Smart Insulin Pen Market to grow US$ 237.1 Mn by end of 2028, Says Coherent Market Insights

SEATTLE, Dec. 2, 2021 /PRNewswire/ -- According to latest report, the global smart insulin pen market is estimated to account for US$ 237.1 Mn in terms of value by the end of 2028.

A smart insulin pen can be used to inject insulin, a vital hormone for people who have diabetes. Most smart insulin pens have built-in sensors on their cap. The data can be transmitted to your smartphone. These features can prevent over- or under-dosing, which can be dangerous for people with diabetes.

Several studies have evaluated the benefits of these devices. For instance, the use of a smart insulin pen can improve adherence to diabetes management and patient satisfaction. The use of connected smart insulin pens in the United States and other countries has increased. Many studies have shown that patients are more confident with the use of these devices compared to other devices. Additionally, the use of connected smart pens can help simplify documentation and improve communication between health care providers and patients.

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Market Drivers:

Approval and launch of new products is expected to propel growth of the global smart insulin pen market over the forecast period. For instance, in December 2019, Tandem Diabetes Care, Inc. received the U.S. Food and Drug Administration clearance for its t:slim X2 insulin pump with Control-IQ technology, an advanced hybrid-closed loop feature.

Moreover, high prevalence of diabetes is also expected to aid in growth of the global smart insulin pen market. For instance, according to International Diabetes Federation's IDF Diabetes Atlas 2019 Edition, the numbers of adults with diabetes in the U.S. was 31.0 million.

Market Opportunities:

Development and launch of integrated diabetes solutions is expected offer lucrative growth opportunities for players in the global smart insulin pen market. For instance, in October 2019, Tandem Diabetes Care Inc. partnered with Abbott Laboratories to develop and commercialize integrated diabetes solutions that combine Abbott's glucose sensing technology with Tandem's insulin delivery systems.

Moreover, launch of personalized automated insulin delivery systems is also expected offer lucrative growth opportunities for players in the global smart insulin pen market. For instance, in February 2020, Abbott Laboratories partnered with Insulet Corporation to integrate Abbott's glucose sensing technology with Insulet's next-generation tubeless system, the Omnipod Horizon Automated Insulin Delivery System (Omnipod Horizon System), to offer personalized automated insulin delivery and care for people living with diabetes.

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Market Trends:

Major players operating in the global smart insulin pen market are focused on offering generic versions of products to enhance their market share. For instance, in January 2020, Eli Lilly and Company announced its plans to offer half-price generic versions of its fast-acting Humalog Junior KwikPen insulin and Humalog Mix75/25 KwikPen, which contains a mix of fast- and intermediate-acting insulin by mid-April 2020.

Major players operating in the global smart insulin pen market are focused on adopting partnership strategies to enhance their market share. For instance, in December 2019, BIOCORP, a medical devices and smart drug delivery systems developer based in France, partnered with SANOFI for the use of Mallya technology, a connected device for insulin pens.

Competitive Landscape:

Major players operating in the global smart insulin pen market include, Companion Medical Inc., Digital Medics Pty. Ltd., Emperra GmbH E-Health Technologies, and Novo Nordisk.

Major players operating in the global smart insulin pen market are focused on approval and launch of new products to expand their product portfolio. For instance, in May 2021, Medtronic plc received CE Mark for expanded functionality of the company's InPen smart2 insulin pen for multiple daily injections. The company also announced CE Mark for its Guardian 4 sensor, which requires no fingersticks1 for calibration or diabetes treatment decisions.

Market Segmentation:

• Global Smart Insulin Pen Market, By Indication:
• Type 1 Diabetes
• Type 2 Diabetes
• Global Smart Insulin Pen Market, By Connectivity:
• Bluetooth
• USB
• Global Smart Insulin Pen Market, By Distribution Channel:
• Clinics and Ambulatory Surgical Centers
• e-Commerce
• Retail Pharmacies
• Global Smart Insulin Pen Market, By Region:
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East
• Africa

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