Smart Insulin Pens Market: Current Analysis and Forecast (2021-2027)

Smart insulin pens are employed for external insulin delivery, providing a convenient option to diabetes treatment. Insulin pens is observing a significant growth in demand in recent years, owing to an increase in the number of diabetic patients, as well as their cost-effectiveness when compared to insulin pumps. Diabetes affected 463 million people worldwide in 2019, accounting for 9.3% of the global adult population (20–79 years). In 2030, this number is predicted to rise to 578 million (10.2%) and 700 million (10.9%) in 2045. In 2019, the prevalence of diabetes was expected to be 9.0 percent in women and 9.6 percent in men. Diabetes prevalence rises with age, with a prevalence of 19.9% (111.2 million) in adults aged 65-79 years. Smart insulin pens have various advantages over other insulin administration devices, including being easier to use than a syringe and being portable enough to be used outside the home.
In South-East Asia, nearly 600,000 persons died before the age of 60 because of diabetes in 2019, whereas the Western Pacific experienced about 480,000 diabetes-related deaths. These regions also have the highest number of people aged 20 to 79 who have undiagnosed diabetes: the Western Pacific region had nearly 91 million undiagnosed diabetes cases in 2019, whereas approximately 50 million Southeast Asians had undiagnosed diabetes. These reasons have caused rise in awareness among individuals and is expected to drive the growth of the market. Furthermore, increase in per capita healthcare spending has positively impacted the sale of insulin pumps. For instance, according to OECD data from 2019, the United States had the highest per capita GDP at 17%, followed by Switzerland and Germany at 12.1% and 11.7%, respectively. The market for Smart Insulin Pens is predicted to grow due to improvements in healthcare.
Eli Lilly and Company, Novo Nordisk, DIAMESCO, Emperra GmbH, Ypsomed holding AG, F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co., and Medtronics are some of the prominent players operating in the global Smart Insulin Pens market. Several M&A’s along with partnerships have been undertaken by these players to facilitate costumers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Type, Second Generation segment holds the major share”
Based on the therapy type, the market is fragmented into first and second generation. The second- generation segment on account of increasing geriatric population and rise self-administration among patients dominated the market with a share of XX% in 2020 and is expected to maintain its dominance during the forecast period owing to owing to its easy portability and wireless connectivity.
“Amongst Usability, Pre-filled is anticipated to grow at the highest CAGR during the analyzed period”
Based on usability, the market is fragmented into Pre-filled and Reusable. In 2020, home care settings accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.
Amongst End-User, Homecare Setting segment holds the major share”
Based on end-user, the market is fragmented into hospitals, ambulatory surgery centers, and home care settings. In 2020, home care settings accounted for a maximum market revenue share of XX% and is expected to remain dominant during the analyzed period.
“North America signifies one of the largest markets of Smart Insulin Pens Market”
For a better understanding of the market dynamics of the Smart Insulin Pens market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD XX million in 2020. The North American and Caribbean region spent some 325 billion U.S. dollars on health care for people with diabetes in 2019. However, the Asia Pacific region would grow at the highest CAGR during the forecast period due to its high population base and increase in incidence of diabetic patients.
Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
Customization Options:
Smart Insulin Pens Market can further be customized as per the requirement or any other market segment. Besides this, understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.