The Global Smart Insulin Pens Market to Surge at a Significant CAGR of 12.59% by 2027, Assesses DelveInsight

The global smart insulin pens market is projected to grow positively owing to the rise in demand for smart insulin pens primarily due to an increase in diabetes mellitus prevalence due to genetic factors, age, obesity, and an unhealthy lifestyle. Furthermore, the smart insulin pens market growth will be driven by the increasing awareness of self-management of diabetes through smart insulin pens and technological advancements in devices such as avoiding extra dosages, maintaining a systematic record of dosages, easy conversion of information of dose regimen & insulin level in computer-based records, and adjusting blood glucose levels based on changes in blood sugar levels.

LAS VEGAS, Dec. 13, 2022 /PRNewswire/ -- DelveInsight's Smart Insulin Pens Market Insights report provides the current and forecast market, forthcoming device innovation, individual leading companies' market shares, challenges, smart insulin pens market drivers, barriers, and trends, and key smart insulin pens companies in the market.

Key Takeaways from the Smart Insulin Pens Market Report

• As per DelveInsight estimates, North America is anticipated to dominate the global smart insulin pens market during the forecast period.  
• Notable smart insulin pens companies such as Emperra GmbH E-Health Technologies, Jiangsu Deflu Medical Device Co. Ltd., Medtronic, Novo Nordisk A/S, Pendiq., Sanofi, Berlin-Chemie, Bigfoot Biomedical, Digital Medics Pty Ltd., Eli Lilly and Company, Ypsomed, Dexcom, Inc., and several others are currently operating in the smart insulin pens market.
• In March 2022, Novo Nordisk, one of the leading global healthcare companies, announced that two smart connected insulin pens, NovoPen 6 and NovoPen Echo Plus, are now available on prescription for people living with diabetes treated with Novo Nordisk insulin in the UK. NovoPen 6 and NovoPen Echo Plus are insulin injection pens that record dosing information, including when and how much insulin was administered.
• In December 2022, the US Food and Drug Administration granted Biocorp Production SA 510(k) clearance to market Mallya as a medical device that connects insulin pens.
• In November 2022, Novo Nordisk announced that its smart insulin pens can now be connected to the Abbott FreeStyle LibreLink app.
• In September 2022, Novo Nordisk A/S received marketing approval from China's NMPA for its Novopen Six smart insulin pen, which automatically collects and stores the date, time, and the number of units of insulin that users take.
• In March 2022, Glooko Inc., a leading provider of remote patient monitoring and data management solutions for diabetes and other chronic diseases, announced the acquisition of DIABNEXT. DIABNEXT offers a telemedicine platform that helps diabetic patients better manage their disease and stay in touch remotely with the health professionals who follow them to improve the balance of their diabetes. The DIABNEXT mobile application completes Glooko's product portfolio.
• In June 2021, Novo Nordisk Pharma, one of the leading global healthcare companies, announced that it had obtained Japanese regulatory approval for NovoPen 6 and NovoPen Echo Plus as medical devices, the first smart insulin pens to be approved in the country.
• In May 2021, Eli Lilly and Company announced that it had signed strategic international agreements with four companies – DexCom, Inc., Glooko Inc., myDiabby Healthcare and Roche – to advance connected solutions and streamline care for people living with diabetes in markets outside of the United States.

To read more about the latest highlights related to the smart insulin pens market, get a snapshot of the key highlights entailed in the Global Smart Insulin Pens Market Report 

Smart Insulin Pens Overview

Smart insulin pens are used for external insulin delivery, providing a convenient diabetes management solution. This intelligent system calculates and tracks doses while also providing useful reminders, alerts, and reports. They can be an add-on to your current insulin pen or a reusable form that uses prefilled cartridges rather than vials or disposable pens.

A smart insulin pen can deliver accurate half-unit doses, help prevent missed or skipped doses, track the time and amount of each dose and remind the patient when it is time for the next one, notify when the insulin has expired or exceeded its temperature range, so the patient can replace the cartridge, send diabetes data to the health care team whenever needed, and work with a smartphone or smartwatch and popular diabetes data tracking platforms.

Smart Insulin Pens Market Insights

North America is expected to account for the largest share of the global smart insulin pens market among all regions. Diabetes is becoming more common due to increased consumption of processed foods and lifestyle changes, as is the prevalence of obesity. 

Another factor driving up product demand is technological advancements in the device. The demand for smart insulin pens in North America is increasing due to features such as memory function, dose recorder, data transfer, dose range control, smartphone maintenance and updating, and the development of cloud-based software. Smart insulin pens benefit from technological advancements such as avoiding extra dosages, keeping a systematic record of dosages, and converting information easily into computer-based records. The device is also linked to a system that calculates and tracks doses and provides useful reminders, alerts, and reports. All of the features are making smart insulin pens more convenient and easy to use, which is boosting the smart insulin pens market.

To know more about why North America is leading the market growth in the smart insulin pens market, get a snapshot of the Smart Insulin Pens Market Trends 

Smart Insulin Pens Market Dynamics

The smart insulin pens market is experiencing increased product demand for a variety of reasons. Diabetes mellitus is becoming more common around the world due to various factors such as genetics, age, obesity, and unhealthy lifestyles, as well as an increase in the number of geriatric patients and various government initiatives around the world, which are expected to boost the smart insulin pens market. Furthermore, product launches in the market drive product demand in the smart insulin pens market. Thus, the rising prevalence of diabetes mellitus worldwide and product launches, there will be greater demand for smart insulin pens, driving the smart insulin pens market growth.

However, the inaccessibility of the device in remote areas and the stringent regulatory process may pose a challenge to the smart insulin pens market.

Additionally, the COVID-19 pandemic has moderately impacted the smart insulin pens market, as diabetic patients are more likely to contract the virus. Diabetes is a major factor contributing to a patient's poor recovery from COVID-19. As a result, there was an increase in the demand for smart insulin pens. During the initial stages of the lockdown, and due to stringent rules, the supply of the devices was halted due to a lack of raw materials and other resources. However, the smart insulin pens market regained momentum with the recovery of resources, raw materials, and mass vaccinations.

On the other hand, as telemedicine and e-commerce have advanced, the pandemic has increased demand for smart insulin pens due to online sales. To avoid virus exposure, many users preferred home delivery of products such as smart insulin pens and other diabetes care products. As a result, the smart insulin pens market is impacted positively.

Get a sneak peek at the smart insulin pens market dynamics @ Smart Insulin Pens Market Dynamics Analysis

Smart Insulin Pens Market Segmentation

• Market Segmentation By Connectivity Type: Bluetooth and USB
• Market Segmentation By Distribution Channel: Hospital & Retail Pharmacy, Diabetic Clinics & Centers, E- Commerce, and Others
• Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
• Porter's Five Forces Analysis, Product Profiles, Case Studies, KOL's Views, Analyst's View

Which MedTech key players in the smart insulin pens market are set to emerge as the trendsetter explore @ Smart Insulin Pens Companies 

Table of Contents 

Interested in knowing the smart insulin pens market by 2027? Click to get a snapshot of the Smart Insulin Pens Market Research

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SOURCE DelveInsight Business Research, LLP