Smart Insulin Pen Market Synopsis
Smart Insulin Pen Market Size Was Valued at USD 6.95 Billion in 2023, and is Projected to Reach USD 14.60 Billion by 2032, Growing at a CAGR of 8.6 % From 2024-2032.
The smart insulin pen market is primarily focused on the design and supply of advanced insulin delivery technologies, as well as related digital tools to easily control insulin administered by a diabetic patient. Such devices include track-and-signal features including dosage, reminder, and data transferring through mobile applications which can contribute to the management of diabetes and related interventions. Smart insulin pens are designed to be easy to use, so that the patients administer the insulin products in the manner that the doctors recommend to reduce the impact of the diseases.
The smart insulin pen industry has also shown a drastic growth depending on the increasing diabetes global escalating markets in the developed countries and emergent ones. Diabetes rates are rising, and the need for more accurate and as close to painless procedures as possible are two primary factors that play into this. Other methods of insulin delivery are invasive and cumbersome and the complications associated with the method include wrong dosage that is dangerous to the lives of patients. Others make these issues possible by facilitating the use of smart insulin pen through features such as measure doses and components such as tracking zones, dosage alarms and information fill by health monitoring applications.
Smart insulin pens together with mobile applications and wearable devices have enabled the monitoring of the patient’s blood glucose and the transmission of information to care givers. Telemedicine and remote health monitoring are fast becoming popular and as the take up increases there will be increased take up of smart insulin pens. Moreover, new trends in analysing data enable providing individual dosages, which will benefit patients with diabetes, decrease negative consequences in any case.
Smart Insulin Pen Market Trend Analysis
Growing Integration with Mobile Health Applications
- Smart insulin is becoming interconnected with mobile health applications which give patients as much information concerning their blood glucose levels as well as history of insulin injections. Among the features included in these apps are; meal tracking, activity logging and predicting, to enhance the diabetes type II management. The synchronisation of the dispensed insulin and the amount recorded by smart insulin pen and the associated application provides real time feedback and results to the patients and thus they can understand when they need to change the quantum of insulin, they intake or their lifestyle. This integration will become a default feature in smart insulin pens as health care further goes digital as this solution successfully manages diabetes.
Personalized Diabetes Management
- One situ that procures smart insulin pen market rather unbounded for its development is the progression of individualized diabetes self-management. Smart insulin pens are developed using artificial intelligence and machine learning, meaning that it has the inbuilt ability to recommend potential dosages, frequency and timing based of glucose levels and patient’s eating habits and activity. It shows that with the help of these pens, the patients can control their blood glucose levels, and, therefore, or is connected with fewer complications due to the appropriate dosage of insulin. It also enhances the patient’s quality of life, thus making the smart insulin pens to be a better option to the insulin pump to those who cannot afford the insulin pump or are interested in more flexibility.
Smart Insulin Pen Market Segment Analysis:
Smart Insulin Pen Market is Segmented on the basis of indication, connectivity, and distribution channel and region.
By Indication, Type 2 Diabetics segment is expected to dominate the market during the forecast period
- By product type, smart insulin pen is projected to be dominated by Type 2 diabetic individuals during the om forecast timeframe. This is mainly because of the rising rates of type 2 diabetes globally especially in the geriatrics and clients with slow and inactive lifestyles. Patients diagnosed with Type 2 diabetes use oral medication to manage their blood sugar but when they get to a certain stage require insulin to manage it properly. Smart insulin pens are a favorable technology for the Type 2 diabetes patient who needs insulin but want a solution less expensive than pumps but not as rigid as pumps and their accompanying multiple daily injections. This segment is greatly benefited from smart insulin pens, as these are easy to use, have preferable dosages and can record the data recorded, to handle the condition on their own.
By Connectivity, the Bluetooth segment expected to held the largest share
- Bluetooth could be the largest segment of the smart insulin pen market for the most effective Data synchronization capacity of the pen. Smart insulin pens are also Bluetooth compatible to enable dosage and glucose data to be forwarded to the right smart phones, tabs or wearable gadgets. This feature enables patients take record of the insulin they are taking to time and enables the patient and the health care service providers to make the necessary adjustments. Bluetooth feature also enhances patient’s touch with the system in terms of setting alarm, histories of dosage taken and notifications in their connected devices. Bluetooth is present in the majority of the mobile Health Apps and because of this and its versatility, experts believe that it will remain an important aspect within the smart insulin pen market.
Smart Insulin Pen Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
- North America has been recognized as the leader within the global smart insulin pen market share during the forecast timeframe because of the availability of developed healthcare structures and the higher rate of diabetes, the infrastructural development of smart insulin pen, and the technological development of, and investment in the connected life science market during the predicted timeframe. For instance, the US population is very large people with diabetes, and there has been high adoption of new technologies in diabetes care. The availability of the reimbursement policies is welcoming, and the health cost of care continually rising, and the policy landscape of the region is set for smart insulin pens. Further, the support from the healthcare providers and technology firms was extended to build up and introduce the relevant connected diabetes management products into the market to fuel its development.
Active Key Players in the Smart Insulin Pen Market
- Becton, Dickinson and Company (USA)
- Bigfoot Biomedical (USA)
- Companion Medical, Inc. (USA)
- Diabeloop (France)
- Digital Medics Pty Ltd. (Australia)
- Eli Lilly and Company (USA)
- Emperra GmbH (Germany)
- F. Hoffmann-La Roche Ltd. (Switzerland)
- InPen by Medtronic (USA)
- Insulet Corporation (USA)
- Jiangsu Delfu Co., Ltd. (China)
- Novo Nordisk A/S (Denmark)
- Sanofi (France)
- Smart Medical Fair (UK)
- Ypsomed Holding AG (Switzerland)
- Other Active Players
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Smart Insulin Pen Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
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Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 6.95Billion |
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Forecast Period 2024-32 CAGR: |
8.6 % |
Market Size in 2032: |
USD 14.60 Billion |
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Segments Covered: |
By Indication |
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By Connectivity |
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By Distribution Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter's Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Smart Insulin Pen Market by Indication
4.1 Smart Insulin Pen Market Snapshot and Growth Engine
4.2 Smart Insulin Pen Market Overview
4.3 Type-1 Diabetics
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Type-1 Diabetics: Geographic Segmentation Analysis
4.4 Type-2 Diabetics
4.4.1 Introduction and Market Overview
4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.4.3 Key Market Trends, Growth Factors and Opportunities
4.4.4 Type-2 Diabetics: Geographic Segmentation Analysis
Chapter 5: Smart Insulin Pen Market by Connectivity
5.1 Smart Insulin Pen Market Snapshot and Growth Engine
5.2 Smart Insulin Pen Market Overview
5.3 Bluetooth
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Bluetooth: Geographic Segmentation Analysis
5.4 USB)
5.4.1 Introduction and Market Overview
5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.4.3 Key Market Trends, Growth Factors and Opportunities
5.4.4 USB): Geographic Segmentation Analysis
5.5
5.5.1 Introduction and Market Overview
5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.5.3 Key Market Trends, Growth Factors and Opportunities
5.5.4 : Geographic Segmentation Analysis
Chapter 6: Smart Insulin Pen Market by Distribution Channel
6.1 Smart Insulin Pen Market Snapshot and Growth Engine
6.2 Smart Insulin Pen Market Overview
6.3 Clinics and Ambulatory Surgical centres
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Clinics and Ambulatory Surgical centres: Geographic Segmentation Analysis
6.4 E-commerce
6.4.1 Introduction and Market Overview
6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.4.3 Key Market Trends, Growth Factors and Opportunities
6.4.4 E-commerce: Geographic Segmentation Analysis
6.5 Retail Pharmacies)
6.5.1 Introduction and Market Overview
6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.5.3 Key Market Trends, Growth Factors and Opportunities
6.5.4 Retail Pharmacies) : Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Smart Insulin Pen Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 BECTON
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 DICKINSON AND COMPANY
7.4 BIGFOOT BIOMEDICAL
7.5 DIAB LOOP
7.6 DIGITAL MEDICS PTY LTD.
7.7 ELI LILLY AND COMPANY
7.8 OTHER ACTIVE PLAYERS
Chapter 8: Global Smart Insulin Pen Market By Region
8.1 Overview
8.2. North America Smart Insulin Pen Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Indication
8.2.4.1 Type-1 Diabetics
8.2.4.2 Type-2 Diabetics
8.2.5 Historic and Forecasted Market Size By Connectivity
8.2.5.1 Bluetooth
8.2.5.2 USB)
8.2.5.3
8.2.6 Historic and Forecasted Market Size By Distribution Channel
8.2.6.1 Clinics and Ambulatory Surgical centres
8.2.6.2 E-commerce
8.2.6.3 Retail Pharmacies)
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Smart Insulin Pen Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Indication
8.3.4.1 Type-1 Diabetics
8.3.4.2 Type-2 Diabetics
8.3.5 Historic and Forecasted Market Size By Connectivity
8.3.5.1 Bluetooth
8.3.5.2 USB)
8.3.5.3
8.3.6 Historic and Forecasted Market Size By Distribution Channel
8.3.6.1 Clinics and Ambulatory Surgical centres
8.3.6.2 E-commerce
8.3.6.3 Retail Pharmacies)
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Smart Insulin Pen Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Indication
8.4.4.1 Type-1 Diabetics
8.4.4.2 Type-2 Diabetics
8.4.5 Historic and Forecasted Market Size By Connectivity
8.4.5.1 Bluetooth
8.4.5.2 USB)
8.4.5.3
8.4.6 Historic and Forecasted Market Size By Distribution Channel
8.4.6.1 Clinics and Ambulatory Surgical centres
8.4.6.2 E-commerce
8.4.6.3 Retail Pharmacies)
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Smart Insulin Pen Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Indication
8.5.4.1 Type-1 Diabetics
8.5.4.2 Type-2 Diabetics
8.5.5 Historic and Forecasted Market Size By Connectivity
8.5.5.1 Bluetooth
8.5.5.2 USB)
8.5.5.3
8.5.6 Historic and Forecasted Market Size By Distribution Channel
8.5.6.1 Clinics and Ambulatory Surgical centres
8.5.6.2 E-commerce
8.5.6.3 Retail Pharmacies)
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Smart Insulin Pen Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Indication
8.6.4.1 Type-1 Diabetics
8.6.4.2 Type-2 Diabetics
8.6.5 Historic and Forecasted Market Size By Connectivity
8.6.5.1 Bluetooth
8.6.5.2 USB)
8.6.5.3
8.6.6 Historic and Forecasted Market Size By Distribution Channel
8.6.6.1 Clinics and Ambulatory Surgical centres
8.6.6.2 E-commerce
8.6.6.3 Retail Pharmacies)
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Smart Insulin Pen Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Indication
8.7.4.1 Type-1 Diabetics
8.7.4.2 Type-2 Diabetics
8.7.5 Historic and Forecasted Market Size By Connectivity
8.7.5.1 Bluetooth
8.7.5.2 USB)
8.7.5.3
8.7.6 Historic and Forecasted Market Size By Distribution Channel
8.7.6.1 Clinics and Ambulatory Surgical centres
8.7.6.2 E-commerce
8.7.6.3 Retail Pharmacies)
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
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Smart Insulin Pen Market |
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Base Year: |
2023 |
Forecast Period: |
2024-2032 |
|
Historical Data: |
2017 to 2023 |
Market Size in 2023: |
USD 6.95Billion |
|
Forecast Period 2024-32 CAGR: |
8.6 % |
Market Size in 2032: |
USD 14.60 Billion |
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Segments Covered: |
By Indication |
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By Connectivity |
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By Distribution Channel |
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By Region |
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Key Market Drivers: |
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Key Market Restraints: |
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Key Opportunities: |
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Companies Covered in the report: |
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