SMART INSULIN PEN MARKET ANALYSIS

Smart Insulin Pen MarketSize and Trends

The global smart insulin pen market is estimated to be valued at US$ 43.9 million in 2023 and is expected to exhibit a CAGR of 11.3% during the forecast period (2023-2030).

Figure 1. Global Smart Insulin Pen Market Share (%), by Indication, 2023

Figure 2. Global Smart Insulin Pen Market Value (US$ Million), by Region, 2023

Global Smart Insulin Pen Market Segmentation:

The global smart insulin pen market report is segmented into by indication, by connectivity, by distribution channel, and by Region.

By Indication, the market is segmented into Type 1 Diabetes and Type 2 Diabetes. Out of which, the type 2 diabetes segment is expected to hold a dominant position in the global smart insulin pen market during the forecast period and this is attributed to the increased geriatric patients which commonly get infected with type 2 diabetes.

By Connectivity, the market is segmented into Bluetooth and USB. Out of which, the Bluetooth segment is expected to hold a dominant position in the smart insulin pen market during the forecast period and this is attributed to the increasing preference by patients to Bluetooth connectivity pens.

By Distribution channel, the market is segmented into Clinics and Ambulatory Surgical Centers, e-Commerce, Retail Pharmacies. The retail pharmacies is expected to dominate the market over the forecast period and this is due to the customer friendly nature of smart insulin pen that reduces need of hospital visits.

Among all the segmentations, the indication segment has the highest potential due to the increasing prevalence of diabetes over the forecast period. Newer approvals for diabetes control can boost the growth of global smart insulin pen market within forecast period. For instance, on July 23, 2020, Companion Medical, a medical technology company announced that U.S. Food and Drug Administration approved use of company’s InPen system, smart insulin pens to be used by children with type 1 diabetes, aged at least 7 years.

 Global Smart Insulin Pen Market Cross Sectional Analysis:

Rising incidence of diabetes in emerging economies is also expected to boost demand for smart insulin pen technologies in these regions. For instance, according to the data published by International Diabetes Federation (IDF) on December 14, 2021, 90 million adults are living with diabetes in the IDF South-East Asia (SEA) Region in 2021. This figure is estimated to increase to 113 million by 2030 and 152 million by 2045. 46 million adults living with diabetes in the IDF SEA Region are undiagnosed - 51% of the total number of adults living with diabetes in the region.