Redding, California - August 5, 2024
Smart Insulin Pens Market to be Worth $776.5 Million by 2031
Smart Insulin Pens Market Size, Share, Forecast, & Trends Analysis by Product (Reusable, Disposable Prefilled, Cartridge) Connectivity (Bluetooth, NFC) Compatibility (Blood Glucose Monitor, CGM) Channel (Hospital, Retail, Online) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘Smart Insulin Pens Market Size, Share, Forecast, & Trends Analysis by Product (Reusable, Disposable Prefilled, Cartridge) Connectivity (Bluetooth, NFC) Compatibility (Blood Glucose Monitor, CGM) Channel (Hospital, Retail, Online) - Global Forecast to 2031.
According to this latest publication from Meticulous Research®, the smart insulin pens market is expected to reach $776.5 Million by 2031, at a CAGR of 11.2% during the forecast period.The growth of this market can be attributed to several factors, including the increasing number of diabetes cases, increasing preference for digital health solutions, technological advancements in smart insulin pens, increasing demand for drug self-administration, and increasing diabetes awareness programs. However, the high cost of smart insulin pens and the availability of alternatives to smart insulin pens restrain the market’s growth.
Furthermore, growing demand for remote monitoring and telemedicine, increasing number of partnerships and collaborations between smart insulin pen companies, emerging economies, and personalized diabetes management programs are expected to offer growth opportunities for the players operating in this market. However, a lack of awareness regarding the use of smart insulin pens in developing countries and a preference for traditional insulin delivery methods are major challenges impacting market growth.
Moreover, the integration with continuous glucose monitoring (CGM) systems is a prominent trend in the smart insulin pen market.
Key Players
The key players operating in the smart insulin pens market are Novo Nordisk A/S (Denmark), Eli Lilly and Company (U.S.), Sanofi S.A. (France), Medtronic plc (Ireland), Emperra GmbH E-Health Technologies (Germany), pendiq GmbH (Germany), Jiangsu Delfu medical device Co., Ltd (China), Tandem Diabetes Care, Inc. (U.S.), Ypsomed AG (Switzerland), and Bigfoot Biomedical, Inc. (U.S.).
Smart Insulin Pens Market: Future Outlook
The smart insulin pens market is segmented based on Product (Reusable Insulin Pens, Disposable Prefilled Insulin Pens, Insulin Cartridges, Accessories), Connectivity (Bluetooth Connectivity, Near Field Communication (NFC) Connectivity), Glucose Monitor Compatibility (Blood Glucose Monitors (BGMs) Compatible Pens, Continuous Glucose Monitors (CGMs) Compatible Pens), Purchase Channel (Hospital Pharmacies, Retail Pharmacies, Online/E-Commerce Platforms) and Geography. This study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, the smart insulin pen market is segmented into reusable insulin pens, disposable prefilled insulin pens, insulin cartridges, and accessories. In 2024, the insulin cartridges segment is expected to account for the largest share of 63.3%. This segment's large market share can be attributed to the benefits of insulin cartridges, such as lowering drug waste by offering monitored and accurate dosing.
Based on connectivity, the smart insulin pens market is segmented into Bluetooth connectivity and Near Field Communication (NFC) connectivity. In 2024, the Bluetooth connectivity segment is expected to account for the larger share of the smart insulin pens market. The benefits of Bluetooth connectivity, including its extended range and capacity to convey data to mobile applications, account for this segment's significant market share. For instance, in May 2021, Bigfoot Biomedical's Bigfoot Unity, the first connected pen cap, received FDA approval. The pen cap screen does not log the precise amount of insulin a user takes; instead, it suggests insulin dosages based on glucose data from Abbott's FreeStyle Libre 2 CGM (Source: National Library of Medicine).
Based on glucose monitor compatibility, the smart insulin pens market is segmented into Blood Glucose Monitors (BGMs) compatible pens and Continuous Glucose Monitors (CGMs) compatible pens. In 2024, the Blood Glucose Monitors (BGMs) compatible pens segment is expected to account for the larger share of the smart insulin pens market. This segment’s large market share can be attributed to the technological advancements in BGM monitors, the presence of more BMGs having compatibility with most smart insulin pens, and the increasing number of diabetes cases using BGMs.
Based on purchase channel, the smart insulin pens market is segmented into hospital pharmacies, retail pharmacies, and online/e-commerce platforms. In 2024, the retail pharmacies segment is expected to account for the largest share of the market. This segment's large market share can be attributed to the advantages provided by retail pharmacies compared to other distribution channels. Retail pharmacies offer patients the convenience of accessing smart insulin pens and the opportunity for customers to inspect the product before making a purchase.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Austria, Netherlands, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
In 2024, North America is expected to account for the largest share of 35% of the smart insulin pens market, followed by Europe and Asia-Pacific. North America’s major market share is attributed to the presence of major smart insulin pen manufacturers, advanced healthcare infrastructure, increasing number of diabetes cases, and growth in diabetes management awareness programs.
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of product, connectivity, glucose monitor compatibility, purchase channel, and geography?
- What was the historical market size for smart insulin pen products across the globe?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the smart insulin pens market?
- Who are the major players operating in the smart insulin pens market?
- What is the competitive landscape like, and who are the market leaders in the smart insulin pens market?
- What are the recent developments in the smart insulin pens market?
- What do major players adopt the various strategies in the smart insulin pens market?
- What are the geographical trends and high-growth regions/countries?
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