Smart Insulin Pen Market Poised for Strong Growth Owing to Increasing Prevalence of Diabetes
Smart insulin pens are medical devices used to inject insulin medication into the body. With the integration of smart technologies like glucose monitoring and connectivity features, these insulin pens help people with diabetes manage their condition with better control and convenience. The global smart insulin pen market comprises insulin pens integrated with Bluetooth and mobile applications that allow users and healthcare providers to track medication schedules, food consumption, activity levels and blood glucose readings. This helps determine how meals, activity or stress may affect blood sugar levels and optimize insulin dosing accordingly.
The global smart insulin pen market is estimated to be valued at US$ 43.9 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing prevalence of diabetes is a key driver estimated to boost the smart insulin pen market growth over the forecast period. As per the International Diabetes Federation, around 537 million adults were living with diabetes in 2021 globally and the number is expected to rise to 643 million by 2030 and 783 million by 2045. Smart insulin pens offer advantages like digital tracking, connectivity and personalized dosing assistance which help manage diabetes more efficiently. The other driver fueling market expansion is increasing awareness about smart technologies in diabetes management. Smart insulin pens help attain better glucose control by tracking crucial parameters through integration with mobile apps and devices. This is expected to propel their adoption rate among diabetic patients requiring insulin dosage adjustment. A growing geriatric population also vulnerable to diabetes will further contribute to market gains.
SWOT ANALYSIS
Strength: Smart insulin pens are portable, convenient to use and provide accuracy in insulin dosing. These pens record data such as time and date of insulin dosing which helps patients and doctors track insulin usage. They also feature Bluetooth connectivity which allows data sharing with diabetes management apps.
Weakness: Initial costs of these smart pens are much higher than traditional insulin pens. Reliance on battery power can be a limitation. Technical issues may arise with wireless connectivity or software glitches.
Opportunity: Rising prevalence of diabetes worldwide increases the patient pool for smart insulin pens. Growing preference for diabetes devices with advanced features presents an opportunity. Integration of newer technologies like Artificial Intelligence can further augment functionality.
Threats: Presence of alternative connected diabetes devices poses competition. Data privacy and security concerns may hold back adoption. Reimbursement policies influence affordability of these costly pens.
KEY TAKEAWAYS
The Global Smart Insulin Pen Market Size is expected to witness high growth. The market size for 2023 is US$ 43.9 Mn and forecast period is from 2023 to 2030.
Regional analysis: North America currently dominates the market due to rapid rise of diabetes and favorable reimbursement scenario. However, Asia Pacific is poised to grow at the fastest pace considering the massive diabetic population and increasing health awareness in countries like China and India.
Key players: Key players operating in the smart insulin pen market are 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.
The global smart insulin pen market is fragmented with presence of numerous global and regional level companies. Major players are focused on new product launches, partnerships and expanding geographical presence through market expansion strategies.
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