Global Smart Insulin Pen Market, By Indication (Type 1 Diabetes, Type 2 Diabetes), By Connectivity (Bluetooth, USB), By Distribution Channel (Clinics and Ambulatory Surgical Centers, e-Commerce, Retail Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The advent in insulin delivery systems is expected to provide lucrative growth opportunities for players. Thus, key market players are focused on adopting growth strategies such as partnerships, which will drive the global smart insulin pen market. For example, in November 8, 2021, Sanofi, a France-based pharmaceutical company, partnered with Roche, a Switzerland-based pharmaceutical healthcare company to drive adoption of a connected add-on for disposable insulin pens. The partners will jointly develop a scientific program for physicians and retail pharmacists.
Global Smart Insulin Pen Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global smart insulin pen market. This is because the patients suffering from COVID 19 were more susceptible to develop diabetes in later stage, hence more priority was given to treat diabetes. This resulted in more demand for smart insulin pen. For instance, according to an article published in Diabetologia, on March 16, 2022, a study conducted on 35,865 individuals of mean age 43 years and 46% female population showed that, individuals with COVID-19 showed an increased type 2 diabetes incidence compared with acute upper respiratory tract infections (AURI). Hence, COVID-19 confers an increased risk for type 2 diabetes.
Global Smart Insulin Pen Market: Key Developments
Additionally, workshops and seminars related to diabetes across the world to promote insulin treatment are expected to boost market growth during the forecast period. For instance, on November 15, 2021, Roche, a Switzerland-based healthcare company’s Diabetes Care department, Roche Diabetic Care (RDC) India, on occasion of World Diabetes Day amplified their fight against diabetes through a two-pronged approach of enhancing diabetes awareness and making care more accessible to people with diabetes, in line with global theme of improving access to care for people with diabetes. Under their ‘Let’s Talk Diabetes’ initiative, the company aided diabetes screening and awareness camps at over 650 clinics across India by providing 17,000 blood glucometers, 300,000 test strips and conducting awareness programs for people with diabetes and healthcare professionals. The company had also collaborated with Research Society for the Study of Diabetes in India (RSSDI) to support their ‘Defeat Diabetes’ drive and facilitated up to 100,000 tests by providing blood glucose meters and Accu-Chek Performa strips required for the project. In addition to this, RDC India collaborated with schools to scale-up ‘Diabeaters’, the award winning diabetes awareness program for school children, to conduct diabetes awareness and education program for 40,000 schools children India.
Browse 35 Market Data Tables and 25 Figures spread through 160 Pages and in-depth TOC on “Global Smart Insulin Pen Market”- Forecast to 2030, Global Smart Insulin Pen Market, By Indication (Type 1 Diabetes, Type 2 Diabetes), By Connectivity (Bluetooth, USB), By Distribution Channel (Clinics and Ambulatory Surgical Centers, e-Commerce, Retail Pharmacies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/smart-insulin-pen-market-3436
Key Takeaways of the Global Smart Insulin Pen Market:
- The Global Smart Insulin Pen Market is expected to exhibit a CAGR of 11.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global smart insulin pen market. For instance, on February 11, 2020, Senseonics Holdings Inc., a U.S.-based medical technology company, announced partnership with Companion Medical, a U.S.-based medical device manufacturer company, to integrate Eversense CGM Systems real time glucose data with InPen smart system for insulin delivery.
- Among indication, the Type 2 diabetes segment is expected to grow in the global smart insulin pen market over the forecast period. This is because more patients are affected with type 2 diabetes. For instance, according to data shared by Centers For Disease Control and Prevention (CDC) on April 18, 2023, more than 37 million Americans have diabetes (about 1 in 10), and approximately 90-95% of them have type 2 diabetes. Type 2 diabetes most often develops in people over age 45, but more and more children, teens, and young adults are also developing it.
- Among region, North America is expected to be the dominant region in the global smart insulin pen market, owing to the increasing launch of products. For instance, in March 1, 2022, Novo Nordisk, a Denmark-based pharmaceutical company, announced the Novo Pen 6 and Novo Pen Echo Plus, two smart linked insulin pens that are currently available in the U.K. on prescription for those with diabetes who use Novo Nordisk insulin. These two new smart insulin pens, the Novo Pen 6 and Novo Pen Echo Plus, record each injection's insulin dosage automatically.
- Major players operating in the global smart insulin pen market include 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.
