PUBLISHER: The Business Research Company | PRODUCT CODE: 1429644
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429644
Smart insulin pens refer to insulin delivery devices designed to monitor and record dosage information, including volume, time, and type. Additionally, these devices may offer functionalities such as generating reports for sharing with healthcare professionals.
Two primary types of smart insulin pens exist first-generation pens and second-generation pens (equipped with Bluetooth or USB connectivity). Second-generation smart insulin pens incorporate Bluetooth or USB features to facilitate closer monitoring. These pens come in either prefilled or reusable forms and are utilized for the treatment of both type 1 diabetes and type 2 diabetes. Smart insulin pens find application across various end-users, including hospitals and clinics, ambulatory surgical centers, as well as home care settings.
The smart insulin pens market research report is one of a series of new reports from The Business Research Company that provides smart insulin pens market statistics, including smart insulin pens industry global market size, regional shares, competitors with a smart insulin pens market share, detailed smart insulin pens market segments, market trends and opportunities, and any further data you may need to thrive in the smart insulin pens industry. This smart insulin pens market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart insulin pens market size has grown strongly in recent years. It will grow from $0.1 billion in 2023 to $0.1 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The historical period's growth can be ascribed to a rise in the prevalence of diabetes, robust economic expansion in emerging markets, an increased geriatric population, elevated healthcare expenditure, and reforms in public health insurance.
The smart insulin pens market size is expected to see strong growth in the next few years. It will grow to $0.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be linked to an increase in the disease burden, government initiatives, and technological enhancements. Major trends expected in the forecast period involve collaborations with technology companies, the emergence of smart insulin delivery devices, advancements in new types of insulin delivery, the integration of the Internet of Things, and a rise in mergers and acquisitions.
Achieving an accurate dose of insulin is more feasible with an insulin pen compared to a vial or syringe. For scenarios such as children requiring insulin during school hours and visually impaired diabetic patients, the insulin pen allows for pre-setting an accurate dose over the dosage dial, ensuring precise delivery at the time of injection. Pediatric-friendly insulin pens such as Novo Nordisk's Echo Plus enable half-unit dosing, with a maximum of 30 units. Other options such as Lilly's HumaPen Luxura HD allow insulin delivery in half-unit increments, and Novo Nordisk's NovoPen Junior offers highly accurate insulin doses, finely adjusting even in half-unit increments. The precision in dose adjustments and delivery offered by smart insulin pens can prevent both over-dosing and under-dosing, contributing to the expected increase in demand for smart insulin pens and driving market growth.
The anticipated growth of the smart insulin pen market is propelled by the increasing global diabetic population. This population comprises individuals diagnosed with diabetes, a chronic medical condition characterized by elevated blood glucose levels. Smart insulin pens enhance diabetes management by providing precise insulin dosage tracking, reminders, and data integration, thereby improving treatment adherence and overall glycemic control for individuals with diabetes. As of December 2021, the International Diabetes Federation reported that diabetes affected 537 million adults (20-79 years old) globally. Projections indicate that this number will rise to 643 million by 2030 and reach a total of 783 million by 2045. Consequently, the increasing global diabetic population is a key driver for the growth of the smart insulin pen market.
The next generation of smart insulin pens extends beyond simple memory storage capabilities. These advanced devices not only calculate personalized doses but also continuously track glucose levels and integrate with smartphone apps to visualize data. An example of such innovation is the Mallya smart insulin pen device, a collaboration between Biocorp and Roche Diabetes Care France, launched in France in April 2021. The Mallya device is designed to enhance the daily routines of diabetes patients by collecting and storing crucial treatment data, including insulin units, injection dates, and times. The collected data is seamlessly transmitted to a dedicated mobile app, providing both patients and healthcare professionals with convenient access for real-time monitoring and management.
Major companies in the smart insulin pens market are strategically focusing on introducing user-friendly insulin pens, such as the NovoPen 6 and the NovoPen Echo Plus, to optimize revenue in the market. These self-injection pens automatically record insulin dosing information for each injection. For instance, in March 2022, Novo Nordisk A/S, a Denmark-based pharmaceutical company, launched the first smart insulin pens-NovoPen 6 and NovoPen Echo Plus. These pens record details such as the timing and quantity of insulin administered, uploading the data to an app via near-field communication (NFC). The pens facilitate the transfer of insulin dosing information to a patient's preferred diabetes app, allowing data sharing with healthcare providers. They are compatible with smartphones, tablets, personal computers, blood glucose monitors, or other NFC-supported devices.
In October 2023, Novo Nordisk A/S acquired Biocorp, a France-based medical device company specializing in the development and manufacturing of drug-delivery systems and medical devices, for $164.5 million. This acquisition is expected to enable Novo Nordisk to further invest in Biocorp's device development and expedite its ambitions within devices and delivery solutions.
Major companies operating in the smart insulin pens market report are Companion Medical, Novo Nordisk A/S, F. Hoffmann-La Roche AG, Emperra GmbH E-Health Technologies, Diamesco Co. Ltd., Digital Medics Pvt Ltd., Bigfoot Biomedical, Diabnext, Insulet Corporation, Jiangsu Delfu Medical Device Co. Ltd., Sanofi India, Becton Dickinson, Roche, Biocon Ltd., Mehar healthcare, Johnson & Johnson, GE Healthcare, Covidien Healthcare, Philips Healthcare India, Shandong WeiGao Group Medical Polymer Company Limited, Yuwell medical equipment & supply Co, Terumo, NIPRO, Olympus Medical Systems, Hitachi Medico, Nihon Koden, Fukuda Denshi, Medtronic, Ypsomed Holding AG, Berlin-Chemie AG, Patients Pending Ltd., Dexcom, Ok biotech, Insujet, Eli Lilly., Abbott Laboratories, Acon Laboratories, Tandem Diabetes Care, Inc.
North America was the largest region in the smart insulin pens market in 2023. Western Europe was the second largest region in the global smart insulin pens market share. The regions covered in the smart insulin pens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the smart insulin pens market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
The smart insulins pens market consists of sales of instruments such as first-generation pens and second-generation pens (Bluetooth enabled, USB connected). Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Insulin Pens Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart insulin pens market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart insulin pens? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart insulin pens market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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