Smart Insulin Pen Market – Insights
Smart insulin pens are Bluetooth-enabled wireless devices that are used for 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.
The global smart insulin pen market is estimated to account for US$ 5.3 Mn in terms of value by the end of 2027.
Global Smart Insulin Pen Market: Drivers
Increasing prevalence of diabetes is a major factor boosting growth of the global smart insulin pen market over the forecast period. For instance, according to the study, ‘Global Prevalence of Type 2 Diabetes over the Next Ten Years (2018-2028)’, published by the American Diabetes Association, 500 million people worldwide suffered from type 2 diabetes in 2018.
Moreover, concerns about needle-stick injuries is also expected to aid in growth of the market. Needle stick injuries with diabetes injection needles and lancing devices are a key concern for diabetics. Insulin syringe needle stick injuries is a percutaneous wound injury caused by the needle tips and can occur while using, handling, disassembling, or disposing needles and syringes.
Europe region held dominant position in the global smart insulin pen market in 2019, accounting for 58.2% share in terms of value, followed by Asia Pacific.
Figure 1. Global Smart Insulin Pen Market Share (%), by Region, 2019
Global Smart Insulin Pen Market: Restraints
Limited adoption of smart insulin delivery systems, especially in emerging economies, is expected to hamper growth of the global smart insulin pen market. This is attributed to the high cost of the smart insulin pen, limited reimbursement, and less awareness among the diabetic patients regarding the technology.
Moreover, 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.
Global Smart Insulin Pen Market: Opportunities
Players in the global smart insulin pen market can focus on adopting online distribution channels, owing to increasing number of internet users and high adoption of online shopping. For instance, according to China Internet Network Information Center (CNNIC) (2018), 802 million people in China are now actively using the internet, which accounts for 57.7% of the population.
Moreover, high prevalence of diabetes in emerging regions is also expected to aid in growth of the market. For instance, according to International Diabetes Federation, the prevalence of type 2 diabetes in Asia Pacific is expected increase over 150% between 2000 and 2035.
Type 2 Diabetes segment in the global smart insulin pen market was valued at US$ 1.2 Mn in 2019 and is expected to reach US$ 4.4 Mn by 2027 at a CAGR of 18.9% during the forecast period.
Market Trends/Key Takeaways
Start-ups in the market are focused on raising funds for expanding their product portfolio. For instance, in January 2020, Bigfoot Biomedical, a diabetes startup focused on automated insulin delivery via connected insulin pens, initiated its Series C round with an initial tranche of US$ 45 million.
Players in the market are also focused on bringing connected insulin data into the clinical workflow. For instance, in June 2019, Companion Medical partnered with Rimidi, a cloud-based connected care software solution provider, to enable clinicians to analyze real-time insulin dosage integrated with data from connected glucometers and CGMs to remotely refine dosing decisions, all while working within the existing clinical workflow.
Global Smart Insulin Pen Market: Competitive Landscape
Major players operating in the global smart insulin pen market include, Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, and Companion Medical Inc.
Global Smart Insulin Pen Market: Key Developments
Players in the market are focused on raising funds for expanding their product portfolio. For instance, in January 2020, Companion Medical, Inc. entered into a loan and security agreement for up to US$ 27.5 million with K2 HealthVentures (K2HV), a healthcare-focused specialty finance company.