Smart Insulin Pens Market Size to Surpass USD 1,514.6 Million by 2030, exhibiting a CAGR of 10.4%
Fortune Business Insights
5 min read
According to the report by Fortune Business Insights, the global Smart Insulin Pens Market size is projected to reach USD 1,514.6 Million by 2030, at a CAGR of 10.4% during the forecast period, 2023-2030
Smart Insulin Pens Market
Smart Insulin Pens Market Forecast 2023-2030
Pune, India, Nov. 20, 2023 (GLOBE NEWSWIRE) -- The smart insulin pens market is expected to expand from USD 755.4 million in 2023 to USD 1,514.6 million by 2030, exhibiting a CAGR of 10.4% over the study period. Smart insulin pens help track the amount of insulin injected and time, enabling users to input carbohydrate intake, glucose levels, and exercise regimens.
Fortune Business Insights™ provides this information in its research report, titled “Smart Insulin Pens Market, 2023-2030”.
September 2022 – Medtronic plc launched its Smart MDI system in Europe, which includes a smart Continuous Glucose Monitor (CGM) and InPen system, a smart insulin pen and Guardian 4 system.
Key Takeaways:
The market expansion can be credited to the rising awareness among people diagnosed with diabetes about new technologies.
The increasing precision in dose calculation provided by smart insulin pens is contributing to improved clinical outcomes for diabetic patients.
North America dominated the global market and generated a revenue of USD 283.3 million in 2022.
The retail & online pharmacies segment is anticipated to grow rapidly during the forecast period.
List of Key Market Players Profiled in the Report:
“Companies leading the global Smart Insulin Pens Market are Novo Nordisk A/S (Denmark), Medtronic (Ireland), Ypsomed AG (Switzerland), Emperra GmbH (Germany), Pendiq (Germany), Jiangsu Deflu Medical Device Co. (China), Cambridge Consultants Ltd. (U.K.), Diabnext (France)”
Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2023 to 2030
Forecast Period 2023 to 2030 CAGR
10.4%
2030 Value Projection
USD 1,514.6 Million
Base Year
2022
Market Size in 2023
USD 755.4 million
Historical Data
2019 to 2021
No. of Pages
125
Segments covered
By Connectivity, Indication, Distribution Channel and Region
More Flexibility in Bluetooth to Foster Segment Growth
In terms of connectivity, the market is segmented into Bluetooth and Near Field Communication (NFC). The Bluetooth segment accounted for a significant market share in 2022. The technology allows more flexibility in usage due to the longer range of connectivity, up to around 100 meters. This factor is bolstering the Bluetooth segment growth.
Rising Number of Insulin-dependent Patients to Impel Type 1 Diabetes Segment Growth
By indication, the market is divided into type 1 diabetes and type 2 diabetes. The type 1 diabetes segment held a substantial market share in 2022, owing to the growing number of insulin-dependent patients globally.
Availability of Advanced Procurement Facilities to Boost Hospital Pharmacies Segment Growth
In terms of distribution channel, the market is categorized into retail & online pharmacies and hospital pharmacies. The hospital pharmacies segment is expected to witness a significant market share during the forecast period. The availability of the product and advanced procurement facilities in hospital pharmacies is driving the segment growth.
Based on region, the market is divided into Europe, North America, Asia Pacific, and the rest of the world.
Surging Emphasis on Digital Diabetes Ecosystem to Escalate Market Growth
One of the major factors impelling the smart insulin pens market growth is an increase in the focus on the digital diabetes ecosystem. Medical care is witnessing the mass development of new tools due to the growing adoption of the Internet of Medical Things (IoMT) and the surge in digital health solutions.
Despite such an expanding scope for the adoption of the product, the limited availability of smart insulin pens in emerging economies and the steep cost may impede market growth.
Regional Insights:
North America Dominated Due to Surging Uptake of Connected Insulin Pens
North America smart insulin pens market accounted for the largest share in 2022. The adoption of connected insulin pens is increasing in the region. This factor is propelling regional growth.
Europe held the second largest smart insulin pens market share in 2022, owing to the surging incidence of diabetes.
Competitive Landscape:
Notable Companies Focus on Product Innovations to Broaden Their Offerings
Major market players are forging partnerships, deploying mergers and acquisition strategies, joint ventures, and others. Product innovation strategies are also being implemented by leading companies to increase their product portfolio.
FAQ’s
How big is the Smart Insulin Pens Market?
Smart Insulin Pens Market size was USD 694.2 million in 2022. It is expected to reach USD 1,514.6 million by 2030.
How fast is the Smart Insulin Pens Market growing?
The Smart Insulin Pens Market will exhibit a CAGR of 10.4% during the forecast period, 2023-2030
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