A smart insulin pen is a reusable injector pen with an intuitive smartphone app that can help people with diabetes to manage insulin delivery in a better way. This smart system calculates and tracks doses and provides helpful reminders, alerts, and reports. Smart insulin pen are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes. The company’s producing smart insulin pens are predominantly engaged in designing and manufacturing of first and second generation smart insulin pens.
The Latin America smart insulin pen market is estimated to be valued at US$ 5.83 million in 2021 and is expected to exhibit a CAGR of 8.7% during the forecast period (2021-2028).
Figure 1. Latin America Smart Insulin Pen Market Share (%) in Terms of Value, By Type, 2021
High number of individuals with pre-diabetic conditions and increasing prevalence of diabetes are expected to drive the market growth during the forecast period.
The increasing number of diabetes cases in Latin America is expected to drive the Latin America smart insulin pen market growth, as this will result in increased demand for treatment of diabetes. For instance, according to the International Diabetes Federation (IDF) Diabetes Atlas 2019, the prevalence of diabetes in Chile was approximately 1,262.2 out of 100,000 in 2019 and is expected to rise by 1,531.5 out of 100,000 population till 2030.
|Base Year:||2020||Market Size in 2021:||US$ 5.83 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||8.7%||2028 Value Projection:||US$ 10.42 Mn|
Medtronic Plc, Sanofi S.A., Novo Nordisk A/S, Eli Lilly and Company, Owen Mumford Ltd., BIOCORP, Jiangsu Delfu medical device Co., Ltd., BERLIN-CHEMIE AG, and F. Hoffmann-La Roche AG
|Restraints & Challenges:||
Figure 2.Latin America Smart Insulin Pen Market Share (%) in Terms of Value, By Usability, 2021
High prevalence of needle stick injuries in Latin America is anticipated to drive the market growth during the forecast period
High prevalence of needle stick injuries in Latin America is expected to drive the Latin America smart insulin pen market growth during the forecast period. For instance, according to the international journal of Epidemiology report on ‘Global prevalence of percutaneous injuries among healthcare workers: a systematic review and meta-analysis’ published in 2018, the prevalence of needle stick injuries in Latin America was approximately 7.7% in 2018
Latin America Smart Insulin Pen Market– Impact of Coronavirus (COVID-19) Pandemic
COVID-19 pandemic has affected the economy in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Governments of various countries are focusing on the initiatives to fight against COVID-19 pandemic, and to stop the spread of coronavirus infections by implementing various measures in the countries. Moreover, to reduce the spread of COVID-19 in the country Brazil has implemented some measures and guidelines. For instance, in 2020, Brazil government announced economic assistance to the Brazilian population to fight against the economic crises such as unemployment and others observed in Brazil. Moreover, Government of Mexico taking initiatives to facilitate COVID-19 vaccination drive from healthcare facilities. For instance, in December 2020, Government of Mexico announced vaccination campaign drive in each state of Mexico to promote benefits of vaccination in the fight against COVID-19 pandemic
Latin America Smart Insulin Pen Market: Restraint
The major factor that hinders growth of the Latin America smart insulin pen market is availability of substitute products. For instance, according to the study published in Nature Biomedical Engineering February 2020, the researchers from UCLA, UNC School of Medicine developed a smart insulin-delivery patch, which monitors the glucose levels in people with diabetes and deliver the necessary insulin dosage for 24 hours. The adhesive patch has doses of insulin pre-loaded in tiny micro needles, which are less than 1 mm in length and delivers medicine quickly when the blood sugar levels reach a certain threshold. When blood sugar returns to normal, the patch's insulin delivery also slows down. Such patch delivery helps to prevent overdosing of insulin.
Major players operating in the Latin America smart insulin pen market are Medtronic Plc, Sanofi S.A., Novo Nordisk A/S, Eli Lilly and Company, Owen Mumford Ltd., BIOCORP, Jiangsu Delfu medical device Co., Ltd., BERLIN-CHEMIE AG, and F. Hoffmann-La Roche AG
A smart insulin pen is an insulin delivery tool that offers some of the features of an insulin pump but without the always-connected experience required with pumps. A smart insulin pen can calculate each dose based on current blood sugar level, carbohydrate amounts, meal size, active insulin, and settings prescribed by patients doctor, deliver accurate half-unit doses, help prevent skipped or missed doses, send diabetes data to health care team whenever needed and work with patients smart phone or watch and popular diabetes data tracking platforms. Diabetes is a major public health problem that is approaching epidemic proportions globally, therefore, it is necessary to use smart insulin pens for a safe and effective administration of insulin to people suffering from Diabetes.
Key players operating in the market are focusing on acquisitions and partnerships, which is expected to drive the growth of the market over the forecast period. For instance, in February 2021, BIOCORP a company that designs, develops, manufactures delivery systems and innovative medical devices, entered into a partnership with Health2Sync, a Taiwan-based digital healthcare company, and SocialDiabetes, a Spain-based digital healthcare solution provider, for management of diabetes by integration of Mallya, a smart insulin pen cap manufactured by Biocorp with the digital applications developed by SocialDiabetes and Health2Sync. Furthermore, in September 2019, Sanofi S.A. and Abbott, a U.S.-based multinational medical devices and health care company, collaborated to integrate glucose sensing and insulin delivery technologies that would help to further simplify how people with diabetes manage their condition. The two companies would focus on developing FreeStyle Libre technology with insulin dosing information for future smart pens, insulin titration apps, and cloud software.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.