Smart Insulin Pens Market is projected to reach US$ 70.4 million by 2027
Global Smart Insulin Pens Market
Smart insulin pens are devices that are used to administer insulin for the treatment of diabetes. The global smart insulin pens market was valued at US$ 29.2 Mn in 2018 and is projected to reach US$ 70.4 Mn by 2027, expanding at a CAGR of 10.3% from 2019 to 2027. Rise in prevalence of diabetes in people of all ages and increase in awareness about chronic diseases, such as diabetes, is anticipated to drive the global market for smart insulin pens.
Additionally, a surge in adoption of connected medical devices and integration of glucose monitoring devices and therapeutics for better management of diabetes is likely to propel the smart insulin pens market across the globe. According to World Health Organization, an estimated 1.6 million deaths occurred due to diabetes, in 2016. According to American Diabetes Association, in 2015, an estimated 30.3 million people in the U.S. had diabetes, among them 1.25 million were children.
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In terms of product, the smart insulin pens market has been categorized into smart insulin pens and adaptors for conventional pens. Based on connectivity type, the market has been classified into Bluetooth and USB. In terms of application, the market segmented into type 1 and type 2 diabetes. Based on distribution channel, the market has been divided into hospital pharmacy, online sales, retail pharmacy, and diabetes clinics/centers.
In terms of region, the global smart insulin pens market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a major share of the global market in 2018. The market in North America is driven by the presence of key players and a high rate of adoption of technologies in the region. Additionally, a rise in the prevalence of diabetes and new product launches and approval are likely to propel the market in the region.
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According to National Diabetes Statistics Report 2017, In the U.S., an estimated 30.3 million people had diabetes in 2015. According to Canadian Chronic Disease Surveillance System, there were estimated 3.0 million people in Canada are living with diabetes between 2013 and 2014. The market in Europe is driven by an increase in prevalence of diabetes.
According to International Diabetes Federation, in 2017, approximately, 352 million people were at a risk of developing type 2 diabetes in Europe. The market in Asia Pacific is projected to expand at a rapid pace during the forecast period, due in an increase in the geriatric population with diabetes.
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The global smart insulin pens market is highly fragment, due to the presence of a large number of players. Major players operating in the global smart insulin pens market include Novo Nordisk A/S, Sanofi (sanofi-aventis US LLC), Eli Lilly and Company, Companion Medical, Emperra GmbH E-Health Technologies, Diabnext, Jiangsu Delfu medical device Co.,Ltd, BERLIN-CHEMIE, DIAMESCO CO., Ltd., and Patients Pending Ltd (Bigfoot Biomedical Inc.). In January 2018, BIOCORP received clearance in Europe for EASYLOG, an adaptor for insulin pens connected via the internet. This product approval enabled the company to strengthen its position in the market and enhance its product portfolio in Europe.
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In December 2017, Companion Medical launched the InPen, in the U.S. This product launch enabled the company to strengthen its diabetes management portfolio in the U.S. In August 2016, Emperra GmbH launched the ESYSTA BT Bluetooth Insulin Pen. This product launched enabled the company to strengthen the ESYSTA product portfolio.
