Categories: Healthcare

Smart Insulin Pens Market Opportunities and Strategies 2024-2033: Size, Share, and Analysis

The Smart Insulin Pens by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Insulin Pens, The smart insulin pens market size has grown strongly in recent years. It will grow from $0.1 billion in 2023 to $0.1 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to increase in diabetes prevalence, strong economic growth in emerging markets, increased geriatric population, increased healthcare expenditure and public health insurance reforms.

The smart insulin pens market size is expected to see strong growth in the next few years. It will grow to $0.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The growth in the forecast period can be attributed to increase in disease burden, government initiatives and technological enhancements . Major trends in the forecast period include collaborating with technology companies, smart insulin delivery devices, new types of insulin delivery, integrating internet of things and increasing mergers and acquisitions.

An accurate dose of insulin can be achieved than a vial or a syringe with an insulin pen. For kids who need to take insulin during school time and visually impaired diabetic patients, an accurate dose of insulin can even be pre-set over the dosage dial which helps inaccurate delivery of dose at the time of injection. Echo Plus by Novo Nordisk which is a pediatric-friendly insulin pen allows even half-unit dosing with a maximum of 30 units. HumaPen Luxura HD from Lilly allows the delivery of insulin in half-unit increments and NovoPen Junior – Insulin Pen by Novo Nordisk can deliver highly accurate doses of insulin and finely adjusts small doses even half-unit increments. The accurate adjustments and delivery of doses of insulin can avoid either over-dosing or low-dosing of the drug which is expected to increase the demand for smart insulin pens and drive the smart insulin pens market growth.

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The smart insulin pens market covered in this report is segmented –

1) By Type: First Generation Pens, Second Generation Pens

2) By Usability: Prefilled, Reusable

3) By Application: Type 1 Diabetes, Type 2 Diabetes

4) By End User: Hospitals & Clinics, Ambulatory Surgical Centres, Home Care Settings

The next generation of smart insulin pens goes far beyond memory storage. They help in calculating personalized doses, track glucose continuously, and connect with apps of smartphones to visualize the data. In April 2021, Biocorp and Roche Diabetes Care France launched the Mallya smart insulin pen device in France. The Mallya smart insulin pen device is designed to enhance the daily routines of diabetes patients by gathering and storing vital treatment data, including insulin units, injection dates, and times. The collected data is seamlessly transmitted to a dedicated mobile app, offering both patients and healthcare professionals convenient access for real-time monitoring and management.

The smart insulin pens market report table of contents includes: