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Smart Insulin Pens Global Market Report 2021: COVID-19 Growth And Change To 2030

Smart Insulin Pens Global Market Report 2021: COVID-19 Growth And Change To 2030

  • April 2021
  • 175 pages
  • ID: 6064490
  • Format: PDF
  • The Business Research Company

Summary

Table of Contents

Major players in the smart insulin pens market are Companion Medical, Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co. Ltd., Emperra GmbH E-Health Technologies, Digital Medics Pvt Ltd., F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd., and Bigfoot biomedical.

The global smart insulin pens market is expected grow from $0.082 billion in 2020 to $0.086 billion in 2021 at a compound annual growth rate (CAGR) of 4.9%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $0.114 billion in 2025 at a CAGR of 7%.

The smart insulin pens market consists of sales of smart insulin pens which allows to dial the insulin dose accurately and related products.The company’s manufacturing the smart insulin pens are primarily engaged in designing and manufacturing of first- and second-generation smart insulin pens which are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes.

The revenue generated by these companies is through sales of these pens to Hospitals & Clinics, Ambulatory surgical centers and Home care settings.

The smart insulin pens market covered in this report is segmented by type into first generation pens, second generation pens (Bluetooth enabled, USB connected); by end user into hospitals & clinics, ambulatory surgical centers, home care settings; by usability into prefilled, reusable and by application into type 1 diabetes, type 2 diabetes.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Diabetics may be prescribed with two types of insulin for better control over blood glucose levels.They usually prefer a pre-mixed insulin (combination) or a method in which the insulin doses could be mixed and once puncture is necessary to deliver the different types of insulin doses required.

Multiple punctures for the insulin delivery can lead to poor adherence of the medication which in turn results in poor glycemic control.In 2018, a study published states that poor glycemic control (A1c>7%) was reported in 68% of respondents and there was an association between A1c >7% and poor adherence levels.

Dislike towards injection to a large extent and needle phobia can result in poor adherence levels.It is estimated that over 10% of population have needle phobia.

These factors can reduce the adherence of smart insulin pens where two types of insulin can’t be mixed and results in multiple needle punctures which thereby effect the purpose of the insulin being administered which is expected to hinder the market growth.

In February 2020, Senseonics a US-based medical technology company which primarily focuses on the design, development and commercialization of glucose monitoring products announced partnership with Companion Medical.The partnership will benefit both the companies by integrating Eversense® CGM System with the InPen™ smart system for accurate insulin delivery.

Companion Medical is a US-based company which aims at achieving desirable diabetes outcomes and manufactured InPen™ which is the US first FDA approved insulin pen.

Accurate dose of insulin can be achieved than vial or a syringe with an insulin pen.For kids who need to take insulin during school time and visually impaired diabetic patients, an accurate dose of insulin can even be pre-set over the dosage dial which helps in accurate delivery of dose at the time of injection.

Echo Plus by Novo Nordisk which is a pediatric friendly insulin pen allows even half-unit dosing with a maximum of 30 units.HumaPen Luxura HD from Lilly allows the delivery of insulin in half-unit increments and NovoPen Junior - Insulin Pen by Novo Nordisk can deliver highly accurate doses of insulin and finely adjusts small doses even half-unit increments.

The accurate adjustments and delivery of doses of insulin can avoid either over-dosing or low-dosing of the drug which is expected to increase the demand of smart insulin pens and drive the market growth.

The next generation smart insulin pens go far beyond memory storage.They help in calculating personalized doses, track glucose continuously and connects with apps of smartphones to visualize the data.

In 2019, Novo Nordisk and Abbott partnered to integrate insulin dose data into the digital health tools which aims at connecting key technologies such as continuous glucose monitoring and insulin pens thus simplifying diabetes management.The NovoPen 6 and the NovoPen Echo Plus pens will be able to connect to the Dexcom G6 CGM and the Diasend diabetes management platform (Glooko).

In 2019, Companion Medical announced that the Bluetooth-enabled InPen which takes away the guesswork from dosing of insulin with an in-app bolus calculator that uses precise carbohydrate ratios and correction factors and calculates the personalized insulin doses. This enhances the ease of usage of smart insulin pens which is expected to boost the market.

The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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