Smart insulin pen is a portable device used to inject insulin to manage blood sugar level in people with diabetes. The pen has a dose counter that automatically adjusts the dose and an integrated mobile app monitors injection details and provides real-time data. The pen removes dose calculation errors and connects to mobile apps for better diabetes management. Insulin pens have ergonomic design for convenient use and are discreet, which helps improve medication adherence.
Diabetes is a chronic condition affecting millions of people worldwide and needs lifelong treatment. The Global Smart Insulin Pen Market Size is estimated to be valued at US$ 43.9 million in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing prevalence of Diabetes is expected to drive the growth of smart insulin pen market over the forecast period. Rapidly aging population and obesity rates have led to rising incidence of diabetes globally which is the key growth driver for this market. According to International Diabetes Federation, the total number of adults with diabetes in 2019 was 463 million and this number is projected to reach 700 million by 2045.
The other driver is the increasing adoption of smart insulin pen owing to its advantages like integrated mobile app connectivity, dose tracking and accuracy. This removes dependence on syringes and traditional pens and provides patients and physicians real-time insulin usage data for effective diabetes management. Data also helps physicians customize treatment and monitor therapy adherence remotely.
Segment Analysis
The global smart insulin pen market is dominated by prefilled insulin pen segment. Prefilled insulin pens are advanced insulin delivery devices that feature an insulin cartridge prefilled by the manufacturer which makes it convenient for patients to use. Prefilled insulin pens eliminates the step of filling insulin cartridges and reduces the chances of dosing errors. Further, prefilled insulin pens being disposable in nature ensure sterility and convenience of use compared to reusable insulin pens.
PEST Analysis
Political: Governments across various countries are focused on promoting technologies that can help manage diabetes. Favorable regulatory frameworks and reimbursement policies are supporting the adoption of smart insulin pens.
Economic: Growing diabetes patient pool, rising healthcare spending, and increasing investments by market players are fueling the demand for smart insulin pen devices globally.
Social: Growing awareness about diabetes self-management and benefits of smart insulin pens in managing blood glucose levels effectively is a key factor driving the uptake of these devices.
Technological: Rapid advancements in connectivity, data management, and usability features of smart insulin pens are making insulin therapy more intuitive and effective. Integration of Bluetooth and apps is augmenting the functionalities.
Key Takeaways
The global smart insulin pen market is expected to witness high growth over the forecast period of 2024 to 2031. North America is currently the dominant regional market for smart insulin pens owing to the high prevalence of diabetes, availability of favorable reimbursement policies, and rapid technological advancements. Some of the leading players operating in the smart insulin pen market are Novo Nordisk, Eli Lilly, Sanofi, Companion Medical, Diamesco, and Emperra.
Regional analysis
The North America region is expected to continue its dominance in the smart insulin pen market during the forecast period. This is attributed to factors such as increasing diabetic population, high acceptance of advanced insulin delivery devices, and supporting reimbursement programs for diabetes management devices in the region. According to International Diabetes Federation, around 48 million people were estimated to be living with diabetes in North America in 2021.
Key players
Key players operating in the smart insulin pen market are Novo Nordisk, Eli Lilly, Sanofi, Companion Medical, Diamesco, and Emperra. Novo Nordisk holds a major share of the market with its smart pens such as NovoPen 6 and NovoPen Echo Plus. Eli Lilly also has a strong presence with flagship smart pens like Humalog KwikPen and Basaglar KwikPen. These leading players are continuously focusing on new product launches and partnerships to strengthen their market position.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
