Global Smart Insulin Pens Market 10 Year Forecast Report 2024-2034 - A USD 2.30 Billion Market by 2034 with a 10% CAGR During 2024-2034

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Mar 28, 2024, 12:45 ET

DUBLIN, March 28, 2024 /PRNewswire/ -- The "Global Smart Insulin Pens Market" report has been added to ResearchAndMarkets.com's offering.

The global smart insulin pens market accounted for USD 0.769 billion in 2023 and is expected to reach at USD 2.30 billion by 2034 with a CAGR of 10.47% during the forecast period 2024-2034.

The factors driving the market expansion will involve the increasing prevalence of diabetes, technological advancements, growing adoption of digital health solutions, patient-centered care, and partnerships and collaborations.

Globally, diabetes mellitus has become a significant public health concern. Diabetes, particularly types 1 and 2, is becoming more common, which has increased demand for cutting-edge and effective insulin administration systems like smart insulin pens. Advanced technology like Bluetooth connectivity, smartphone applications, and electronic dose-tracking features are all integrated into smart insulin pens. For instance, Novo Nordisk A/S and Dexcom announced a collaboration in August 2023 to create a smart insulin pen of the future that is coupled with CGM technology to enable automated insulin delivery.

By connectivity type, the Bluetooth segment accounted for the highest revenue-grossing segment in the global smart insulin pens market is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of digital health solutions, advancements in Bluetooth technology, and rising demand for remote monitoring capabilities, driving greater convenience and improved management of diabetes. For instance, Sanofi's next-generation smart insulin pen with Bluetooth connectivity and improved dosing features received CE mark approval in July 2023.

By application, the type 1 diabetes segment accounted for the highest revenue-grossing segment in the global smart insulin pens market in 2023 owing to the growing prevalence of type 1 diabetes, increased focus on personalized diabetes management, and rising adoption of advanced insulin delivery technologies tailored to the needs of type 1 diabetes patients. For instance, Companion Medical launched a new subscription service for its InPen smart insulin pen in September 2023, providing customers with options for data analysis and remote support. Additionally, the type 2 diabetes segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising incidence of type 2 diabetes, expanding diabetic population, and increasing awareness about the benefits of smart insulin pens for managing insulin therapy in type 2 diabetes patients.

By distribution channel, the hospital pharmacies & diabetes clinics/centers segment accounted for the highest revenue-grossing segment in the global smart insulin pens market in 2023 owing to the growing adoption of smart insulin pens in clinical settings, increased focus on optimizing diabetes management protocols, and the convenience of obtaining prescriptions and guidance on insulin therapy in hospital pharmacies and specialized diabetes clinics/centers. For instance, Eli Lilly and Company and Abbott announced a partnership in October 2023 to investigate the possible integration of Lilly's insulin with Abbott's FreeStyle Libre CGM system for use in smart pens. Additionally, the online sales segment is predicted to grow at the fastest CAGR during the forecast period owing to the expansion of e-commerce platforms, increasing consumer preference for online purchasing, and the convenience of accessing a wide range of smart insulin pen options and related products from the comfort of home.

North America is anticipated to have the highest revenue share during the forecast period owing to the high prevalence of diabetes, advanced healthcare infrastructure, robust adoption of technological innovations, and supportive regulatory environment fostering the uptake of smart insulin pens in North America.

Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the rapidly increasing diabetic population, improving access to healthcare services, rising awareness about diabetes management, and growing investments in healthcare infrastructure and technology in the Asia Pacific region.

This extensive research report concentrates on the size and projections of the global and regional markets from 2023 to 2034.

Report Scope:

Base Year: 2023
Forecast Period: 2024-2034

Study Coverage

Market Forecast by Connectivity Type, Application, and Distribution Channel
Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
Company Profiles of the Top 10+ Major Market Players
- Novo Nordisk
- Sanofi
- Companion Medical
- Emperra
- Eli Lilly and Company
- Bigfoot Biomedical
- Diamesco
- Pendiq
- InPen by Companion Medical
- Jiangsu Delfu Medical Device
- Medtronic
- Diabnext
- Berlin-Chemie
- Diabecare
- Capillary Biomedical

Report Segmentation

By Connectivity Type

Bluetooth
USB

By Application

Type 1 Diabetes
Type 2 Diabetes

By Distribution Channel

Hospital Pharmacies
Online Sales
Retail Pharmacies
Diabetes Clinics/Centers

Smart Insulin Pens Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA

For more information about this report visit https://www.researchandmarkets.com/r/w9yu0c

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