DUBLIN--(BUSINESS WIRE)--The "Global Smart Insulin Pens Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global smart insulin pens market is expected to grow from $0.09 billion in 2021 to $0.09 billion in 2022 at a compound annual growth rate (CAGR) of 7.2%. The market is expected to grow to $0.12 billion in 2026 at a compound annual growth rate (CAGR) of 6.1%.
Major players in the market are Companion Medical, Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co. Ltd., Emperra GmbH E-Health Technologies, Digital Medics Pvt Ltd., F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd., and Bigfoot Biomedical.
The smart insulin pens market consists of sales of smart insulin pens which allows to dial the insulin dose accurately and related products. The smart insulin pens are injector pens with the needle that help people with diabetes to manage insulin delivery. It is connected with a smartphone app that automatically records the dosing information of each injection and provides assistance with dosing.
The main types of smart insulin pens are first-generation pens and second-generation pens (Bluetooth enabled, USB connected). The second-generation smart insulin pens are devices that are engineered with Bluetooth or USB features to enable closer monitoring. The smart insulin pens are either prefilled or reusable that is used to treat type 1 diabetes and type 2 diabetes. The various end-users of smart insulin pens are hospitals and clinics, ambulatory surgical centers, and home care settings.
North America was the largest region in the smart insulin pens market in 2021. Western Europe was the second largest region in the smart insulin pens market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
An accurate dose of insulin can be achieved than a vial or a syringe with an insulin pen. For kids who need to take insulin during school time and visually impaired diabetic patients, an accurate dose of insulin can even be pre-set over the dosage dial which helps inaccurate delivery of dose at the time of injection.
Echo Plus by Novo Nordisk which is a pediatric-friendly insulin pen allows even half-unit dosing with a maximum of 30 units. HumaPen Luxura HD from Lilly allows the delivery of insulin in half-unit increments and NovoPen Junior - Insulin Pen by Novo Nordisk can deliver highly accurate doses of insulin and finely adjusts small doses even half-unit increments. The accurate adjustments and delivery of doses of insulin can avoid either over-dosing or low-dosing of the drug which is expected to increase the demand for smart insulin pens and drive the market growth.
Diabetics may be prescribed two types of insulin for better control over blood glucose levels. They usually prefer pre-mixed insulin (combination) or a method in which the insulin doses could be mixed and once puncture is necessary to deliver the different types of insulin doses required. Multiple punctures for the insulin delivery can lead to poor adherence to the medication which in turn results in poor glycemic control.
A study published states that poor glycemic control (A1c>7%) was reported in 68% of respondents and there was an association between A1c >7% and poor adherence levels. Dislike towards injection to a large extent and needle phobia can result in poor adherence levels. It is estimated that over 10% of the population has needle phobia. These factors can reduce the adherence of smart insulin pens where two types of insulin can't be mixed and result in multiple needle punctures which thereby affect the purpose of the insulin being administered which is expected to hinder the market growth.
The next generation of smart insulin pens goes far beyond memory storage. They help in calculating personalized doses, track glucose continuously, and connect with apps of smartphones to visualize the data. In 2019, Novo Nordisk and Abbott partnered to integrate insulin dose data into the digital health tools which aim at connecting key technologies such as continuous glucose monitoring and insulin pens thus simplifying diabetes management.
The NovoPen 6 and the NovoPen Echo Plus pens will be able to connect to the Dexcom G6 CGM and the Diasend diabetes management platform (Glooko). In 2019, Companion Medical announced that the Bluetooth-enabled InPen which takes away the guesswork from dosing insulin with an in-app bolus calculator that uses precise carbohydrate ratios and correction factors and calculates the personalized insulin doses. This enhances the ease of usage of smart insulin pens which is expected to boost the market.
In February 2020, Senseonics a US-based medical technology company that primarily focuses on the design, development, and commercialization of glucose monitoring products announced a partnership with Companion Medical. The partnership will benefit both companies by integrating Eversense CGM System with the InPenT smart system for accurate insulin delivery. Companion Medical is a US-based company that aims at achieving desirable diabetes outcomes and manufactured InPenT which is the US first FDA-approved insulin pen.
The countries covered in the smart insulin pens market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Companies Mentioned
- Companion Medical
- Eli Lilly and Company
- Novo Nordisk A/S
- Diamesco Co. Ltd.
- Emperra GmbH E-Health Technologies
- Digital Medics Pvt Ltd.
- F. Hoffmann-La Roche AG
- Insulet Corporation
- Jiangsu Delfu medical device Co. Ltd.
- Bigfoot biomedica
- InjexUK
- Smith's Medical
- NIPRO Medical Corporation
- Biocorp.
- BERLIN-CHEMIE
- Diabnex
Key Topics Covered:
1. Executive Summary
2. Smart Insulin Pens Market Characteristics
3. Smart Insulin Pens Market Trends And Strategies
4. Impact Of COVID-19 On Smart Insulin Pens
5. Smart Insulin Pens Market Size And Growth
5.1. Global Smart Insulin Pens Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Smart Insulin Pens Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Smart Insulin Pens Market Segmentation
6.1. Global Smart Insulin Pens Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- First Generation Pens
- Second Generation Pens (Bluetooth Enabled, USD Connected)
6.2. Global Smart Insulin Pens Market, Segmentation By End User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Hospitals & Clinics
- Ambulatory Surgical Centres
- Home Care Settings
6.3. Global Smart Insulin Pens Market, Segmentation By Usability, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Prefilled
- Reusable
6.4. Global Smart Insulin Pens Market, Segmentation 0, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Smart Insulin Pens Market Regional And Country Analysis
7.1. Global Smart Insulin Pens Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Smart Insulin Pens Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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