SMART INSULIN PEN MARKET ANALYSIS

The global smart insulin pen market is estimated to be valued at US$ 43.9 million in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).

Analysts’ Views on Global Smart Insulin Pen Market:

Increasing geriatric population, increasing prevalence of diabetes type 2 disorder and launches of new products by key market players as well as strategies such as mergers and acquisition is expected to drive the global smart insulin pen market over the forecast period. For instance, on February 23, 2023, Glooko, a U.S.-based software company, announced global collaboration with Sanofi, a France-based pharmaceutical company, for integrating SoloSmart with the Glooko platform. SoloSmart is a single piece add-on connected device intended for use with SoloStar and DoubleStar insulin injection pens, which records the insulin dose, date and time of injection and allows for visualization of the data in the Glooko app, that patients can share with healthcare professionals for connected care in diabetes management.

Figure 1. Global Smart Insulin Pen Market Share (%), by Indication, 2023

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Global Smart Insulin Pen Market – Driver

Launch of awareness programs across the world

The awareness regarding type 1 and type 2 disorder is necessary as the prevalence of diabetes across the population is increasing. The increase in awareness will help to understand the newer available treatments, and this is driving the growth of global smart insulin pen market in the forecast period. Various awareness activities are being conducted by the key market players to increase reach of their products. For instance, on August 4, 2022, Novo Nordisk, a Denmark-based pharmaceutical company’s Education Foundation, and Roche, a Switzerland-based healthcare company’s foundation Diabetes Care India signed memorandum of understanding (MoU) to improve access to care for underprivileged children living with type 1 diabetes in India. It will provide free diabetes monitoring and management kits including insulin pens, needles, insulin cartridges, glucometers, strips, and lancets. The program will help in providig education and training to doctors and nurses, and enhance awareness about diabetes and its management among children with type 1 diabetes and their families.

Prevalence of disease across the world

Diabetes is most common disorder affecting most of the population across the world. This is due to rising geriatric population worldwide. As diabetes type 2 most commonly affects in older aged people its numbers are constantly increasing. For instance, according to data shared by Australian Institute of Health and welfare on February 9, 2023, in 2020, an estimated 1 in 20 (almost 1.3 million) Australians were living with diabetes (prevalence) and were registered with the National Diabetes Services Scheme (NDSS) and Australasian Pediatric Endocrine Group (APEG) state-based registers. This includes people with type 1 diabetes, type 2 diabetes and other diabetes, but excludes gestational diabetes. In 2020, the prevalence of diabetes increased with age with almost 1 in 5 Australians aged 80–84 living with diabetes – almost 30 times as high as for those aged under 40 (0.7%). Diabetes was more common in males (4.8%) than females (3.8%), after controlling for age.  

Figure 2. Global Smart Insulin Pen Market Value (US$ Million), by Region, 2023

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Global Smart Insulin Pen Market - Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global smart insulin pen market over the forecast period. The growing prevalence of geriatric population directly impacts the increased demand for the smart insulin pen market for easy tracking of data. For instance, according to data shared by Endocrine Society on January 24, 2022, 54.1 million adults or 16.3% of the U.S. population are seniors (aged 65 or older).  An estimated 33% of adults aged 65 or older have diabetes. This population is more at risk of developing diabetes-related complications such as hypoglycemia (low blood sugar), kidney failure, and heart disease than younger people living with diabetes.

Global Smart Insulin Pen Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global smart insulin pen market. This is because, the patients infected with COVID-19 were given preference for diabetes treatment. As diabetic patients were highly vulnerable to complication, including getting infected with COVID-19 itself. For instance, according to report shared by Centers for Disease Control and Prevention on May 17, 2022, Patients hospitalized with COVID-19 were more likely to be readmitted to the same hospital within 2 months of discharge if they had certain chronic conditions, such as diabetes or chronic kidney disease. Among patients hospitalized with severe COVID-19 complications, 39.7% had diabetes as an underlying medical condition. The percentage increased to 46.5% for patients aged 50 to 64.

Global Smart Insulin Pen Market Segmentation:

The global smart insulin pen market report is segmented into by indication, by connectivity, by distribution channel, and by Region.

By Indication, the market is segmented into Type 1 Diabetes and Type 2 Diabetes. Out of which, the type 2 diabetes segment is expected to hold a dominant position in the global smart insulin pen market during the forecast period and this is attributed to the increased geriatric patients which commonly get infected with type 2 diabetes.

By Connectivity, the market is segmented into Bluetooth and USB. Out of which, the Bluetooth segment is expected to hold a dominant position in the smart insulin pen market during the forecast period and this is attributed to the increasing preference by patients to Bluetooth connectivity pens.

By Distribution channel, the market is segmented into Clinics and Ambulatory Surgical Centers, e-Commerce, Retail Pharmacies. The retail pharmacies is expected to dominate the market over the forecast period and this is due to the customer friendly nature of smart insulin pen that reduces need of hospital visits.

Among all the segmentations, the indication segment has the highest potential due to the increasing prevalence of diabetes over the forecast period. Newer approvals for diabetes control can boost the growth of global smart insulin pen market within forecast period. For instance, on July 23, 2020, Companion Medical, a medical technology company announced that U.S. Food and Drug Administration approved use of company’s InPen system, smart insulin pens to be used by children with type 1 diabetes, aged at least 7 years.

 Global Smart Insulin Pen Market Cross Sectional Analysis:

Rising incidence of diabetes in emerging economies is also expected to boost demand for smart insulin pen technologies in these regions. For instance, according to the data published by International Diabetes Federation (IDF) on December 14, 2021, 90 million adults are living with diabetes in the IDF South-East Asia (SEA) Region in 2021. This figure is estimated to increase to 113 million by 2030 and 152 million by 2045. 46 million adults living with diabetes in the IDF SEA Region are undiagnosed - 51% of the total number of adults living with diabetes in the region.

Global Smart Insulin Pen Market: Key Developments

In June 2021, Novo Nordisk Pharma, a U.S. based healthcare company, announced that it had obtained Japanese regulatory approval from Pharmaceuticals and Medical Devices Agency for NovoPen 6 and NovoPen Echo Plus as medical devices, the first smart insulin pens to be approved in the country.

In May 2021, Eli Lilly and Company, a U.S. based pharmaceutical company, announced that it had signed strategic international agreements with four companies – DexCom, Inc., U.S. based manufacturer of glucose monitoring system, Glooko Inc.,U.S. based software company for diabetes mobile applications, myDiabby Healthcare, France based medical software company and Roche, a Switzerland-based pharmaceutical company – to advance connected solutions and streamline care for people living with diabetes in markets outside of the U.S.

In November 2022, Novo Nordisk, a Denmark based pharmaceutical company, announced that its smart insulin pens can now be connected to the Abbott FreeStyle LibreLink app.

In March 2022, Glooko Inc., a U.S. based provider of remote patient monitoring and data management solutions for diabetes and other chronic diseases, announced the acquisition of DIABNEXT. DIABNEXT is a France-based company offers a telemedicine platform that helps diabetic patients better manage their disease and stay in touch remotely with the health professionals who follow them to improve the balance of their diabetes. The DIABNEXT mobile application completes Glooko's product portfolio.

Global Smart Insulin Pen Market: Key Trends

Initiatives by key market players for affordable products can drive the growth of market

On March 16, 2023, Sanofi, a France-based healthcare company announced that it will cut the list price of Lantus (insulin glargine injection) 100 Units/mL, its most widely prescribed insulin in the U.S., by 78 %. The company also will establish a US$ 35 cap on out-of-pocket costs for Lantus for all patients with commercial insurance, underscoring its longstanding commitment to offer affordable access to medicines. These moves, will go into effect January 1, 2024, will come in addition to decisions taken in June 2022 to lower diabetes medicines costs. With all those decisions, Sanofi’s ensures that no patient will pay more than US$ 35 for a monthly supply of Lantus. Finally, Sanofi will also cut the list price of its short-acting Apidra (insulin glulisine injection) 100 Units/mL by 70%.

Global Smart Insulin Pen Market: Restraint

 Increasing demand for alternative products

Availability of substitute products such as painless smart insulin patches is also expected to hinder growth of the market. Wearable insulin patches allow more discrete insulin dosing throughout the day providing injection-free delivery of insulin whenever needed thus keeping the blood sugar levels in check. The patch works faster compared to an insulin pen, is easy to use, and made up of biocompatible material. For instance, according to new study published at The Endocrine Society’s annual meeting, on March 31, 2020, a new wearable, patch such as insulin delivery device called V-Go by Valeritas Inc., a U.S.-based pharmaceutical company can achieve good blood sugar control using regular human insulin. It is more affordable, easy and painless method.

To counterbalance the restrain, the people should be made aware about additional features of insulin smart pens such as tracking of the insulin dosage, reminders and alert facilities that may increase the use of smart insulin pens.

Lack of awareness of smart insulin pen product

Insulin injections are most commonly used methods of administrating insulin. The insulin pen reduces the pain associated with it and is an easy method of self-insulin administration. Smart pens were introduce to keep a track of data easily. However, many people lack knowledge of availability of such products, which is impacting adversely on growth of smart insulin pen market. For instance, according to article published by journal Clinical Diabetes on September 15, 2022, a survey was conducted to identify barriers and facilitators to successful smart insulin pen (SIP) use. It was found that low provider and care team awareness of the utility of SIPs and a lack of training on SIP use were considered a high-impact barrier. Sixty-three percent of clinics reported that provider preferences or limited training was a significant barrier to using SIPs in their practices.

To counterbalance this restrain, awareness campaigns can be arranged by key market players to let people know about availability of products such as smart insulin pen. It is also important to conduct training on handling of smart insulin pen.

Global Smart Insulin Pen Market - Key Players

Major players operating in the global smart insulin pen market 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.

Global Smart Insulin Pen Market – Definition

A smart insulin pen is a reusable injector pen with an intuitive smartphone app that can help people with diabetes better manage insulin delivery. These pens can track critical data such as time, date, and amount of insulin administered by a patient in order to offer efficient diabetes management. They can also provide reminders, alerts and reports. They can come in the form of an add-on to your current insulin pen or a reusable form which uses prefilled cartridges instead of vials or disposable pens.