Market Overview
The smart insulin pen market has been gaining significant traction over the recent past owing to the growing prevalence of diabetes. Smart insulin pens integrate both insulin delivery devices as well as glucose monitoring systems to deliver the right insulin dose as per the observed glucose levels. The smart connected pens help in tracking insulin usage and dosing patterns. They offer accurate dosing along with connectivity apps to share data with healthcare professionals.
The Global Smart Insulin Pen Market is estimated to be valued at US$ 50.58 Mn in 2024 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Smart Insulin Pen Market Size are Bayer AG, Henkel AG & Co. KgaA, Avon Products Inc., Johnson & Johnson Inc., Kao Corporation, Beiersdorf AG, Groupe Clarins SA, Revlon Inc., Shiseido Co. Ltd., Unilever PLC, Procter & Gamble, L'Oréal SA, Lotus Herbals Pvt. Ltd., and The Estée Lauder Companies Inc., among others. The increasing adoption of connected health solutions across the world presents significant opportunities for players in the smart insulin pen market. Major players are focusing on expanding their geographical presence in emerging markets like Asia Pacific and Latin America.
The growing diabetic patient pool worldwide along with increasing healthcare expenditures provides a huge market potential for smart insulin pen manufacturers. Rapid urbanization and changing lifestyles have contributed to the growing prevalence of diabetes. However, the high cost of smart insulin pens compared to conventional versions remains a key market restraint. Lack of reimbursement coverage in some countries further hampers the adoption of smart connected insulin pens.
Market Drivers
The key driver for the smart insulin pen market is the growing prevalence of diabetes. As per estimates, around 463 million people had diabetes in 2019 globally and the number is expected to rise to 700 million by 2045. Another major driver is the increasing healthcare expenditures in emerging economies which is enabling more widespread adoption of smart connected health solutions.
Market Restraints
However, the high cost of smart insulin pens compared to conventional disposable pens remains a key market restraint. While smart connected pens offer valuable dosing and usage insights, the higher price point limits their adoption in price-sensitive regions. Additionally, lack of reimbursement coverage for smart insulin pens in some developing markets further challenges their demand and large-scale commercialization.
Segment Analysis
Smart insulin pens hold the major market share currently as they provide ease of use and convenient dosing of insulin. With rising prevalence of diabetes, self-injection devices are rapidly gaining acceptance among consumers. Smart insulin pens are preferred for their ability to automatically calculate and deliver accurate doses of insulin as prescribed by physicians. Subcutaneous injection remains the most common mode of insulin administration and smart insulin pens enable simple and discreet subcutaneous injection. Their integration with smartphone apps allows remote monitoring of dosing history and insulin on board which helps achieve better glycemic control. This has made smart insulin pens the dominating sub segment currently.
Global Analysis
North America accounts for the largest share in the smart insulin pen market due to high acceptance of digital health technologies and growing diabetic population in the US and Canada. Favorable reimbursement policies and insurance coverage for innovative diabetes management solutions also contributes to the leading position of North America region. The Asia Pacific region is expected to witness fastest growth during the forecast period owing to increasing healthcare investments, growing economy and rapidly aging population susceptible to diabetes in China and India. Rising awareness regarding advantages of smart insulin pens over conventional syringes and pens will further augment the regional market over the next few years.
Get more insights on Smart Insulin Pen Market
A new market report titled “United States Smart Insulin Pen Market” has been added to the repository of DPI Research.
This report provides comprehensive assessment of the current trends, restrains and futuristic opportunities, which are anticipated to provide lucrative avenues for market proliferation.Download Free Sample Report @ https://dpiresearch.com/request-a-free-sample-reportThe United States smart insulin pen market is expected to witness a CAGR of more than 35% to reach market value of around US$ 392 Million by 2026.The market has witnessed steady growth in the past few years and development in technology with the introduction of advanced products has increased the acceptance of smart insulin pen in the market.“Smart Insulin Pen Market Outlook 2026: United States Opportunity and Demand Analysis, Market Forecast 2019 – 2026” presents an in–depth assessment of the United States smart insulin pen market dynamics, opportunities, future road map, competitive landscape and discusses major trends.
The report includes historical data from 2018 and forecasts until 2026.The report contains a granular analysis of the present industry situations, market demands, reveal facts on the market size, volume, revenues for smart insulin pen and illustrative forecast to 2026.
Additionally, the report includes an assessment of reimbursement pattern and offers a clear view of the regulatory landscape of the insulin pens.
The key market players are evaluated on various parameters such as business overview, products offered and recent development.The Major Companies Dominating this Market for its Products, Services and Continuous Product Developments are:Companion MedicalDiabnextDigital Medics Ptd Ltd.Emperra GmbH E–Health TechnologiesDiamesco Co., Ltd.The Latest Industry Data Included in this Report:United States Diabetes Population and Forecast (2013 – 2026)United States Insulin Users and Forecast (2013 – 2026)Smart Insulin Pen Users and Forecast (2018 – 2026)Smart Insulin Pen Market and Forecast (2018 – 2026)United States Insulin Pen Reimbursement PoliciesUnited States Insulin Pen Regulation SystemMarket Definition for the Specified Topic Along with Identification of Key Drivers and Inhibitors for the MarketA Comprehensive List of Key Market Players Along with the Analysis of their Current Products Offered and Recent DevelopmentFor More Information@ https://bit.ly/34ifQ1nThe report is readily available and can be dispatched immediately after payment confirmation.Would like to place an order or any question, please feel free to contact at [email protected] of the Report:DPI Research provides customization of the report as per your need.
Get in touch with our sales team, who will guarantee you to get a report that suits your necessities.Contact Us:Maria RaiHead of Business DevelopmentDPI Research | Web: https://dpiresearch.comDirect Line: +91-766-764-8693E-mail: [email protected] Us:DPI Research is a leading market research publisher which offer bespoke market research reports, custom research and consulting services across multi geographies and industry verticals.
It does not require to have a bottle to draw insulin, easy adjustment of dose, less wastage of expired insulin, it doesn't require refrigeration to store as compared to other insulin delivery methods.
According to Renub Research report, the Global Insulin Pen Market will increase year on year; and reach US$ 35 Billion by the end of the year 2025.There are three types of insulin pens available: Disposable, Reusable and Smart Insulin Pen.
The third type of insulin pen is smart with the use of advanced technologies such as Bluetooth or IoT; it can record the time and date of insulin at which dose was delivered, nowadays these smart insulin pens are also called as "Connected Insulin Pen"The Impact of COVID-19 on Insulin Pen MarketHealthcare industry is facing significant challenges due to the outbreak of Coronavirus.
Major healthcare companies are focusing on the vaccine of this deadly virus, and investment for the treatment of other diseases has been stopped.
According to Renub Research analysis, Disposable insulin pen has the most significant market share.By Company: This research report provides Overview, Recent Developments and Sales Analysis of B.Braun Melsungen AG, Eli Lilly and Company, Artsana S.p.A., BD (Becton Dickinson), Novo Nordisk A/S, Mumford Ltd.About Company:Renub Research is a Market Research and Consulting Company.
We have more than 10 years of experience especially in international Business-to-Business Researches, Surveys and Consulting.
The global insulin pen needles market is estimated to witness a significant growth in forthcoming years, says TMR.
In order increase their global reach, firms are investing heavily in the research and development activities.
The firms leading in the global pen needle market are Dickinson and Company, Becton, Novo Nordisk A/S, Ypsomed Holding AG, Ultimed, Inc., Artsana S.P.A., B. Braun Melsungen, Allison Medical, Inc., Terumo Corporation, Owen Mumford, Ltd., and Htl-Strefa S.A.
As per Transparency Market Research the global market of insulin pen needles is likely to expand at a steady CAGR of 8.0% during 2017 to 2026.
Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=34937On the basis of application type, the segment of type II diabetes is foreseen to experience a strong rise as per the revenue, holding a value of more than US$ 1,000 mn by the end of forecast period.
Organizations in the medical sectors are primarily concentrating on creating therapeutic gadgets, for example, 'Timesulin', which is insulin pens that enables the patients to manage dose measurements through pumps.
