What is the global market size of Smart Insulin Pens Market?

Smart Insulin Pens Market size was valued at USD 94.76 million in 2021 and is poised to grow from USD 106.23 million in 2022 to USD 264.9 million by 2030, growing at a CAGR of 12.1% in the forecast period (2023-2030).

What is the key market trend for Global Smart Insulin Pens Market?

Increasing latest advancements in research & development activities in the healthcare department, coupled with the increase in diabetic patients worldwide are the key industry trends for the global smart insulin pens market. Additionally, increase in new innovative products by market manufacturers to cater to the need of smart insulin pens are also projected to create lucrative growth opportunities for this market in the long run.

Smart Insulin Pens Market Size, Share, Growth Analysis, By Product(Smart insulin pen, adaptors for conventional pen), By Connectivity type (Bluetooth, and USB), By Indication(Type 1 diabetes, type 2 diabetes), By End-user(Hospitals & clinics, ambulatory surgical centers, home care settings), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Q: Who are the key vendors in the Global Smart Insulin Pens Market?

The global smart insulin pens market is highly competitive and somewhat fragmented in nature. To maintain a competitive edge, major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Emperra GmbH', 'Novo Nordisk A/S', 'Medtronic plc', 'Eli Lilly and Company ', ' Sanofi S.A. ', ' Companion Medical Inc. ', ' Diabnext ', ' Insulet Corporation ', ' Pendiq GmbH ', ' Digital Medics Pty Ltd. ', ' F. Hoffmann-La Roche AG ', ' Ypsomed AG ', ' Common Sensing Inc. ', ' InjexUK Ltd. ', ' Diamesco Co., Ltd. ', ' Nipro Corporation ', ' Jiangsu Delfu Co., Ltd. ', ' Wockhardt Ltd. ', ' Biocon Ltd. '.

Q: Which region accounted for the largest share in Global Smart Insulin Pens Market?

Demographically, the global smart insulin pens market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, every region is further classified based on the key countries contributing to the market growth. The rise in prevalence of diabetes in countries such as Canada and the US augments the cost of smart insulin pumps in North America, thus, helping it contribute the largest share in 2021 and to continue so in the forecast period. In addition to this, the presence of multiple players in this region, coupled with the high rate of technological adoption is also driving the North America smart insulin pens market. Furthermore, the market in North America is expected to be driven by new product launches and related FDA approvals.

Report ID: SQMIG35A2194 | Region: Global | Published Date: April, 2024
Pages: 219 | Tables: 143 | Figures: 77

Smart Insulin Pens Market News

In January 2024, Eli Lilly and Rexam are making significant investments in their French manufacturing facilities to produce a new insulin injection pen. This collaboration, which has been in the works for several years between Rexam Pharma and Eli Lilly and Co. Group, is anticipated to launch in 2009. The insulin injection pen will consist of over a dozen plastic components and a metal spring, featuring two sections: one for dose selection and the other serving as a protective cap. Production of the pen's sections will take place at the La Verpillière site, while Lilly's Fegersheim site in Alsace near Strasbourg will handle the production of the glass cartridge filled with insulin for insertion into the pen. The newly developed pen will be available for sale globally.
In January 2024, BIOCORP, a Novo Nordisk company headquartered in France and known for designing, developing, and manufacturing innovative medical devices, revealed that they obtained 510(K) clearance from the U.S. Food & Drug Administration (FDA) to commercialize SoloSmart®, a smart medical device connecting SoloStar® insulin pens by Sanofi.
In August 2023, Kakao Healthcare, the digital healthcare arm of South Korean internet giant Kakao Corporation, joined forces with Novo Nordisk to enhance its diabetes management platform utilizing mobile and AI technologies. This partnership entails the introduction of a smart healthcare service tailored to aid diabetes patients. Through a memorandum of understanding, the two entities solidified their commitment to innovating solutions for diabetes management.

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Smart Insulin Pens Market size was valued at USD 3.66 billion in 2022 and is expected to rise from USD 4.03 billion in 2023 to reach a value of USD 8.63 billion by 2031, at a CAGR of 10% during the forecast period (2024–2031).

The smart insulin pens market is highly competitive and somewhat fragmented in nature. To maintain a competitive edge, major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Emperra GmbH', 'Novo Nordisk A/S', 'Medtronic plc', 'Eli Lilly and Company', ' Sanofi S.A. ', ' Companion Medical Inc. ', ' Diabnext ', ' Insulet Corporation ', ' Pendiq GmbH ', ' Digital Medics Pty Ltd. ', ' F. Hoffmann-La Roche AG ', ' Ypsomed AG ', ' Common Sensing Inc. ', ' InjexUK Ltd. ', ' Diamesco Co., Ltd. ', ' Nipro Corporation ', ' Jiangsu Delfu Co., Ltd. ', ' Wockhardt Ltd. ', ' Biocon Ltd. '

The population of diabetic patients have increased due to the rapidly evolving society and the growing workload on the younger generation. As a result, insulin products are selling quickly on the market. In recent years, smart insulin pens have become a popular device. On account of people's increasing workloads and busy lifestyles, keeping track of diabetes readings and insulin dose schedules is becoming more and more impossible. As a result, smart technology enters the picture to alleviate these difficulties. The rising incidences of needle stick injuries have boosted sales of smart insulin pens. Owing to this, smart insulin pens market manufacturers are widely producing the product globally, in order to attract high revenues in the next few years.

Increasing latest advancements in research & development activities in the healthcare department, coupled with the increase in diabetic patients worldwide are the key industry trends for the smart insulin pens market. Additionally, increase in new innovative products by market manufacturers to cater to the need of smart insulin pens are also projected to create lucrative growth opportunities for this market in the long run.

Demographically, the smart insulin pens market is widespread into the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, every region is further classified based on the key countries contributing to the market growth. The rise in prevalence of diabetes in countries such as Canada and the US augments the cost of smart insulin pumps in North America, thus, helping it contribute the largest share in 2021 and to continue so in the forecast period. In addition to this, the presence of multiple players in this region, coupled with the high rate of technological adoption is also driving the North America smart insulin pens market. Furthermore, the market in North America is expected to be driven by new product launches and related FDA approvals.

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What is the market size of Smart Insulin Pens Market?

Who are the key vendors in the Smart Insulin Pens Market?

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What is the key market trend for Smart Insulin Pens Market?

Which region accounted for the largest share in Smart Insulin Pens Market?

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