Smart Insulin Pens Market

Market Synopsis:

The Global Smart Insulin Pens Market was valued USD 102.86 Million in 2022 and is anticipated to reach a value of USD 251.06 Million by 2030. In the projection period, the Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.80%.

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.

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:

‹›

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

• Real-Time Data Updates:
• Competitor Benchmarking
• Market Trends Heatmap
• Custom Research Queries
• Market Sentiment Analysis
• Demographic and Geographic Insights

Book Demo

Get Access Now

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.

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: