin. Currently, they are accessible in the UK by prescription. The Novo Pen 6 and Novo Pen Echo Plus are innovative insulin pens that automatically record the insulin amount for each administration.

Based on end-users, the global market for smart insulin pens and pumps is bifurcated into hospitals and clinics, diagnostic laboratories, and others. 

The hospitals and clinics segment owns the largest market share. The hospitals and clinics segment holds a significant portion of the global insulin pens market and is projected to contribute substantially throughout the forecast period. The considerable revenue share of this market is attributed to the growing target demographics, strong adoption rates, increasing popularity among consumers, and the emergence of user-friendly designs. Moreover, the segment is expected to experience substantial growth due to an increase in the need for insulin pens among a sizable diabetic patient population receiving diabetes treatment in hospitals and clinics.

Based on distribution channels, the global market for smart insulin pens and pumps is divided into hospital pharmacies, retail pharmacies, online channels, and others.

The online segment is experiencing growth due to several factors, including the increasing adoption of e-prescriptions in hospitals, the proliferation of internet users, and the swift development of online pharmacies. The hospitals of the National Health Service in England have set a goal to become fully digital by 2020, which will significantly increase the need for e-prescription technology. The online pharmacy segment has numerous advantages, including a diverse selection of choices, easy comparison of insulin pens and pumps, a streamlined and expedited ordering process, savings, and favorable return policies. Moreover, it provides numerous services, such as access to diabetes specialists and the option to communicate online or via email chat to address inquiries about the devices. These factors are further contributing to the growth of this market.

Impact of covid-19

Recent Developments

• March 2023- The FDA approved the launch of an Android mobile application for a connected smart cap for insulin pens developed by Bigfoot Unity, following the 510(k) clearance.
• January 2024- Medtronic obtained European permission to integrate its latest automated insulin pump with its most recent glucose sensor, marking the first time these two technologies have been combined. The CE mark encompasses the MiniMed 780G pump and the Simplera Sync system, both of which are products of MedTech.