Smart Insulin Pens Market Growth, Size, Trends, Demand, Share, Revenue and Future Outlook
Smart Insulin Pens Market Size- By Product, By Connectivity Type, By Application, By Distribution Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Apr-2024 | Report ID: HLCA2433 | Pages: 1 - 232 | Formats*: |
| Category : Healthcare | |||
Smart Insulin Pens Market Introduction and Overview
According to SPER Market Research, the Global Smart Insulin Pens Market is estimated to reach USD 2054.11 million by 2033 with a CAGR of 10.69%.
The report includes an in-depth analysis of the Global Smart Insulin Pens Market, including market size and trends, product mix, applications, and supplier analysis. A smart insulin pen serves as a reusable injector pen that diabetic individuals can use to more effectively monitor their insulin dosage. It connects to a smartphone app. The majority of diabetic people have trouble accurately estimating their insulin dosage. This can result in insulin stacking. Hypoglycemia can result from increasing insulin dosage while the body still uses the remaining insulin from earlier doses. The doctor's prescribed settings, meal size, active insulin, blood sugar level, and amount of carbohydrates consumed can all be used by the smart insulin pen to determine each dose. In addition, it can accurately administer half-unit dosages, assist in preventing missing or skipped doses, record the time and quantity of each dose, and notify the patient when the next one is due. Insulin pens come in two varieties: reusable and disposable.
- September 2022; The National Medical Products Administration (NMPA) in China has approved Novo Nordisk A/S's Novopen 6 smart insulin pen for sale. The amount of insulin units administered by users and the time of injections are automatically recorded by this pen.
- September 2022; In Europe, Medtronic plc introduced the Smart MDI system, which consists of the Guardian 4 system, a smart insulin pen, and the InPen and CGM systems.
- March 2022; Novo Nordisk, a prominent global healthcare business, has announced that two smart linked insulin pens, the NovoPen 6 and the NovoPen Echo Plus, are currently accessible via prescription in the UK for patients with diabetes who use Novo Nordisk insulin. Insulin injection pens that track dosage details, such as when and how much was given, are NovoPen 6 and NovoPen Echo Plus.
Market Opportunities and Challenges
Type 2 diabetes prevalence may rise as a result of rising rates of childhood obesity, prenatal exposure to obesity and diabetes in mothers, or increased frequency of diabetes testing. The impact of diabetes on young individuals are concerning since they may have a serious influence on them as they age and may serve as a prelude to future generations' health. As a result, using integrated technologies to calculate insulin dosage and measure blood glucose levels has increased. Sophisticated technical tools and apps allow patients to share their information with physicians or other healthcare professionals. For example, InPen insulin pens can be connected to smartwatches, armbands, and smart applications, which help monitor physical activity and send the data to doctors. These factors helped in market growth.
Smart insulin pens are made with more electronic control circuits and tolerance-critical components. Assembling the parts for smart insulin pens is a labour-intensive, multi-step process that takes time during production. The market's growth pace will be hampered by the steep price of insulin pens and low reimbursement rates. A major difficulty facing industry participants, especially small producers, is the increasing demand for refurbished products.
Market Competitive Landscape
The smart insulin pen market will continue to grow as a result of major players in the industry investing heavily in R&D to expand their product ranges. Rivals are also displaying strategic dynamism in response to significant market events, including mergers and acquisitions, the introduction of new products, contract-based agreements, higher investments, and joint ventures with other businesses. Some of key market players such as Bigfoot Biomedical, Diamesco Co. Ltd., Eli Lilly and Company, Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, Pendiq, Sanofi (Sanofi-Aventis US LLC), Ypsomed Holding AG, and others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Product, By Connectivity Type, By Application, By Distribution Channel |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe |
| Companies Covered | Bigfoot Biomedical, Diamesco Co. Ltd., Eli Lilly and Company, Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, Pendiq, Sanofi (Sanofi-Aventis US LLC), Ypsomed Holding AG, and others. |
COVID-19 Impact on Global Smart Insulin Pens Market
Due to the increased risk of viral infection among diabetic patients, the continuing COVID-19 pandemic has had a minor effect on the demand for smart insulin pens. Diabetes was found to be a significant component in the decreased rate of recovery for COVID-19 patients. As a result, the market for smart insulin pens grew. Due to strict regulations and the early phases of the lockdown, the supply of gadgets was temporarily stopped since there were no raw materials or other resources accessible. However, the industry gained speed once more as a result of the recovery of raw materials and resources as well as the widespread vaccination campaign. The pandemic has increased the demand for smart insulin pens because of online retail and telemedicine. To reduce virus exposure, many customers opted home delivery of diabetes care goods such as smart insulin pens. Consequently, having a favourable effect on the market.
Key Target Audience:
- Smart insulin pens products providers
- Research organizations and consulting companies
- Smart insulin pens-linked organizations, associations, forums, and other alliances
- Government and corporate offices
- Start-up companies
- Venture capitalists
- Private equity firms
- Dealers and Distributors dealing in smart insulin pens
- Various End-users
Our in-depth analysis of the Smart Insulin Pens Market includes the following segments:
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| By Connectivity Type: |
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| By Application: |
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Key Topics Covered in the Report
- Global Smart Insulin Pens Market Size (FY’2024-FY’2033)
- Overview of Global Smart Insulin Pens Market
- Segmentation of Global Smart Insulin Pens Market By Product (Smart Insulin Pens, Adaptors for Conventional Pens)
- Segmentation of Global Smart Insulin Pens Market By Connectivity Type (Bluetooth, USB)
- Segmentation of Global Smart Insulin Pens Market By Application (Type 1 Diabetes, Type 2 Diabetes)
- Segmentation of Global Smart Insulin Pens Market By Distribution Channel (Hospital Pharmacies, Online Sales, Retail Pharmacies, Diabetes Clinics/Centers)
- Statistical Snap of Global Smart Insulin Pens Market
- Expansion Analysis of Global Smart Insulin Pens Market
- Problems and Obstacles in Global Smart Insulin Pens Market
- Competitive Landscape in the Global Smart Insulin Pens Market
- Impact of COVID-19 and Demonetization on Global Smart Insulin Pens Market
- Details on Current Investment in Global Smart Insulin Pens Market
- Competitive Analysis of Global Smart Insulin Pens Market
- Prominent Players in the Global Smart Insulin Pens Market
- SWOT Analysis of Global Smart Insulin Pens Market
- Global Smart Insulin Pens Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1.Introduction
1.1.Scope of the report1.2.Market segment analysis
2.Research Methodology
2.1.Research data source
2.1.1.Secondary Data2.1.2.Primary Data2.1.3.SPER’s internal database2.1.4.Premium insight from KOL’s
2.2.Market size estimation
2.2.1.Top-down and Bottom-up approach2.3.Data triangulation
3.Executive Summary
4.Market Dynamics
4.1.Driver, Restraint, Opportunity and Challenges analysis
4.1.1.Drivers4.1.2.Restraints4.1.3.Opportunities4.1.4.Challenges
4.2.COVID-19 Impacts of the Global Smart Insulin Pens Market
5.Market variable and outlook
5.1.SWOT Analysis
5.1.1.Strengths5.1.2.Weaknesses5.1.3.Opportunities5.1.4.Threats
5.2.PESTEL Analysis
5.2.1.Political Landscape5.2.2.Economic Landscape5.2.3.Social Landscape5.2.4.Technological Landscape5.2.5.Environmental Landscape5.2.6.Legal Landscape
5.3.PORTER’s Five Forces
5.3.1.Bargaining power of suppliers5.3.2.Bargaining power of buyers5.3.3.Threat of Substitute5.3.4.Threat of new entrant5.3.5.Competitive rivalry
5.4.Heat Map Analysis
6.Competitive Landscape
6.1.Global Smart Insulin Pens Market Manufacturing Base Distribution, Sales Area, Product Type6.2.Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Smart Insulin Pens Market
7.Global Smart Insulin Pens Market, By Product (USD Million)
7.1.Global Smart Insulin Pens Market Value Share and Forecast, By Product, 2024-20337.2.Smart Insulin Pens7.3.Adaptors for Conventional Pens
8.Global Smart Insulin Pens Market, By Connectivity Type (USD Million)
8.1.Global Smart Insulin Pens Market Value Share and Forecast, By Connectivity Type, 2024-20338.2.Bluetooth8.3.USB
9.Global Smart Insulin Pens Market, By Application (USD Million)
9.1.Global Smart Insulin Pens Market Value Share and Forecast, By Application, 2024-20339.2.Type 1 Diabetes9.3.Type 2 Diabetes
10.Global Smart Insulin Pens Market, By Distribution Channel (USD Million)
10.1.Global Smart Insulin Pens Market Value Share and Forecast, By Distribution Channel, 2024-203310.2.Hospital Pharmacies10.3.Online Sales10.4.Retail Pharmacies10.5.Diabetes Clinics/Centers
11.Global Smart Insulin Pens Market Forecast, 2020-2033 (USD Million)
11.1.Global Smart Insulin Pens Market Size and Market Share
12.Global Smart Insulin Pens Market, By Product Type 2020-2033 (USD Million)
12.1.Global Smart Insulin Pens Market Size and Market Share By Product (2020-2026)12.2.Global Smart Insulin Pens Market Size and Market Share By Product (2027-2033)
13.Global Smart Insulin Pens Market, By Connectivity Type, 2020-2033 (USD Million)
13.1.Global Smart Insulin Pens Market Size and Market Share By Connectivity Type (2020-2026)13.2.Global Smart Insulin Pens Market Size and Market Share By Connectivity Type (2027-2033)
14.Global Smart Insulin Pens Market, By Application, 2020-2033 (USD Million)
14.1.Global Smart Insulin Pens Market Size and Market Share By Application (2020-2026)14.2.Global Smart Insulin Pens Market Size and Market Share By Application (2027-2033)
15.Global Smart Insulin Pens Market, By Distribution Channel, 2020-2033 (USD Million)
15.1.Global Smart Insulin Pens Market Size and Market Share By Distribution Channel (2020-2026)15.2.Global Smart Insulin Pens Market Size and Market Share By Distribution Channel (2027-2033)
16.Global Smart Insulin Pens Market, By Region, 2020-2033 (USD Million)
16.1.Global Smart Insulin Pens Market Size and Market Share By Region (2020-2026)16.2.Global Smart Insulin Pens Market Size and Market Share By Region (2027-2033)16.3.Asia-Pacific
16.3.1.Australia16.3.2.China16.3.3.India16.3.4.Japan16.3.5.South Korea16.3.6.Rest of Asia-Pacific16.4.Europe16.4.1.France16.4.2.Germany16.4.3.Italy16.4.4.Spain16.4.5.United Kingdom16.4.6.Rest of Europe16.5.Middle East and Africa16.5.1.Kingdom of Saudi Arabia16.5.2.United Arab Emirates16.5.3.Rest of Middle East & Africa16.6.North America16.6.1.Canada16.6.2.Mexico16.6.3.United States16.7.Latin America16.7.1.Argentina16.7.2.Brazil16.7.3.Rest of Latin America
17.1.Bigfoot Biomedical
17.1.1.Company details17.1.2.Financial outlook17.1.3.Product summary17.1.4.Recent developments
17.2.Diamesco Co. Ltd.
17.2.1.Company details17.2.2.Financial outlook17.2.3.Product summary17.2.4.Recent developments
17.3.Eli Lilly and Company
17.3.1.Company details17.3.2.Financial outlook17.3.3.Product summary17.3.4.Recent developments
17.4.Emperra GmbH
17.4.1.Company details17.4.2.Financial outlook17.4.3.Product summary17.4.4.Recent developments17.5.Jiangsu Deflu Medical Device Co. Ltd.
17.5.1.Company details
17.5.2.Financial outlook17.5.3.Product summary17.5.4.Recent developments
17.6.Medtronic plc
17.6.1.Company details17.6.2.Financial outlook17.6.3.Product summary17.6.4.Recent developments
17.7.Novo Nordisk A/S
17.7.1.Company details17.7.2.Financial outlook17.7.3.Product summary17.7.4.Recent developments
17.8.Pendiq
17.8.1.Company details17.8.2.Financial outlook17.8.3.Product summary17.8.4.Recent developments
17.9.Sanofi (Sanofi-Aventis US LLC)
17.9.1.Company details17.9.2.Financial outlook17.9.3.Product summary17.9.4.Recent developments
17.10.Ypsomed Holding AG
17.10.1.Company details17.10.2.Financial outlook17.10.3.Product summary17.10.4.Recent developments
17.11.Others
18.List of Abbreviations
19.Reference Links
20.Conclusion
21.Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Smart Insulin Pens Market is projected to reach USD 2054.11 million by 2033, growing at a CAGR of 10.69% during the forecast period.
Smart Insulin Pens Market size from 2022. The Market is expected to reach USD 2054.11 million by 2033, at a CAGR of 10.69% during the forecast period.
Smart Insulin Pens Market CAGR of 10.69% during the forecast period.
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Smart Insulin Pens Marketsize is USD 2054.11 million from 2024 to 2033.
Smart Insulin Pens Market Segment is covered By Service, By Category, By Indication, By Product Stage, By End User.
The North America is anticipated to have the highest Market share in the Smart Insulin Pens Market.
The key players in the Market include Companies Covered Bigfoot Biomedical, Diamesco Co. Ltd., Eli Lilly and Company, Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd.Laboratories, ICON plc, Labcorp Drug Development, Parexel International Corporation, Freyr, PHARMALEX GMBH.
A smart insulin pen serves as a reusable injector pen that diabetic individuals can use to more effectively monitor their insulin dosage. It connects to a smartphone app.
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