Smart Insulin Pens Market Overview and Scope 2021 to 2029 | Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Companion Medical

Smart Insulin Pens Market

The smart insulin pens market was valued at USD 73.8 million in 2019 and is expected to grow with a CAGR of 10.8%.
Smart insulin pens are smart devices that are used externally to inject insulin to patients with an easy-to-use medium. These devices are further added with features, such as recording data, time, date, and dosage of insulin injected by a patient, which enables efficient diabetes management. Continuous efforts towards the advancement of technologies to manage diabetes have led to the emergence of smart insulin pens. These devices help both patients and health care professionals to overcome technical problems, such as poor insulin adherence, incorrect insulin dosage, and medication errors.

The world is burdened with the growing diabetic population, where diagnosed people are spread across all regions. For instance, the International Diabetes Federation (IDF) in Diabetes Atlas Ninth edition 2019 reported that roughly 463 million adults across the globe were suffering from diabetes in 2019. This number is expected to reach 700 million patients by the year 2045. In 2019, as per the International Diabetes Federation (IDF), over 1.1 million people in the lower age group were diagnosed with type 1 diabetes. Medically, the management of diabetes requires timely intervention and routine medication that are prescribed throughout the lifetime. Insulin therapy is often prescribed as a routine therapy throughout a lifetime for diabetic patients.As per Diabetes co. approximately 5% of diabetes in the U.S. are type-1 diabetes mellitus (T1DM), which requires insulin therapy as patients suffer from loss of functions of pancreatic β-cells. Thus, evidently, there is a huge demand for insulin pens in the market.

Insulin pens are comparatively cost-effective and safer when compared to other means, such as insulin pumps and traditional syringe vial methods. The insulin pen needles also eliminate the risk of needle stick injuries considerably. Also, these products have simple functioning and are prefilled, which enables self-administration and ensures accurate dosage. These benefits offered by insulin pens cumulatively boost its adoption within end-users.Apart from this, the smart features of these pens, such as integrated glucose monitoring and Bluetooth connectivity, enable better management of diabetes.

Hospitals are the most basic healthcare setup that is available for patients to seek medical care. Thus, most diabetic patients make purchases of medical devices through hospital pharmacies upon prescription. Owing to the extensive reach of hospital pharmacies to end-users, the hospital pharmacies segment accounts for the largest share of the market. The rising adoption of insulin pens and the growing number of hospitals support the market growth during the forecast period.
On the other hand, the e-commerce segment is expected to register a high CAGR during the forecast period, owing to the rapidly growing popularity and service diversity in the e-commerce sector, growing access of consumers to the internet, availability of products, and doorstep delivery. Further, during the pandemic caused by the novel coronavirus, the boom within the e-commerce-based pharmacy stores is expected to have a positive influence.

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The Major Prominent Players Covered in this Report:
Novo Nordisk A/S
Sanofi
Eli Lilly and Company
Companion Medical
Emperra GmbH E-Health Technologies
Diabnext
Ypsomed Holding AG
Digital Medics Pty Ltd.
Jiangsu Delfu medical device Co.Ltd
BERLIN-CHEMIE
Patients Pending Ltd. (Bigfoot Biomedical Inc.)

By Product
Smart Insulin Pen
Adaptors for Conventional Pen

By Usability
Disposable Pen
Reusable Pen

By Application
Type 1 Diabetes
Type 2 Diabetes

By Mode of Distribution
Hospital Pharmacy
Retail Pharmacy
Diabetic Clinics
E-commerce & More.

NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post the COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2021 to 2029, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Smart Insulin Pens Market Trends:
- The report identifies, determines, and forecasts the Global Smart Insulin Pens Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Smart Insulin Pens Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Smart Insulin Pens Market.

Key Questions Answered in The Report:
What will the Smart Insulin Pens market growth rate?
What are the key factors driving the global Smart Insulin Pens market?
Who are the key manufacturers in the Smart Insulin Pens market space?
What are the market opportunities, market risk, and market overview of the Smart Insulin Pens market?
What are sales, revenue, and price analysis of top manufacturers of the Smart Insulin Pens market?
Who are the distributors, traders, and dealers of the Smart Insulin Pens market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Smart Insulin Pens Industry?
What are sales, revenue, and price analysis by regions of Smart Insulin Pens industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Recent Developments -
In June 2019, Companion Medical partnered with Rimidi, a cloud-based medical care software solution provider, to support enable clinicians to analyze insulin dosage integrated with connected glucometers and CGMs in real-time to remotely monitor patients.

In January 2020, Bigfoot Biomedical, a startup focused on automated insulin delivery using smart insulin pens, started the Series C round with an initial budget of USD 45 million.

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