Smart Insulin Pens Market: Information by Product (Smart Insulin Pens), Usability (Disposable), Application (Type 1 Diabetes), Mode of Distribution, and Region — Forecast till 2029

Feb 17, 2021   Smart insulin pens are smart devices that are used externally to inject insulin to patients with an easy-to-use medium. These devices are further added with features, such as recording data, time, date, and dosage of insulin injected by a patient, which enables efficient diabetes management. Continuous efforts towards the advancement of technologies to manage diabetes have led to the emergence of smart insulin pens. These devices help both patients and health care professionals to overcome techn...
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Report Description

Smart insulin pens are smart devices that are used externally to inject insulin to patients with an easy-to-use medium. These devices are further added with features, such as recording data, time, date, and dosage of insulin injected by a patient, which enables efficient diabetes management. Continuous efforts towards the advancement of technologies to manage diabetes have led to the emergence of smart insulin pens. These devices help both patients and health care professionals to overcome technical problems, such as poor insulin adherence, incorrect insulin dosage, and medication errors.

The smart insulin pens market was valued at USD 73.8 million in 2019 and is expected to grow with a CAGR of 10.8%.

Smart-Insulin-Pens-Market

Rising Prevalence of Diabetes across the Globe 

The world is burdened with the growing diabetic population, where diagnosed people are spread across all regions. For instance, the International Diabetes Federation (IDF) in Diabetes Atlas Ninth edition 2019 reported that roughly 463 million adults across the globe were suffering from diabetes in 2019. This number is expected to reach 700 million patients by the year 2045. In 2019, as per the International Diabetes Federation (IDF), over 1.1 million people in the lower age group were diagnosed with type 1 diabetes. Medically, the management of diabetes requires timely intervention and routine medication that are prescribed throughout the lifetime.

Table 1: Number of adults (20–79 years) with diabetes worldwide (Million)

Region

2019

2030

2045

North America & Caribbean

48

56

63

South & Central America

32

40

49

Africa

19

29

47

South-East Asia

88

115

153

Europe

59

66

68

Western Pacific

163

197

212

*Source: International Diabetes Federation

Surge in Demand for Insulin Pena and Technological Advancements 

Insulin therapy is often prescribed as a routine therapy throughout a lifetime for diabetic patients.As per Diabetes co. approximately 5% of diabetes in the U.S. are type-1 diabetes mellitus (T1DM), which requires insulin therapy as patients suffer from loss of functions of pancreatic β-cells. Thus, evidently, there is a huge demand for insulin pens in the market.

Smart-Insulin-Pens-Market-Growth

Insulin pens are comparatively cost-effective and safer when compared to other means, such as insulin pumps and traditional syringe vial methods. The insulin pen needles also eliminate the risk of needle stick injuries considerably. Also, these products have simple functioning and are prefilled, which enables self-administration and ensures accurate dosage. These benefits offered by insulin pens cumulatively boost its adoption within end-users.Apart from this, the smart features of these pens, such as integrated glucose monitoring and Bluetooth connectivity, enable better management of diabetes.

Smart Insulin Pens Market: Segmentation

Smart Pen Segment Is Expected to Attain High Growth Rate

The smart pen segment is anticipated to grow steadily on account of the high incidence of diabetes across the globe. Smart insulin pen offers the user umpteen advantages. For instance, the pens allow a more accurate, simpler, and convenient mode of delivery than vials and syringes. Additionally, the pen needles allow patients to self-inject therapeutics as per need, which is very convenient for people that require scheduled injections of therapy.

 Hospital Pharmacies Segment Holds the Largest Revenue Share in the Market

Hospitals are the most basic healthcare setup that is available for patients to seek medical care. Thus, most diabetic patients make purchases of medical devices through hospital pharmacies upon prescription. Owing to the extensive reach of hospital pharmacies to end-users, the hospital pharmacies segment accounts for the largest share of the market. The rising adoption of insulin pens and the growing number of hospitals support the market growth during the forecast period.

On the other hand, the e-commerce segment is expected to register a high CAGR during the forecast period, owing to the rapidly growing popularity and service diversity in the e-commerce sector, growing access of consumers to the internet, availability of products, and doorstep delivery. Further, during the pandemic caused by the novel coronavirus, the boom within the e-commerce-based pharmacy stores is expected to have a positive influence.

Regional Overview

North-America-Lead-Smart-Insulin-Pens-Market

Faster Uptake of Technological Advancements and a Well-Developed Medical Device Industry in North America Drives the Market Growth

North America holds the largest market share during the forecast period. This market domination can be attributed to the fact that the regional market enjoys higher awareness among patients, faster uptake of technological advancements,and well-developed medical device industry. In addition, several strategic decisions, such as partnerships, collaborations, and expansion, in the regional market impacts the growth projectile positively.

In April 2019, Companion Medical had expanded its manufacturing & R&D facilities that are located in San Diego (the U.S.). Also, the presence of a larger diabetic patient pool and increasing geriatric population promotes the adoption of insulin pens. Moreover, the presence of key players within the regional market, such as Companion Medical, Eli Lilly and Company, and other projects, positive influence on the regional market.

Growing Diabetic Population in Asia-Pacific to Surge the Demand for Smart Insulin Pens

Asia-Pacific is anticipated to be the most rapidly growing market for smart insulin pens on account of the growing diabetic population that requires routine administration of insulin. As per the World Health Organization (WHO), about 10% of the Chinese population suffers from diabetes and the number is expected to reach 150 million by 2040. The high prevalence of diabetes in emerging regions is also expected to aid in market growth. As per the International Diabetes Federation, the prevalence of Type 2 diabetes in Asia-Pacific is expected to increase by 150% between 2000 and 2035. Other factors that promote market growth include growing penetration of medical devices, increasing awareness regarding pen needles, and a surging number of campaigns aimed at spreading awareness.

Key Players

  • Novo 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. (Bigfoot Biomedical Inc.)

Recent Developments

  • In June 2019, Companion Medical partnered with Rimidi, a cloud-based medical care software solution provider, to support enable clinicians to analyze insulin dosage integrated with connected glucometers and CGMs in real-time to remotely monitor patients.
  • In January 2020, Bigfoot Biomedical, a startup focused on automated insulin delivery using smart insulin pens, started the Series C round with an initial budget of USD 45 million.

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 Region

  • Americas
  • Europe
  • Asia-Pacific
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

The smart insulin pens market was valued at USD 73.8 million in 2019 and is expected to grow with a CAGR of 10.8%.
The rising prevalence of diabetes across the globe, the surge in demand for insulin pen and technological advancements, increasing geriatric population are the key factors expected to drive Smart Insulin Pens Market during the forecast period.
North America is expected to hold the highest market share in Smart Insulin Pens Market.
Novo 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 are the top players in Smart Insulin Pens Market.
In 2019 Global Smart Insulin Pens Market was valued at USD 73.8 million.
Hospital Pharmacies Segment is expected to be the leading segment in Smart Insulin Pens Market during the forecast period.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.

Smart insulin pens are smart devices that are used externally to inject insulin to patients with an easy-to-use medium. These devices are further added with features, such as recording data, time, date, and dosage of insulin injected by a patient, which enables efficient diabetes management. Continuous efforts towards the advancement of technologies to manage diabetes have led to the emergence of smart insulin pens. These devices help both patients and health care professionals to overcome technical problems, such as poor insulin adherence, incorrect insulin dosage, and medication errors.

The smart insulin pens market was valued at USD 73.8 million in 2019 and is expected to grow with a CAGR of 10.8%.

Smart-Insulin-Pens-Market

Rising Prevalence of Diabetes across the Globe 

The world is burdened with the growing diabetic population, where diagnosed people are spread across all regions. For instance, the International Diabetes Federation (IDF) in Diabetes Atlas Ninth edition 2019 reported that roughly 463 million adults across the globe were suffering from diabetes in 2019. This number is expected to reach 700 million patients by the year 2045. In 2019, as per the International Diabetes Federation (IDF), over 1.1 million people in the lower age group were diagnosed with type 1 diabetes. Medically, the management of diabetes requires timely intervention and routine medication that are prescribed throughout the lifetime.

Table 1: Number of adults (20–79 years) with diabetes worldwide (Million)

Region

2019

2030

2045

North America & Caribbean

48

56

63

South & Central America

32

40

49

Africa

19

29

47

South-East Asia

88

115

153

Europe

59

66

68

Western Pacific

163

197

212

*Source: International Diabetes Federation

Surge in Demand for Insulin Pena and Technological Advancements 

Insulin therapy is often prescribed as a routine therapy throughout a lifetime for diabetic patients.As per Diabetes co. approximately 5% of diabetes in the U.S. are type-1 diabetes mellitus (T1DM), which requires insulin therapy as patients suffer from loss of functions of pancreatic β-cells. Thus, evidently, there is a huge demand for insulin pens in the market.

Smart-Insulin-Pens-Market-Growth

Insulin pens are comparatively cost-effective and safer when compared to other means, such as insulin pumps and traditional syringe vial methods. The insulin pen needles also eliminate the risk of needle stick injuries considerably. Also, these products have simple functioning and are prefilled, which enables self-administration and ensures accurate dosage. These benefits offered by insulin pens cumulatively boost its adoption within end-users.Apart from this, the smart features of these pens, such as integrated glucose monitoring and Bluetooth connectivity, enable better management of diabetes.

Smart Insulin Pens Market: Segmentation

Smart Pen Segment Is Expected to Attain High Growth Rate

The smart pen segment is anticipated to grow steadily on account of the high incidence of diabetes across the globe. Smart insulin pen offers the user umpteen advantages. For instance, the pens allow a more accurate, simpler, and convenient mode of delivery than vials and syringes. Additionally, the pen needles allow patients to self-inject therapeutics as per need, which is very convenient for people that require scheduled injections of therapy.

 Hospital Pharmacies Segment Holds the Largest Revenue Share in the Market

Hospitals are the most basic healthcare setup that is available for patients to seek medical care. Thus, most diabetic patients make purchases of medical devices through hospital pharmacies upon prescription. Owing to the extensive reach of hospital pharmacies to end-users, the hospital pharmacies segment accounts for the largest share of the market. The rising adoption of insulin pens and the growing number of hospitals support the market growth during the forecast period.

On the other hand, the e-commerce segment is expected to register a high CAGR during the forecast period, owing to the rapidly growing popularity and service diversity in the e-commerce sector, growing access of consumers to the internet, availability of products, and doorstep delivery. Further, during the pandemic caused by the novel coronavirus, the boom within the e-commerce-based pharmacy stores is expected to have a positive influence.

Regional Overview

North-America-Lead-Smart-Insulin-Pens-Market

Faster Uptake of Technological Advancements and a Well-Developed Medical Device Industry in North America Drives the Market Growth

North America holds the largest market share during the forecast period. This market domination can be attributed to the fact that the regional market enjoys higher awareness among patients, faster uptake of technological advancements,and well-developed medical device industry. In addition, several strategic decisions, such as partnerships, collaborations, and expansion, in the regional market impacts the growth projectile positively.

In April 2019, Companion Medical had expanded its manufacturing & R&D facilities that are located in San Diego (the U.S.). Also, the presence of a larger diabetic patient pool and increasing geriatric population promotes the adoption of insulin pens. Moreover, the presence of key players within the regional market, such as Companion Medical, Eli Lilly and Company, and other projects, positive influence on the regional market.

Growing Diabetic Population in Asia-Pacific to Surge the Demand for Smart Insulin Pens

Asia-Pacific is anticipated to be the most rapidly growing market for smart insulin pens on account of the growing diabetic population that requires routine administration of insulin. As per the World Health Organization (WHO), about 10% of the Chinese population suffers from diabetes and the number is expected to reach 150 million by 2040. The high prevalence of diabetes in emerging regions is also expected to aid in market growth. As per the International Diabetes Federation, the prevalence of Type 2 diabetes in Asia-Pacific is expected to increase by 150% between 2000 and 2035. Other factors that promote market growth include growing penetration of medical devices, increasing awareness regarding pen needles, and a surging number of campaigns aimed at spreading awareness.

Key Players

  • Novo 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. (Bigfoot Biomedical Inc.)

Recent Developments

  • In June 2019, Companion Medical partnered with Rimidi, a cloud-based medical care software solution provider, to support enable clinicians to analyze insulin dosage integrated with connected glucometers and CGMs in real-time to remotely monitor patients.
  • In January 2020, Bigfoot Biomedical, a startup focused on automated insulin delivery using smart insulin pens, started the Series C round with an initial budget of USD 45 million.

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 Region

  • Americas
  • Europe
  • Asia-Pacific
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

The smart insulin pens market was valued at USD 73.8 million in 2019 and is expected to grow with a CAGR of 10.8%.
The rising prevalence of diabetes across the globe, the surge in demand for insulin pen and technological advancements, increasing geriatric population are the key factors expected to drive Smart Insulin Pens Market during the forecast period.
North America is expected to hold the highest market share in Smart Insulin Pens Market.
Novo 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 are the top players in Smart Insulin Pens Market.
In 2019 Global Smart Insulin Pens Market was valued at USD 73.8 million.
Hospital Pharmacies Segment is expected to be the leading segment in Smart Insulin Pens Market during the forecast period.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically, choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.