Market Challenges And Opportunities

Prevalence of disease across the world

Diabetes is most common disorder affecting most of the population across the world. This is due to rising geriatric population worldwide. As diabetes type 2 most commonly affects in older aged people its numbers are constantly increasing. For instance, according to data shared by Australian Institute of Health and welfare on February 9, 2023, in 2020, an estimated 1 in 20 (almost 1.3 million) Australians were living with diabetes (prevalence) and were registered with the National Diabetes Services Scheme (NDSS) and Australasian Pediatric Endocrine Group (APEG) state-based registers. This includes people with type 1 diabetes, type 2 diabetes and other diabetes, but excludes gestational diabetes. In 2020, the prevalence of diabetes increased with age with almost 1 in 5 Australians aged 80–84 living with diabetes – almost 30 times as high as for those aged under 40 (0.7%). Diabetes was more common in males (4.8%) than females (3.8%), after controlling for age.

Global Smart Insulin Pen Market – Driver

Launch of awareness programs across the world

The awareness regarding type 1 and type 2 disorder is necessary as the prevalence of diabetes across the population is increasing. The increase in awareness will help to understand the newer available treatments, and this is driving the growth of global smart insulin pen market in the forecast period. Various awareness activities are being conducted by the key market players to increase reach of their products. For instance, on August 4, 2022, Novo Nordisk, a Denmark-based pharmaceutical company’s Education Foundation, and Roche, a Switzerland-based healthcare company’s foundation Diabetes Care India signed memorandum of understanding (MoU) to improve access to care for underprivileged children living with type 1 diabetes in India. It will provide free diabetes monitoring and management kits including insulin pens, needles, insulin cartridges, glucometers, strips, and lancets. The program will help in providig education and training to doctors and nurses, and enhance awareness about diabetes and its management among children with type 1 diabetes and their families.

Global Smart Insulin Pen Market: Key Trends

Initiatives by key market players for affordable products can drive the growth of market

On March 16, 2023, Sanofi, a France-based healthcare company announced that it will cut the list price of Lantus (insulin glargine injection) 100 Units/mL, its most widely prescribed insulin in the U.S., by 78 %. The company also will establish a US$ 35 cap on out-of-pocket costs for Lantus for all patients with commercial insurance, underscoring its longstanding commitment to offer affordable access to medicines. These moves, will go into effect January 1, 2024, will come in addition to decisions taken in June 2022 to lower diabetes medicines costs. With all those decisions, Sanofi’s ensures that no patient will pay more than US$ 35 for a monthly supply of Lantus. Finally, Sanofi will also cut the list price of its short-acting Apidra (insulin glulisine injection) 100 Units/mL by 70%.

Global Smart Insulin Pen Market: Restraint

Increasing demand for alternative products

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. For instance, according to new study published at The Endocrine Society’s annual meeting, on March 31, 2020, a new wearable, patch such as insulin delivery device called V-Go by Valeritas Inc., a U.S.-based pharmaceutical company can achieve good blood sugar control using regular human insulin. It is more affordable, easy and painless method.

To counterbalance the restrain, the people should be made aware about additional features of insulin smart pens such as tracking of the insulin dosage, reminders and alert facilities that may increase the use of smart insulin pens.

Lack of awareness of smart insulin pen product

Insulin injections are most commonly used methods of administrating insulin. The insulin pen reduces the pain associated with it and is an easy method of self-insulin administration. Smart pens were introduce to keep a track of data easily. However, many people lack knowledge of availability of such products, which is impacting adversely on growth of smart insulin pen market. For instance, according to article published by journal Clinical Diabetes on September 15, 2022, a survey was conducted to identify barriers and facilitators to successful smart insulin pen (SIP) use. It was found that low provider and care team awareness of the utility of SIPs and a lack of training on SIP use were considered a high-impact barrier. Sixty-three percent of clinics reported that provider preferences or limited training was a significant barrier to using SIPs in their practices.

To counterbalance this restrain, awareness campaigns can be arranged by key market players to let people know about availability of products such as smart insulin pen. It is also important to conduct training on handling of smart insulin pen.