ESOMAR-certified consulting firm Future Market Insights (FMI) projects the global smart insulin pens market is likely to surpass the billion dollar mark by 2021, expanding at a positive CAGR, as per a newly published research report. A stupendous double digit growth rate has been predicted for the market in the long-run. Growing preference for non-invasive treatment and the ever widening diabetes burden are likely to steer the market in a forward direction.
According to FMI’s report, the market posted significant gains in the past, with Bluetooth smart insulin pens generating over 30% of the revenue share in 2017. Also, according to the International Diabetes Federation, presently, just under half a billion people are living with diabetes worldwide, and their number is projected to increase by 25% in 2030, and 51% by 2045 respectively.
Manufacturers, therefore, are leveraging these trends to introduce novel and innovative product lines, enabling them to secure a firm footing in the market. In November 2020, for instance, Medtronic launched its InPenTM smart insulin device equipped with real-time GuardianTM Connect CGM Data- the first smart insulin pen for diabetics on multiple daily injections. Recently, in April 2021, BioCorp and Roche Diabetes Care launched the Mallya smart insulin pen device in France.
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Key Takeaways from FMI’s Smart Insulin Pens Market Report
- By connectivity, Bluetooth connected smart insulin pens to account for over half of the revenue share by 2031
- By indication, type 2 diabetes treatment to account for the bulk of smart insulin pens deployment
- Retail pharmacies were the primary distribution channels for smart insulin pens, e-commerce sales spiking rapidly
- US to experience credible growth amid increasing approval rates for new diabetes management devices
- Growing preference for needle-free insulin injections to widen adoption across the UK
- Germany & France to experience increased collaborations between key manufacturers in the long-run
- Large concentration of regional level manufacturers to pivot growth across India and China
Diabetic patients are tilting towards minimally-invasive or non-invasive treatment alternatives with a view to reduce trauma during subcutaneous insulin administration, a trend which is majorly influencing smart insulin pens adoption,” remarks the FMI analyst.
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Competitive Landscape
Major insulin pens manufacturers are effectively leveraging major expansion strategies, ranging from new product launches and R&D to collaborating with existing manufacturers or outright/partial acquisition of key market players. A major emphasis is being laid on incorporating virtual technological advancements to enhance diabetes management.
In February 2021, Novo Nordisk and the University of Toronto announced a CAD 40 million investment deal to establish the Novo Nordisk Network for Healthy Populations. This network will focus on new approaches to address diabetes and aid in chronic disease prevention. This will likely help broaden smart insulin pens development.
Companies are also focusing on providing advanced software platforms, such as Digital Medics’ DiabetesPlus DataSync Software. This platform enables users to download insulin and glucose data directly from the device. Key features include downloading insulin data from the insulin pen, glucose levels from the glucose meter and synchronization of data on the Cloud for use with mobile devices.
More Insights on the Global Smart Insulin Pens Market
In its latest report, FMI offers an unbiased analysis of the global smart insulin pens market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of indication (diabetes type I and diabetes type II), connectivity (Bluetooth connected and USB connected) and distribution channel (clinics & ambulatory surgical centers, e-commerce and retail pharmacies) across four major regions (North America, Europe, Asia Pacific and Rest of the World)
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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