According to the latest report by IMARC Group, titled “Smart Insulin Pens Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global smart insulin pens market growth. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global smart insulin pens market size reached us$ 22.8 billion in 2022. looking forward, imarc group expects the market to reach a value of us$ 37.9 Billion by 2028, exhibiting a growth rate (CAGR) of 8.5% during 2023-2028.
Smart insulin pens refer to reusable injector pens with an intuitive smartphone application that can help people with diabetes manage insulin delivery adequately. It is mostly available in prefilled and reusable categories. Smart insulin pens are extremely affordable, easy to use, and offer helpful reminders, reports, and alerts. They are even capable of calculating insulin doses, managing insulin on board, sending alerts, setting helpful reminders, creating detailed reports, and notifying the expiration date insulin for replacing the cartridge timely. As a result, smart insulin pens find widespread applications in hospitals, ambulatory surgical centers, clinics, and home care units across countries.
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Market Trends & Drivers
The rising prevalence of diabetes among both the geriatric and younger population, owing to obesity, sedentary lifestyle, unhealthy eating habits, etc., is among the key factors driving the smart insulin pens market. Additionally, the growing healthcare industry and the inflating investments by leading manufacturers in research and development (R&D) activities to launch smart insulin pens with memory and timing functions that will provide intelligent injections for patients are acting as significant growth-inducing factors. In line with this, the introduction of Bluetooth-connected smart insulin pens is also positively influencing the market growth.
Moreover, the increasing product adoption in the home-care setting, on account of its convenience and personalization, is further stimulating the market growth. Besides this, the escalating demand for needle-free insulin delivery devices to prevent the risk of needle stick injuries while handling, disassembling, and disposing of needles is anticipated to bolster the smart insulin pens market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bigfoot Biomedical Inc., Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Jiangsu Delfu Medical Device Co. Ltd., Medtronic plc, Novo Nordisk A/S, pendiq GmbH and Ypsomed AG.
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- First Generation Pens
- Second Generation Pens
Breakup by Usability:
- Prefilled
- Reusable
Breakup by Indication:
- Type 1 Diabetes
- Type 2 Diabetes
Breakup by Connectivity:
- Bluetooth
- USB
Breakup by End User:
- Hospitals and Clinics
- Ambulatory Surgical Centers
- Home Care Settings
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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