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Smart Insulin Pens Market

Smart Insulin Pens Market

Smart Insulin Pens Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

141

Base Year:

2021

Date

Sep - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1830

Segments Covered
  • By End Users Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings
  • By Type First Generation Pens, Second Generation Pens
  • By Usability Prefilled, Reusable
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 92.1 Million
Revenue 2028Revenue 2028: USD 180.8 Million
Revenue CAGRRevenue CAGR (2022 - 2028): 11.9%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Smart Insulin Pens Market Share

Market Synopsis:

The Global Smart Insulin Pens Market was valued USD 92.1 Million in 2021 and is anticipated to reach a value of USD 180.8 Million by 2028. In the projection period, the Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.9%.

Smart Insulin Pens are a superior option for managing diabetes since they allow a diabetic patient to administer insulin. Due to the system's timely reminders and notifications, Smart Insulin Pens are made to make it easier to deliver dosages regularly. Due to their simplicity of use, Smart Insulin Pens are in increasing demand. In addition, this smart device has the flexibility to be used in connection with diabetic patients' already-used insulin pens. Therefore, the market for Smart Insulin Pens is expanding because they help deliver appropriate insulin dosage and have the option of sending periodic reminders or timely warnings. The primary growth channels for the market for Smart Insulin Pens during the forecast period will be the healthcare sector, which comprises hospitals and clinics. When people have health problems, they frequently go to these places. As a result, it serves as the first step in detecting diabetes.

Smart Insulin Pens Market Size, 2021 To 2028 (USD Million)

The increasing prevalence of diabetic patients in the elderly has also contributed to the market's remarkable rise throughout the projection period. The number of diabetes patients has increased due to society's rapid organizational growth and the younger generation's growing burden. This patient rise causes the market's insulin goods to sell quickly. Recently, Smart Insulin Pens have become a popular gadget. The demand for Smart Insulin Pens has seen increased sales as needle stick injuries are becoming more common. The hectic and ever-changing lifestyle has made it difficult for individuals to exercise; therefore, in recent years, leading a sedentary lifestyle has become the norm. This change in lifestyle causes diabetes, creating a massive opportunity for the market during the projection period.

Market Segmentation:

The Smart Insulin Pens Market is segmented based on End Users, Type, Usability, and Region. Based on the End Users, the market is further segmented into Hospitals & Clinics, Ambulatory Surgical Centers, and Home Care Settings. Furthermore, based on the Type, the market is further bifurcated into First Generation Pens and Second Generation Pens. In addition, based on Usability, the market is further divided into Prefilled and Reusable.

Below tree is interactive. You can click the nodes to get more information.

Based on End Users:

The Hospitals & Clinics category dominated the market in 2021. The Hospitals & Clinics sector held the most significant market share and is anticipated to expand rapidly over the projection period. Hospitals and healthcare spending are projected to boost the segment's expansion. Furthermore, the Home Care Segment is expected to grow at the quickest rate during the projected time in the purview of the rising usage of smart devices and increased awareness of self-blood glucose monitoring devices. In addition, patients are being encouraged to use medical gadgets at home for reasons like the rising expense of healthcare services and hospital fees.

Based on Usability:

Prefilled category dominated the market in 2021. The Prefilled Smart Insulin Pens segment revenue is anticipated to expand steadily throughout the projected period. Portable and straightforward management techniques will be helpful for patients who find it challenging to administer cartridges on reusable pens or for persons with hectic schedules who do not want to change cartridges. Therefore, revenue from the sector of Reusable pens is anticipated to expand at a moderate rate over the forecast period. In Reusable pens, an insulin cartridge is inserted into the delivery chambers.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is estimated to grow at the highest Compound Annual Growth Rate (CAGR) during the projection period due to the growing importance of the diagnostic healthcare sector, increasing knowledge about contemporary pen needles, and expanding marketing campaigns for using Smart Insulin Penss. However, the region's steadily growing population of diabetic patients continues to be the main growth-limiting problem. In addition, the increasing number of foreign vendors attempting to build their businesses in the area by providing cutting-edge diabetic care goods is another factor driving market expansion. The increased demand for green insulin pens is the newest trend in the Asia Pacific (APAC) market, as more people know these gadgets' advantages.

Recent Developments:

  • In November 2020, the Guardian Connect linked glucose monitoring system is combined with Medtronic's brand-new InPen gadget. The most recent InPen is the only intelligent insulin pen that has received FDA approval for usage by patients requiring numerous daily injections.
  • In August 2020, the newest insulin glargine injection was made available in the US in prefilled pens by Biocon Biologics India Ltd. and its partner Mylan N.V. This insulin glargine pen is the least expensive one on the US market.

Competitive Landscape:

The key players in the Global Smart Insulin Pens Market include- Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Novo Nordisk, Pendiq, Sanofi, Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly & Company and others.

Segmentation of the Global Smart Insulin Pens Market:

Parameter Details
Segments Covered
  • End Users (Hospitals & Clinics, Ambulatory Surgical Centers, Home Care Settings)
  • Type (First Generation Pens, Second Generation Pens)
  • Usability (Prefilled, Reusable)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Emperra GmbH
  • Jiangsu Deflu Medical Device Co. Ltd.
  • Medtronic PLC
  • Novo Nordisk
  • Pendiq
  • Sanofi
  • Berlin-Chemie
  • Bigfoot Biomedical
  • Digital Medics Pty Ltd.
  • Eli Lilly & Company
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

Smart Insulin Pens Market to Reach Valuation of USD 180.8 Million By 2028 – Rise in The Number of Diabetes Patients Drives the Market
In terms of revenue, the Global Smart Insulin Pens Market is expected to reach USD 180.8 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.9% from 2022 to 2028. Smart Insulin Pens Market are gaining more and more attention. Healthcare stakeholders and patients alike are lookin...
FAQ
Frequently Asked Question
  • The global Smart Insulin Pens valued at USD 92.1 Million in 2020 and is expected to reach USD 180.8 Million in 2028 growing at a CAGR of 11.9%.

  • The prominent players in the market are Emperra GmbH, Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Novo Nordisk, Pendiq, Sanofi, Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly & Company.

  • The market is project to grow at a CAGR of 11.9% between 2021 and 2028.

  • The driving factors of the Smart Insulin Pens include

    • Growing Prevalence of Diabetes (both Type 1 & 2)

  • North America was the leading regional segment of the Smart Insulin Pens in 2020.