Smart Insulin Pens Market Scope
Smart insulin pens is defined as insulin pens which are widely used to inject insulin for the treatment of diabetes. According to an article published by the International Diabetes Federation, in 2017, more than 352 million people were at risk of developing type 2 diabetes in Europe. Hence, it will affect the growth of the market in the future. In addition, an increase in awareness about chronic diseases is the major drivers which are propelling the growth of the market. The market for the smart insulin pens anticipated registering a CAGR of over 11.2% during the forecast period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Novo Nordisk A/S (Denmark), Sanofi (France), Eli Lilly and Company (United States), Companion Medical Inc. (United States), Emperra GmbH E-Health Technologies (Germany), Diabnext (France), Jiangsu Delfu medical device Co., Ltd (China), BERLIN-CHEMIE, DIAMESCO CO., Ltd. (Germany) and Patients Pending Ltd (United Kingdom) |
CAGR | % |
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global smart insulin pen market can witness an upsurge in the forecast period. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Smart Insulin Pens market throughout the predicted period.
Novo Nordisk A/S (Denmark), Sanofi (France), Eli Lilly and Company (United States), Companion Medical Inc. (United States), Emperra GmbH E-Health Technologies (Germany), Diabnext (France), Jiangsu Delfu medical device Co., Ltd (China), BERLIN-CHEMIE, DIAMESCO CO., Ltd. (Germany) and Patients Pending Ltd (United Kingdom) are some of the key players that are part of study coverage.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Smart Insulin Pens market by Type and Region with country level break-up.
On the basis of geography, the market of Smart Insulin Pens has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
In February 2023, Glooko Inc. partnered with Sanofi aimed at enhance support for individuals living with diabetes and healthcare professionals. This collaboration involves integrating SoloSmart, a connected device designed for use with SoloStar and DoubleStar insulin injection pens, with the Glooko® platform. SoloSmart enables users to record essential data such as insulin dose, injection date, and time. This data can then be visualized within the Glooko app, allowing patients to easily share it with healthcare professionals for comprehensive connected care in diabetes management.
Influencing Trend:
Technology Advancement regarding Smart Insulin Products
Market Growth Drivers:
Rise in Prevalence of Diabetes in People of All Ages, Surge in Adoption of Connected Medical Devices, Integration of Glucose Monitoring Devices and Rising geriatric population Worldwide
Challenges:
High Prices of Smart Insulin Products
Restraints:
Limited usage of smart insulin pens for patients requiring a mixture of two types of insulin and Not suitable for combination insulin
Opportunities:
Rising Demand from Emerging Economics such as India, China and others
Key Target Audience
Manufacturers of Smart Insulin Pen, Suppliers of Smart Insulin Pen, Wholesalers, Distributors, and Retailers of Smart Insulin Pen, Research and Development (R&D) Companies, Research Organization, Federal Agencies and Others