The Smart Insulin Pens and Pumps Market estimated to grow at higher CAGR of 9.8 %.
In the last few years, smart insulin pens and pumps have successfully become a benchmark for progressive diabetes care solutions as they provide the user to monitor the blood-sugar level in real-time. The devices also empower users to easily access information to make an effective decisions concerning medication and food consumption. In addition to this, it allows users to customize the device to attain a personal goal for diabetes management, which is further adding fuel to the market growth.
Novel product launches and approvals from the Food and Drug Administration (FDA) for smart insulin delivery devices is likely to boost the market growth in the years to come. In 2018, Novo Nordisk launched NovoPen 6 and NovoPen Echo Plus insulin pens. The pens are reusable insulin pens enhanced with Near Field Communication technology that indicates the amount of active insulin, size of the last dosage, and time period since the last injection. Similarly, in January 2017, Novo Nordisk and Glooko strategically partnered to develop digital diabetes tools. Thus, with the advent of AI and the data analytics process, the industry is expected to influence the progression and benefit millions of diabetes patients in blood glucose management.
| Report Metric | Details |
|---|---|
| Base Year | 2017 |
| Study Period | 2016-2026 |
| Forecast Period | 2023-2031 |
| CAGR | 9.8% |
| Market Size | |
| Fastest Growing Market | Europe |
| Largest Market | Americas |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends |
| Geographies Covered |
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Globally, the prevalence of diabetes is increasing at an alarming rate on account of the growing consumption of unhealthy food, obesity, and a sedentary lifestyle, which is subsequently boosting the demand for smart insulin pumps and pens. As per the International Diabetes Federation (IDF), around 463 million people aged 20–79 are suffering from diabetes and the number is likely to surge to 700 million by 2045. Also, about 79% of adults with diabetes are living in low and middle-income countries. To attend to the dire situation, the governments in the region are offering insulin pumps and painless injections at relatively lower prices.
For instance, in the U.S., healthcare spending on diabetes has increased substantially over the last two decades. As per the diabetes organization, over 30 million Americans are suffering from diabetes. In 2018, the American Diabetes Association estimated that the total costs of diagnosed diabetes have risen to USD 327 billion in 2017 from USD 245 billion in 2012. Other factors driving the market growth include the rapid advancements in technology in the field of insulin fusion techniques, rapid adoption of smart insulin devices, raising awareness about advanced diabetic management systems, and the rising middle-income population.
Regionally, the Smart Insulin Pens And Pumps Market is Segmented into the Americas, Europe, Asia Pacific, and The Middle East and Africa (MEA)
America is grabbing one of the largest shares in the smart insulin pens and pumps market. The region is backed with the presence of various organizations that are dedicated to working to increase awareness regarding advanced glucose monitoring devices. Other factors driving the market growth include growing geriatric population, advanced healthcare infrastructure, leading market players, rising healthcare expenditure, and development of novel products, and increasing prevalence of diabetes. As per the U.S. CDC, in the U.S., about 30 million people are suffering from diabetes. Favorable device insurance and reimbursement policies will also influence the industrial growth. The geriatric population is expected to grow from 9% in 2010 to 19% by 2050, which is further adding fuel to the market growth. In January 2019, Bigfoot Biomedical collaborated with Eli Lilly to develop advanced solutions for dosing & delivery of insulin using artificial intelligence (AI). The strategic alliance was intended to uplift the firm’s market position by introducing advanced glucose monitoring devices for diabetic patients.
Europe is second in the smart insulin pens and pumps market on account of growing technological advancements in the healthcare sector, increasing prevalence of diabetes, and rising awareness regarding the availability of advanced treatment options. The region has the presence of major revenue earners, including Germany, France, Spain, the U.K, and Italy. Additionally, the governments and market players in the region are heavily investing in the R&D activities for the development of advanced products, which is likely to boost the market growth to some extent.
Asia Pacific is the fastest-growing smart insulin pens and pumps market. This can be attributed to the growing geriatric population, rising prevalence of diabetes, increasing spending power, expanding healthcare infrastructure, and high adoption of advanced glucose monitoring solutions. In the region, the geriatric population is expected to increase to 1.3 billion by 2050 from 535 million in 2015, which is further adding fuel to the market growth.
Africa is likely to witness sluggish growth in the smart insulin pens and pumps market due to the increasing prevalence of diabetes and chronic diseases, low adoption of advanced diabetes management products, and low healthcare spending. However, with the growing initiatives to tackle the burden of diabetes, the demand for various insulin delivery devices is expected to rise in the years to come. Whereas, in the Middle East, governments are actively working to spread awareness about smart insulin pens and pumps and are heavily investing in the healthcare sector for the same. Thereby, growing investments in the healthcare sector and entry of various pharmaceutical and medical device manufacturers are likely to boost the market growth.
The smart insulin pens segment is estimated to witness significant growth during the forecast period. This can be attributed to the increasing prevalence of diabetes, growing government initiatives for developing the healthcare sector, and rising geriatric population. Today, a wide variety of smart insulin pens are available in the market, including Novo5, Novo Echo, PENDIQ 2.0, and ESYTA Pen. Additionally, several players are manufacturing advanced smart insulin pens at lower pricing to increase sales and expand the consumer base to gain a competitive edge in the raging competition. In the last few years, the demand for a smart insulin pen has been witnessing a considerable surge as it is easy to use, portable, highly accurate, and time-saving due to pre-filled and pre-set insulin levels, as compared to other insulin injections or devices. Also, it supports a more precise dosage of insulin than a vial and syringe. Other factors driving market growth include increasing technological advancements and rising healthcare expenditure.
The rapid evolution of online pharmacy, surging number of internet users, and rising implementation of e-prescriptions in hospitals are some of the factors driving the market growth. The National Health Service hospitals in England are planning to go paperless by 2020, which will further boost the demand for e-prescription technology in the years to come. The online pharmacy segment offers umpteen benefits, such as a wide range of options, easy comparison of insulin pens and pumps, hassle-free, and fast ordering procedure, discounts, and return policies. It also offers umpteen services, such as diabetes experts and the provision of online or email chatting for resolving queries regarding the devices, which is further driving the segment growth.
The hospitals and clinic segment is accounted for one of the largest market shares. The growing number of hospitals, the increasing diabetic population, and the rise in healthcare spending is anticipated to fuel the segment growth.
