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Phase-Xs | Biologics & Biosimilars | Coherent Market Insights

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.

Statistics:

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

Smart Insulin Pen  | Coherent Market Insights

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.

Smart insulin pens are Bluetooth or USB configures wireless devices used for insulin administration in diabetic patients. These devices can record critical data such as time, date, and amount of insulin administered by a patient for efficient diabetes management. Increasing prevalence of diabetes is a major factor boosting growth of the global smart insulin pen market over the forecast period. Furthermore, integration of insulin dosing data with Continuous Glucose Monitoring (CGM) is also anticipated to assist the growth of the global smart insulin pen market over the forecast period.

Key features of the study:

  • This report provides in-depth analysis of the Smart Insulin Pen market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2019–2027), considering 2018 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 strategy adopted by key players
  • It profiles key players in the global Smart Insulin Pen market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study include, Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, Novo Nordisk, and Companion Medical Inc.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The 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:

  • Smart Insulin Pen Market, By Indication:
    • Type 1 Diabetes
    • Type 2 Diabetes
  • Smart Insulin Pen Market, By Connectivity:
    • Bluetooth
    • USB
  • Smart Insulin Pen Market, By Distribution Channel:
    • Clinics and Ambulatory Surgical Centers
    • e-Commerce
    • Retail Pharmacies
  • Smart Insulin Pen Market, By Region:
    • North America
      • By Indication:
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Connectivity
        • Bluetooth
        • USB
      • By End User
        • Clinics and Ambulatory Surgical Centers
        • e-Commerce
        • Retail Pharmacies
      • By Country:
        • U.S.
        • Canada
    • Latin America
      • By Indication:
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Connectivity
        • Bluetooth
        • USB
      • By End User
        • Clinics and Ambulatory Surgical Centers
        • e-Commerce
        • Retail Pharmacies
      • By Country:
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Indication:
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Connectivity
        • Bluetooth
        • USB
      • By End User
        • Clinics and Ambulatory Surgical Centers
        • e-Commerce
        • Retail Pharmacies
      • By Country:
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Indication:
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Connectivity
        • Bluetooth
        • USB
      • By End User
        • Clinics and Ambulatory Surgical Centers
        • e-Commerce
        • Retail Pharmacies
      • By Country:
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Indication:
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Connectivity
        • Bluetooth
        • USB
      • By End User
        • Clinics and Ambulatory Surgical Centers
        • e-Commerce
        • Retail Pharmacies
      • By Country:
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • By Indication:
        • Type 1 Diabetes
        • Type 2 Diabetes
      • By Connectivity
        • Bluetooth
        • USB
      • By End User
        • Clinics and Ambulatory Surgical Centers
        • e-Commerce
        • Retail Pharmacies
      • By Country:
        • South Africa
        • Central Africa
        • North Africa
  • Company Profiles
    • Digital Medics Pty. Ltd. *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • Emperra GmbH E-Health Technologies
    • Novo Nordisk
    • Companion Medical Inc.
  •  “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Indication
      • Market Snippet, By Connectivity
      • Market Snippets, By Distribution Channel
      • Market Snippet, By Region
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • PEST Analysis
    • Regulatory Scenario
    • Mergers and Acquisitions
  4. Global Smart Insulin Pen Market, By Indication, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Type 1 Diabetes
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Type 2 Diabetes
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  5. Global Smart Insulin Pen Market, By Connectivity, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Bluetooth
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • USB
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global Smart Insulin Pen Market, By Distribution Channel, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Clinics and Ambulatory Surgical Centers
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • e-Commerce
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Retail Pharmacies
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  7. Global Smart Insulin Pen Market, By Region, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2019 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Indication, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Indication, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Indication, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Germany
        • U.K.
        • France
        • Italy
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Indication, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • China
        • India
        • Japan
        • Australia
        • South Korea
        • ASEAN
        • Rest of APAC
    • Middle East
      • Market Size and Forecast, By Indication, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • GCC
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Indication, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Connectivity, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Distribution Channel, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • South Africa
        • Central Africa
        • North Africa
  8. Competitive Landscape
    • Company Profiles
      • Digital Medics Pty. Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Emperra GmbH E-Health Technologies
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Novo Nordisk
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Companion Medical Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  9. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 16 market data tables and 10 figures on “Smart Insulin Pen Market - Global forecast to 2027”.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.


Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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