Smart Insulin Pens Market Expected to Reach $298.87 Million by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Smart Insulin Pens Market," The smart insulin pens market was valued at $94.76 million in 2020, and is estimated to reach $298.87 million by 2030, growing at a CAGR of 12.1% from 2021 to 2030.

Smart insulin pens are used for external insulin delivery, thus offering an easy to carry solution to diabetes management. A smart insulin pen or connected pen is an insulin pen that pairs with a mobile app. It helps to manage diabetes by improving insulin administration. These “second-generation” pens pair with USB or Bluetooth technology to enable wireless transmission of data to the app. This makes titrating insulin or making changes to regimes easier. Smart pens can streamline diabetes information across multiple platforms. For example, smart pen, app, and continuous glucose monitor or blood sugar monitor can sync information to generate data that is in one place and is easier to understand. 

Smart Insulin Pens Market trends include the increase in demand for self-injection devices, rise in prevalence of diabetes, and accuracy in dosage delivery of insulin. However, limited usage of smart insulin pens for patients requiring a mixture of two types of insulin restrict the smart insulin pens market size growth.

By type, first generation pens are expected to dominate the market throughout the analysis period. However, the second-generation pens segment is expected to register the highest CAGR of 13.6% during the forecast period, owing to rise in demand for technically advanced smart insulin pens. Second generation pens segment is expected to exhibit the fastest growth rate during the forecast period owing to increase in geriatric population and rise in the number of new product launches.

By usability, the reusable pens segment dominated the market in 2020, reusable smart insulin pens are featured with memory and timing function that provide intelligent injection for patients and this trend is expected to continue during the forecast period,. The global pre-filled smart insulin pens market was valued at $25.8 million in 2020, and is projected to reach $83.7 million by 2030, growing at a CAGR of 12.5% from 2021 to 2030. Prefilled segment is expected to exhibit the fastest growth rate during the forecast period owing to rise in awareness among people regarding the new and advanced methods for insulin delivery.

By end-user, the hospital & clinics segment dominated the market in 2020. Generally, hospitals are well equipped with diabetes management products to accommodate to the various patients with type 1 and type 2 diabetes. Hospitals and clinics have skilled professionals and staffs, which facilitate the delivery of insulin, enhance patient safety, increase patient comfort, and improve blood sugar. The global smart insulin pens market for hospital & clinics was valued at $35.5 million in 2020, and is projected to reach $107.3 million by 2030, growing at a CAGR of 11.7% from 2021 to 2030, mainly driven by the large number of patient visits to the hospitals for treatments than in clinics. Home care settings segment is expected to exhibit the fastest growth rate of CAGR 12.7% during the forecast period owing to increase in the number of home care settings that increase the demand for smart insulin pens.

By region it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe constitutes the largest market share for smart insulin pens market owing to the surge in demand for smart insulin pens, availability of advanced healthcare facilities with trained medical professionals, presence of key market players. It accounted for about 11.8% share of the global market in 2020 due to increasing incidence of diabetic patients. North America accounted for 12.6% share of the global smart insulin pens market. LAMEA is expected to exhibit the fastest growth rate during the forecast period due to surge in demand for smart insulin delivery products, increase in the number of advanced healthcare facilities.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the smart insulin pens market share. There is implementation of lockdown in order to control spread of COVID-19. Many hospitals are converted into COVID-19 centers hence, diabetes patients faced difficulty to get their smart insulin pens delivered on time. For instance, according to International Diabetes Federation, in 2021 approximately 537 million adults (20-79 years) had diabetes, and the total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. Furthermore, the focus of entire healthcare sector shifted toward COVID-19. Thus, COVID-19 had negative impact on smart insulin pens industry.

KEY FINDINGS OF STUDY

• Based on type, the second generation pens segment is expected to grow at the highest CAGR of 13.6% during the forecast period.
• Based on usability, the pre-filled pens segment is expected to grow at the highest CAGR of 12.5% during the forecast period.
• Based on end users, the hospitals & clinics segment accounted for nearly half of the share of the global smart insulin pens market in 2020.
• Region wise, Europe constitutes the largest market share for smart insulin pens market, registering a CAGR of 11.8% during the forecast period.