Smart insulin pens come with a feature incorporating clinician-configured bolus calculator with the ability to deliver multiple insulin doses everyday safely and discreetly. These pens also contain an alarming system that allows a user to set a reminder in case the insulin cartage is empty.
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
Integration of insulin dosing data with Continuous Glucose Monitoring (CGM) is expected to propel growth of the global smart insulin pen market over the forecast period. For instance, in September 2019, Medtronic and Novo Nordisk collaborated to develop solutions to integrate insulin dosing data from future Novo Nordisk smart insulin pens into CGM devices from Medtronic.
Global Smart Insulin Pen Market: Opportunities
Various small scale companies such as Digital Medics, Emperra GmbH, and Companion Medical have introduced innovative smart insulin devices. However, these companies are small and lack funding for marketing activities. Therefore, major players in the market can focus on acquiring such start-ups or fund their research and marketing activities.
Global Smart Insulin Pen Market: Restraints
Smart insulin pens have some drawbacks such as a restriction on using all types of insulin through a pen and the wasting of some insulin with each use, which are expected to hinder growth of the market.
The USB connectivity segment in the global smart insulin pen market was valued at US$ 0.8 Mn in 2019 and is expected to reach US$ 2.2 Mn by 2027 at a CAGR of 14.5% during the forecast period. The growth of the segment is attributed to increasing technological advancements in product development during the forecasted period.
The Type 2 Diabetes segment held dominant position in the global smart insulin pen market in 2014, accounting for 82.3% share in terms of value. Increasing prevalence of diabetes in emerging regions is also expected to aid in growth of the market
Players in the market are focused on launching products that support various mobile OS. For instance, in January 2019, Companion Medical launched the Android version of its InPen App, clearing the way for release of the first smart pen system to Android smartphone users.
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in January 2020, BIOCORP and SANOFI signed a new contract for closely associating Mallya with SoloStar insulin pens.
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
Major players in the market are focused on adopting partnership and collaboration strategies to expand their product portfolio. For instance, in June 2019, DexCom collaborated with Companion Medical to enable a direct exchange of CGM data from Dexcom with insulin data from InPen into both companies’ software applications.
Scope of the report