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Market Overview: Smart Insulin Pens Market Size & Share, Growth, Trends, and Forecast 2017 - 2025
The objective of this report is to define, describe, and forecast the market on the basis of type, application, medical condition, and region. It provides detailed information regarding the major factors influencing the growth of the market. This report also tracks and analyzes competitive developments of the key players in terms of market developments, product portfolios, and financials.
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Smart insulin pens are insulin injection delivery devices that can be connected with computers and smartphone apps. Diabetes management with conventional insulin pens is time consuming and difficult to maintain dosage data. Technological innovations and advancements have brought about major changes in the diabetes management industry in the last decade. Large technological advancements in diabetes management, particularly in connectivity of devices with mobile, smart insulin pens with timing and memory function have greatly improved the quality and efficiency of insulin pens. This connected device helps to track insulin dosage data, send dosage reminders, and manage data. These devices are either connected via standard Bluetooth technology or via USB connection. Manufacturers are focusing on introducing insulin injection pens with smart connectivity. The first generation of smart pens comprised only smart reusable insulin pens. However, several manufacturers are focusing on the development of disposable smart insulin pens.
Prevalence of diabetes is expected to increase exponentially across the globe owing to changes in lifestyle and factors such as genetic mutations, malnutrition, and others. According to various government and private organizations operating in the diabetes industry, diabetes is considered one of the top fatal diseases. According to the American Diabetes Association, diabetes accounts for nearly 71,000 deaths in the U.S. each year. Additionally, penetration of smart insulin pens is higher among type 1 diabetes patients to manage the daily insulin requirements. Increase in incidence of T1D among kids is a major health care concern. According to the IDF, Europe had 140,000 kids (0 years to 14 years) with T1D in 2015, and 21,600 new cases are diagnosed every year. Advantages of smart insulin pens over traditional insulin pens and increase in awareness programs are the other factors likely to boost demand for smart insulin pens during the forecast period. However, the gradually increasing adoption of alternative products such as insulin pumps and insulin patches hampers the growth of the smart insulin pens market.
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The global smart insulin pens market can be segmented based on application, connectivity type, distribution channel, and region. In terms of application, the market can be categorized into type 1 diabetes management and type 2 diabetes management. Based on connectivity type, the global smart insulin pens market can be bifurcated into Bluetooth smart insulin pens and USB smart insulin pens. In terms of distribution channel, the market can be classified into hospital pharmacy, online sales, retail pharmacy, and diabetes clinics/centers.
Geographically, the global smart insulin pens market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe dominated the global market due to high awareness among diabetes population and early launch of technologically advanced smart insulin pens. Developed countries such as Germany, the U.K., and France are the major markets for smart insulin pens in the region. Europe accounts for a substantially larger share of the global smart insulin pens market, followed by North America. Factors such as large number of people diagnosed with diabetes, technological advancements, extensive R&D practices, and growing awareness about the treatment and management of diabetes among type 1 patients drive the smart insulin pens market growth in North America. Increase in demand for smart insulin pens in countries such as China, India, and Japan is expected to propel the smart insulin pens market in Asia Pacific. Moreover, increased incidence of diabetes and rise in penetration of insulin pens over syringes are the other factors augmenting the market in the region. However, affordability and lack of availability of innovative smart insulin pen products restrains the smart insulin pens market in developing and underdeveloped regions such as Latin America and Middle East & Africa. Despite this, the market in these regions is expected to witness gradual growth, with contribution from developing countries such as South Africa and Brazil. Major players operating in the global smart insulin pens market include Digital Medics Pty Ltd., Emperra GmbH E-Health Technologies, Companion Medical, Inc., and Biocorp.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
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The study is a source of reliable data on:
Market segments and sub-segments
Market trends and dynamics
Supply and demand
Market size
Current trends/opportunities/challenges
Competitive landscape
Technological breakthroughs
Value chain and stakeholder analysis
The regional analysis covers:
North America (U.S. and Canada)
Latin America (Mexico, Brazil, Peru, Chile, and others)
Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
Eastern Europe (Poland and Russia)
Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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Highlights of the report:
A complete backdrop analysis, which includes an assessment of the parent market
Important changes in market dynamics
Market segmentation up to the second or third level
Historical, current, and projected size of the market from the standpoint of both value and volume
Reporting and evaluation of recent industry developments
Market shares and strategies of key players
Emerging niche segments and regional markets
An objective assessment of the trajectory of the market
Recommendations to companies for strengthening their foothold in the market
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