Smart Insulin Pens Market

Market Overview

The global smart insulin pens market size 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).

Smart insulin pens are a better option for managing diabetes because they allow a diabetic patient to administer insulin externally. Smart insulin pens are designed to make it simpler to administer doses regularly because of the system's timely reminders and alerts. Due to their simplicity of use, intelligent insulin pens are in increasing demand. The smart device can be connected to diabetic patients' already-used insulin pens. The market for smart insulin pens is expanding because they help deliver accurate insulin dosage and have the option of sending periodic reminders or timely alerts. Additionally, it assists in keeping track of missed doses, which is crucial for diabetic patients. Depending on the patient's blood sugar levels, the intelligent insulin pen assists in administering the necessary number of doses. The disposable capability offered by the intelligent insulin pens aids in preserving the product's sterility. As a result, the patient is protected from STDs, which have emerged as the most feared risk in the hospital and clinic sectors. The management of diabetes types 1 and 2 has been made much easier with the help of this smart insulin pen.

Market Dynamics

Market Drivers

Growing Preference for Painless Surgery

Worldwide, there is a sharp increase in demand for minimally invasive or non-invasive surgeries due to documented patient trauma and injuries causing additional complications. Additionally, invasive surgical procedures raise the risk of infections because the exposed wound may draw potential microbes, further compromising the patient’s health. Most conventional insulin injections are subcutaneous because deeper injections into the muscle cause the body to absorb the insulin too quickly. Additionally, patients find this approach to be quite painful. As a result, doctors are relying on smart insulin jet injectors, which enable the injection of insulin without the need for a needle. The delivery device, a disposable injector nozzle, and a disposable insulin vial adapter are the three main components of insulin jet injectors. Compared to a needle, an insulin jet injector enables the insulin to spread over a greater area in the dermal layer of the skin.

Increased Demand for Better Diabetes Management

Growing obesity cases, which are a direct result of sedentary lifestyle habits, are primarily to blame for these alarming increase rates. Lack of exercise has made people more prone to developing such chronic conditions, necessitating the development of a robust healthcare system. The market for smart insulin pins is expanding daily as diabetic patients need constant monitoring of their insulin levels. Workflow management for diabetic patients can be time-consuming and laborious because it necessitates extensive data gathering, processing, and assimilation in addition to timely administration of insulin dosage. As a result, the number of companies making smart insulin pens has skyrocketed recently. These companies provide highly specialized solutions to simplify the management of diabetic patients.

Market Challenges

High Costs Associated and Strict Government Regulations

The high cost of smart insulin pens and other diabetes treatment methods significantly hinders their uptake, especially in low- and middle-income countries. These areas may not have enough resources to support significant research and development activities, which results in relatively poor healthcare infrastructure. Fortunately, government initiatives are assisting in addressing this weakness. Second, even though these products have the potential to save lives, the relevant regulatory authorities are closely monitoring them. Therefore, governments want to guarantee that the merchandise on the market is beyond all reasonable doubt or suspicion. This is frequently a drawn-out process that takes a long time, delaying the accessibility of new therapeutic approaches.

Market Opportunities

Rapid Growth in the Use of Connected Medical Devices

An individual with diabetes has elevated blood glucose levels. Type 1 diabetes is insulin-dependent, whereas type 2 diabetes is not. Self-administering daily insulin doses are extremely painful and stressful for a diabetic patient. Therefore, patients are seeking novel insulin delivery systems that are painless, secure, economical, and user-friendly. Smart insulin pens offer several benefits compared to traditional insulin delivery. They increase life quality and offer more flexibility in daily schedules. These insulin pens can administer the correct dosage of the drug. The smart insulin pen's memory function allows users to recall the dose's timing and volume in the past. Pens also have the advantage of being portable and practical over traditional delivery methods. Children and older adults prefer administering insulin with pens because it saves time.

Regional Analysis

The global smart insulin pens market is bifurcated into four regions: North America, Europe, Asia-Pacific, and LAMEA.

North America Dominates the Global Market. North America is the highest global smart insulin pens market shareholder and is expected to grow at a CAGR of 10.48% during the forecast period. The U.S. and Canada are included in the analysis of the smart insulin pens market in North America. The regional market's higher patient awareness, quicker adoption of technological advancements, and well-established medical device industry can be credited with this market dominance. The growth projectile is also positively impacted by several strategic choices made in the regional market, including partnerships, collaborations, and expansion. San Diego-based Companion Medical has increased the size of its manufacturing and R&D facilities. Smart insulin pens with Bluetooth connectivity record the amount of injected insulin and transmit the data wirelessly to the patient's digital blood glucose reading. The software accurately records each dose, which also sends readings to MRAM. Additionally, according to the American Diabetes Association, more than a million new cases of diabetes are diagnosed each year nationwide.

Asia Pacificis expected to grow at a CAGR of 11.3% during the forecast period.China, Australia, India, Japan, and the rest of Asia-Pacific are all included in the Asia-Pacific smart insulin pens market analysis.The main drivers of the regional market growth are rising healthcare spending and supportive government programs to raise awareness of advanced diabetes management solutions. Because of its large population, good dietary practices, awareness of potential problems caused by diabetes, and prevalence of diabetic patients, Asia-Pacific presents lucrative opportunities for market growth. The device's lower price also boosts the region's demand for pens compared to an insulin pen. The importance of treating diabetes has increased significantly, making it easier for major manufacturers of smart insulin pens to enter the market. Type-2 diabetes accounts for the vast majority of cases. The Government of India launched the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases, and Stroke to lower this incidence.

Segmental Analysis

The market is segmented by product, usability, application, and mode of distribution.

Based on the product,  the global smart insulin pens market is bifurcated into smart insulin pensand adaptors for conventional pens.

The smart insulin penssegment is the highest contributor to the market and is forecasted to grow at a CAGR of 10.35% during the forecast period.The market for Bluetooth-enabled smart insulin pens is predicted to grow at an astounding rate, surpassing $1 billion shortly. These "smart" insulin pens are positioned to provide a more convenient method of administering insulin and tracking dosing data that can be shared on digital platforms and combined with other essential data. The device has a lot of potential because, up until now, the US Food & Drug Administration has only approved one product—the Bluetooth-enabled InPen from Companion Medical. It is a reusable pen that utilizes half-unit dose-able short-acting insulin cartridges.

Based on usability, the global smart insulin pens market is bifurcated into disposable and reusable pens.

The reusable pen segment is the highest contributor to the market and is anticipated to grow at a CAGR of 10.72% during the forecast period.The genetic age group has benefitted from the advanced memory recording features. The time feature of this device has also significantly aided market expansion. The pre-field insulin pens have increased significantly over the anticipated time frame. People are now aware of the new technologies and market advancements thanks to the insulin industry's rapid technological growth.

Based on application, the global smart insulin pens market is bifurcated into type 1 diabetes and type 2 diabetes.

The type 2 diabetessegment is the major contributor to the market and is forecasted to grow at a CAGR of 11.06% during the forecast period.Due to the high prevalence of type-2 diabetes across all age groups, treatment will likely generate sizable revenue streams. Introducing a connected care ecosystem for patients, providers, and health systems has been a significant factor in the transformation of diabetic care, thanks to smart insulin pens. Real-time wireless connectivity, digital dose capture, and integration with customized dosing decision support are added to existing pens. When combined with glucose data, automatic dose capture can facilitate efficient retrospective analysis of insulin dose data.

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 expected to grow at a CAGR of 10.5% during the forecast period.To manage diabetes and its complications, hospital pharmacies are given access to various tools. These sectors also offer highly qualified labor and experienced staff handling and managing these cases. The hospitals use cutting-edge technologies to deliver excellent patient care while prioritizing patient safety. The healthcare sector increasingly uses such pens to manage blood sugar most simply and comfortably. The ambulatory surgical sector, which comes next in this segment, has these cutting-edge facilities to give patients the best care possible.

Recent Developments

• 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.

• March 2022, For people with diabetes who use Novo Nordisk insulin, Novo Nordisk has 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.