Press release
Strong Growth Ahead: Smart Insulin Pens Market Size To Grow At Arecord 7.4% Cagr By 2029
Smart Insulin Pens
What Is the Smart Insulin Pens Market Size and Projected Growth Rate?
In recent times, there's been robust growth in the smart insulin pens market size. It's anticipated to expand from $0.11 billion in 2024 to $0.12 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.6%. Factors such as a surge in diabetes cases, significant economic development in emerging markets, a rise in elderly population, increased spending on healthcare and reforms in public health insurance contributed significantly to this growth in the historic period.
The market for smart insulin pens is projected to experience a significant increase in size over the coming years, expanding to a value of $0.15 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 7.4%. The anticipated expansion within the forecast period can be linked to a rise in disease prevalence, governmental actions, and advancements in technology. The forecast period is also expected to host key developments including partnerships with tech firms, the development of smart insulin delivery instruments, the emergence of new insulin delivery methods, the incorporation of the Internet of Things, and a boost in mergers and acquisitions.
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What Are the Major Segments in the Smart Insulin Pens Market?
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
Subsegments:
1) By First Generation Pens: Basic Smart Insulin Pens With Standard Features, Simple Connectivity to Mobile Apps for Tracking and Logging Insulin Doses
2) By Second Generation Pens: Advanced Smart Insulin Pens With Enhanced Features, Real-Time Data Sharing With Healthcare Providers and Caregivers, Sophisticated Mobile Applications for Comprehensive Diabetes Management
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What Are The Driving Smart Insulin Pens Market Evolution?
Insulin pens such as the Echo Plus by Novo Nordisk, HumaPen Luxura HD from Lilly and NovoPen Junior by Novo Nordisk have revolutionized the administration of insulin, offering greater accuracy compared to vials or syringes. These devices, designed to cater to the needs of children who require insulin during school hours and those with visual impairments, contain an inbuilt dosage dial that can preset the desired dose of medication, reducing the risk of incorrect dosage administration. The Echo Plus allows for dosages in half-unit measurements up to a maximum of 30 units, ensuring precise doses for pediatric use. Similarly, HumaPen Luxura HD offers insulin delivery in half-unit increments, while NovoPen Junior is known for its high accuracy and ability to finely adjust even the smallest doses. This high level of precision prevents the risks associated with overdosing or low doses, thereby accelerating the demand for smart insulin pens and boosting market growth.
Which Firms Dominate The Smart Insulin Pens Market Segments?
Major companies operating in the smart insulin pens market include Companion Medical, Novo Nordisk A/S, F. Hoffmann-La Roche AG, Emperra GmbH E-Health Technologies, Diamesco Co. Ltd., Digital Medics Pvt Ltd., Bigfoot Biomedical, Diabnext, Insulet Corporation, Jiangsu Delfu Medical Device Co. Ltd., Sanofi India, Becton Dickinson, Biocon Ltd, Mehar healthcare, Johnson & Johnson, Covidien Healthcare, Philips Healthcare India, Shandong WeiGao Group Medical Polymer Company Limited, Yuwell medical equipment & supply Co, Terumo, NIPRO, Olympus Medical Systems, Nihon Koden, Medtronic PLC, Ypsomed Holding AG, Berlin-Chemie AG, Patients Pending Ltd, Dexcom, Insujet, Eli Lilly., Abbott Laboratories, Tandem Diabetes Care, Inc.
What Trends Are Expected to Dominate the Smart Insulin Pens Market in the Next 5 Years?
The next generation of advanced insulin pens offers more than just memory storage. They facilitate the calculation of individualized doses, continuously monitor glucose, and link up with smartphone apps to display the produced data. Eli Lilly and Company, an American pharmaceutical enterprise, unveiled the Tempo, a Personalized Diabetes Management Platform in November 2022. This innovative system by Eli Lilly was developed to improve self-care in adults suffering from type 1 and type 2 diabetes. The Tempo Smart Button, a reusable component, is designed to connect to the Tempo Pen, enabling data capture and transmission of insulin dosing information. Meanwhile, the TempoSmart App records these doses and provides personalized learning resources and medicine reminders.
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Which Is The Largest Region In The Smart Insulin Pens Market?
North America was the largest region in the smart insulin pens market in 2024. Western Europe was the second largest region in the global smart insulin pens market share. The regions covered in the smart insulin pens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Smart Insulin Pens Market?
2. What is the CAGR expected in the Smart Insulin Pens Market?
3. What Are the Key Innovations Transforming the Smart Insulin Pens Industry?
4. Which Region Is Leading the Smart Insulin Pens Market?
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