Global Smart Insulin Pens Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Smart Insulin Pens Market: Overview

“The global Smart insulin pens Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Smart insulin pens have changed the lives of millions of patients suffering from diabetes. These devices are generally preloaded or prefilled with insulin and are comparatively simple to use and convenient.

Global Smart Insulin Pens Market: Dynamics

Rising prevalence of diabetes is a major factor expected to drive growth revenue in the global market over the next ten years. In addition, increasing awareness about chronic disease, technological advancements such as USB connected and Bluetooth-enabled insulin pens, and higher healthcare expenditure among the population are some of the other factors expected to drive the growth of the global smart insulin pen market in terms of revenue in the target market. However, stringent health policies and commercially availability of alternatives for insulin delivery devices are some of the major factors that could restraint the growth in term of revenue in the target market to a significant extent.

Global Smart Insulin Pens Market: Segment Analysis

Among the product segments, smart insulin pen segment is expected to higher market share and register higher growth in terms of revenue in the global market. This is due to a higher adoption rate of smart insulin pen owing to advantages such as easy to use and consume less time as compared to other insulin injections or devices. Among the application segments, Type 2 Diabetes is expected to register a significant market share, owing to the increasing number of cases of patients suffering from type 2 diabetes. Among the distribution channel segments, retail pharmacy is expected to register the highest revenue share over the forecast period.

Global Smart Insulin Pens Market: Trends

The current key trends observed in the global smart insulin market is prominent players are focusing on launching new technological advent products and receiving regulatory bodies approval in order to expand its market and customer base.

For instance, in July 2018, Companion Medical, Inc., which is a US-based company received CE Mark approval in the European Union– for InPen smart insulin pen as well as for diabetes management smartphone application – for expanding its global footprint.

In February 2018, Novo Nordisk A/S, which is a Denmark-based multinational pharmaceutical company plan to launch NovoPen 6 and NovoPen Echo Plus – which is a connected Insulin Pens by early 2019.

Global Smart Insulin Pens Market: Region Analysis

The market in North America is projected to register for high revenue share in the global market, followed by the market in Europe. This is primarily attributed to, increasing the prevalence of diabetes and rising cases of people suffering from obesity in countries in the region. According to the American Diabetes Association, which is a US-based non-profit organization, in 2015 nearly 30.3 Mn Americans, or approximately 9.4% of the population suffered from diabetes. In addition, every year about 1.5 Mn of Americans is diagnosed with diabetes. The market in the Asia Pacific is anticipated to grow at the fastest CAGR in the upcoming years, owing to high population base and increasing number of diabetes patients.

Global Smart Insulin Pens Market Segmentation

Segmentation by product:

• Smart Insulin Pen
• Adaptors for Conventional Pen

Segmentation by application:

• Type 1 Diabetes
• Type 2 Diabetes

Segmentation by distribution channel:

• Hospital Pharmacy
• Online Sales
• Retail Pharmacy
• Diabetes Clinics/Centers

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa