Smart Insulin Pens Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[206+ Pages Report] According to Facts and Factors, the global smart insulin pens market size was valued at USD 104.23 million in 2022 and is predicted to surpass USD 192.03 million by the end of 2030. The smart insulin pens industry is expected to grow by a CAGR of 8%.

Market Overview

Smart insulin pen refers to these advanced medical devices manufactured to help patients in the administration and management of insulin. These pens make use of technology to improve the monitoring, convenience, and precision of insulin delivery. These pens are well equipped with connectivity features like Bluetooth technology, allowing them to communicate with digital devices and further enable data transmission and synchronization with mobile apps.

Key Insights

• As per the analysis shared by our research analyst, the global smart insulin pens market size is estimated to grow annually at a CAGR of around 8% over the forecast period (2023-2030).
• In terms of revenue, the global smart insulin pens market size was valued at around USD 104.23 million in 2022 and is projected to reach USD 192.03 million by 2030.
• High prevalence of diabetes and a patient-centric care approach are driving the growth of the global smart insulin pens market.
• Based on the end users, the ambulatory surgical center's segment is growing at a high rate and is projected to dominate the global market.
• Based on the connectivity, the Bluetooth-connected segment is projected to swipe the largest market share.
• Based on the indication, the type 2 diabetes segment is expected to swipe the largest share of the market.
• Based on usability, the reusable segment accounts for the largest share of the global market.
• Based on the type, the first-generation pens segment accounts for the largest share of the global market.
• Based on region, North America is expected to dominate the global market during the forecast period.           

Growth Drivers

• High prevalence of diabetes and a patient-centric care approach are likely to drive the growth of the global market.

A significant rise in the prevalence of diabetes is driving the growth of the global smart insulin pens market. People are looking forward to the advanced and user-friendly insulin delivery solution in the market. The ongoing advancements in technology like dosage tracking, Bluetooth connectivity, and digital integration with smartphones are further contributing to the growth of the industry.

Moreover, a shift towards the patient-centric care model positively impacts the growth trajectory of the industry. Smart insulin pens empower patients to manage their diabetes effectively.

Restraints

• Remote monitoring and connectivity are expected to foster growth opportunities in the global market.

Advanced features in smart insulin pens to connect with mobile applications and digital platforms for remote monitoring of insulin usage are expected to foster growth opportunities in the smart insulin pens industry. This connectivity offers real-time data access to the patients and healthcare providers for proper diabetes management.

For instance, Medtronic PLC collaborated with Jennifer Stone in September 2022 to raise awareness regarding digital tech and also promote the company's new smart insulin pen named Inpen for people with Type 1 diabetes.

Opportunities

• Lack of reimbursement policies is expected to hamper the growth of the global market.

Limited insurance coverage and lack of reimbursement policies in the healthcare systems are likely to deter patients and healthcare providers from opting for these devices. Reimbursement policies are vital in the accessibility and affordability of advanced medical technology. Such a landscape is likely to hamper the growth of the global smart insulin pens market in the forthcoming years.

Challenges

• Complexity user interface is a big challenge in the global market.

Smart insulin pens make use of complex user interfaces, which create challenges for patients, particularly for elderly individuals and ones with limited technology literacy. Also, there are rising concerns regarding the reliability and durability of the devices, which further restrict users. Therefore, it is expected to slow down the growth trajectory of the smart insulin pens industry.

Segmentation Analysis

The global smart insulin pens market can be segmented into end user, connectivity, indication, usability, type, and region.

By end-user, the market can be segmented into homecare settings, ambulatory surgical centers, hospitals & clinics, and others. The ambulatory surgical center's segment accounts for the largest share of the smart insulin pens industry.

The ambulatory surgical centers are set up to offer outpatient medical services like surgeries and other procedures. The outpatient nature of the center helps people take smart insulin pens. This is an ideal and convenient method of self-administration of insulin in non-hospital settings.

Also, these centers offer comprehensive diabetes management services, including counseling education and advanced tools like smart insulin pens to help patients manage their condition effectively. An ideal and convenient method of self-administration of insulin in non-hospital settings.

By connectivity, the market can be segmented into USB-connected and Bluetooth-connected. The Bluetooth-connected segment is anticipated to witness notable developments in the global smart insulin pens market. Bluetooth-connected smart insulin pens foster wireless connectivity, which helps people to easily interact with mobile applications and other devices without any requirement for cables and wires.

It helps people to conveniently use the device from anywhere across the world. Also, these Bluetooth-connected pens smoothly integrate with the devices, which further helps people manage and monitor their insulin doses, thereby improving the user experience.

By indication, the market can be segmented into diabetes type 1 and diabetes type 2. Type 2 diabetes is the fastest-growing segment in the smart insulin pens industry. Diabetes type 2 diabetes is more prevalent than type 1 diabetes. The higher incidences of type 2 diabetes are driving the demand for innovative solutions like smart insulin pens. This type of diabetes is caused because of obesity, sedentary behavior, and poor diet.

The changing lifestyle is the major cause that led to the rise in the number of people with two type two diabetes all across the globe. However, the advanced diagnostic methods and high awareness among people led to the popularity of early detection and treatment of type 2 diabetes, which is further expected to foster development in the segment.

By usability, the market can be segmented into reusable and prefilled. The reusable segment is likely to grow with the highest CAGR during the forecast period. The reusable pens are cost-effective and offer long-term usage as compared to the pens.

Growing concerns regarding environmental sustainability are increasing the awareness among people to opt for reusable pens. These devices reduce much less wastage as compared to other available options in the market. Therefore, they help companies align with the goal of eco-friendly and sustainable healthcare solutions.

By type, the market can be segmented into second-generation pens and first-generation pens. The first-generation pens segment is expected to dominate the global smart insulin pens industry. The first-generation insulin pens have a more established market than the second-generation ones, largely due to the higher adoption rate by patients and healthcare providers.

Moreover, the familiarity and established use of these devices further make them an ideal choice among beginners. Also, the first-generation insulin pens are more cost-effective than the second-generation ones. They have high perceived reliability and track record, which further contribute to the domination of the segment in the market.

Report Scope

Regional Analysis

• North America to dominate the global market.

North America is expected to witness huge developments in the global smart insulin pens market. The growing focus on patient-centric care is one of the major factors propelling the growth of the regional market. Moreover, the high prevalence of diabetes in the region, particularly in the United States and Canada, is driving the demand for advanced insulin delivery systems in the market.

The region is known to dominate the world in terms of technological advancements in the healthcare industry. The ongoing developments in the region in the smart insulin pen technology, like easy integration with digital platforms and advanced connectivity features, are expected to contribute towards the dominance of the regional market.

Asia Pacific is likely to experience growth because of various factors like growing incidences of diabetes along with increasing awareness regarding advanced diabetes management technologies and healthcare reimbursement policies. Also, the region is witnessing an increasing aging population, which is driving the demand for effective and innovative insulin delivery solutions.

A significant shift towards patient-centric care models is helping the regional market grow fast. Urbanization and high economic growth have led to changes in the lifestyle of the people, including dietary habits and sedentary lifestyles, which are the major reasons for the high prevalence of diabetes in the region.

Competitive Analysis

The key players in the global smart insulin pens market include:

• BERLIN-CHEMIE
• Patients Pending Ltd.
• DIAMESCO Co Ltd.
• Jiangsu Delfu Medical Device Co. Ltd.
• Diabnext
• Companion Medical
• Eli Lilly and Company
• Novo Nordisk A/S
• Sanofi Aventis LLC
• Companion Medical Inc.
• Emperra GmbH e-Health Technologies
• Digital Medics Pty Ltd.

For instance, Pendiq 2.0, launched in 2022, can collect and store about 1,000 entries of quantities, injection dates, times, etc. Users can easily check the entries on the OLED display. The pen's connectivity permits compatibility with both wireless and wired devices.

The global smart insulin pens market is segmented as follows:

By End User Segment Analysis

• Homecare Settings
• Ambulatory Surgical Centers
• Hospitals & Clinics
• Others

By Connectivity Segment Analysis

• USB-Connected
• Bluetooth-Connected

By Indication Segment Analysis

• Diabetes Type 1
• Diabetes Type 2

By Usability Segment Analysis

• Reusable
• Prefilled

By Type Segment Analysis

• Second-Generation Pens
• First-Generation Pens

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America