Smart Insulin Pen Market

A smart insulin pen is a reusable injector pen with an intuitive smartphone app that can help people with diabetes better manage insulin delivery. This smart system calculates and tracks doses and provides helpful reminders, alerts, and reports. They can come in the form of an add-on to current insulin pen or a reusable form which uses prefilled cartridges instead of vials or disposable pens. The first insulin pen devices were introduced in the late 1980s as an alternative to vials and syringes. They allowed for more accurate dosing, better adherence, and less injection site pain. As these devices evolved, they gained digital displays and memory of the most recent insulin doses. Eventually, data tracking attachments were developed to help disposable insulin pens keep better track of doses. Glucose sensing, continuous glucose monitoring, dosage timing, reminders, and other advancements followed. The first U.S. Food and Drug Administration (FDA)–cleared reusable smart insulin pen was launched in 2017.  Smart pens are designed to be simple to use. Once the app is downloaded to smartphone and paired it with insulin pen, it is ready to go. The device sends real-time data to the app via Bluetooth connection.

Market Dynamics

Increasing prevalence of diabetes worldwide, adoption of growth strategies such as acquisitions and mergers from key market players, introduction of newer insulin products and research and development activities are driving the growth of global smart insulin pen market. For instance, in August 12, 2020, Medtronics, a U.S.-based medical service company, announced the planned acquisition of Companion Medical, a U.S.-based medical devices manufacturer, who is a manufacturer of InPen- a U.S. Food and Drug Administration cleared smart insulin pen system paired with an integrated diabetes management app.

Key features of the study:

• This report provides an in-depth analysis of the global smart insulin pen market and provides market size (US$ Million) and compound annual growth rate (CAGR) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global smart insulin pen market based on the following parameters–Company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, Companion Medical Inc., Jiangsu Deflu Medical Device Co. Ltd., Medtronic PLC, Pendiq GmbH, Sanofi, Berlin Chemie Companion Medical Inc., Bigfoot Biomedical, Digital Medics Pty ltd, Eli Lilly and company, Ypsomed Holding AG, Diabnext Diamesco Co. Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global smart insulin pen market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global smart insulin pen market

Detailed Segmentation:

• Global Smart Insulin Pen Market, By Indication:
  • Type 1 Diabetes
  • Type 2 Diabetes
• Global Smart Insulin Pen Market, By Connectivity :
  • Bluetooth
  • USB
• Global Smart Insulin Pen Market, By Distribution Channel:
  • Clinics and Ambulatory Surgical Centers
  • e-Commerce
  • Retail Pharmacies
• Global Smart Insulin Pen Market, By Region:
  • North America
    
    • U.S.
    • Canada
  • Latin America
    
    • Brazil
    • Mexico
    • Argentina
    • Rest of Latin America
  • Europe
    
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    
    • GCC
    • Israel
    • Rest of Middle East
  • Africa
    
    • South Africa
    • Central Africa
    • North Africa
• Company Profiles
  • Digital Medics Pty. Ltd.
  • Emperra GmbH E-Health Technologies
  • Novo Nordisk
  • Companion Medical Inc.
  • Jiangsu Deflu Medical Device Co. Ltd.
  • Medtronic PLC
  • Pendiq GmbH
  • Sanofi
  • Berlin Chemie Companion Medical Inc.
  • Bigfoot Biomedical
  • Digital Medics Pty Ltd
  • Eli Lilly and company
  • Ypsomed Holding AG
  • Diabnext Diamesco Co. Ltd.