The increasing adoption of a cloud-based system for monitoring insulin levels will boost the market for intelligent insulin pens
According to Future Market Insights, the global intelligent insulin market is expected to exceed $ 1 billion and grow with a positive CAGR between 2021 and 2031.
According to data released by the International Diabetes Federation, diabetes will affect nearly 700 million people between the ages of 20 and 70 worldwide by 2045. Such an increase in the number of diabetics around the world will create a favorable environment for the intelligent insulin pen market to grow.
The increase in diabetes patients around the world is due to the increasing incidences of obesity and sedentary lifestyle. The lack of physical activity made individuals the breeding ground for chronic illnesses, resulting in a great need for modern health systems.
Type II diabetics need a regular dose of insulin and frequent monitoring of insulin levels in the body. Smart Pen makes diabetes management hassle-free and more effective than traditional methods. The high effectiveness of intelligent insulin pens will drive market growth.
Non-invasive or minimally invasive surgeries are gaining popularity due to the documented incidence of patient trauma and injuries that cause further complications. Market participants are therefore working on the development of intelligent insulin jet injectors that enable insulin to be injected without the use of a needle.
These jet injectors allow insulin to cover a larger area of skin compared to conventional insulin delivery methods. The introduction of such tools will create growth opportunities in the years to come.
“The increasing demand for non-invasive insulin delivery systems due to faster delivery and minimal needle trauma and injuries will have a positive impact on the market growth for intelligent insulin pens,” notes the FMI analyst.
The central theses
- About a tenth of the US population has diabetes. The rising prevalence of diabetes and increasing government initiatives to raise awareness about diabetes will offer lucrative market growth opportunities in the United States
- The growing demand for needle-free insulin injections and non-invasive surgery and treatment options across the UK will drive growth in the smart insulin pen market in the country.
- Diabetes is an undue burden on the health system in Germany due to the drastic increase in diabetes patients over the past decade. Continuous advances in technology and increasing government funding to ease financial pressures on the patient will increase demand in the smart insulin pen market.
- The presence of key players in the market, an established healthcare system and cheap insurance policies in France will drive market growth over the forecast period.
- India, with around 77 million people with diabetes, is expected to create lucrative growth opportunities for the forecast period 2021-2031. Growing population and increasing consumer spending on health care coupled with increasing government initiatives to develop affordable, high quality medical treatment facilities are the main growth drivers of the market in India.
- The growing geriatric population and increasing demand for self-administered insulin delivery systems will accelerate the growth of the intelligent insulin pen market.
- The great simplicity and effective dose monitoring offered by intelligent insulin pens will drive market growth.
- The increasing efforts of governments to make intelligent insulin pens readily available and the development of interface simplification will intensify market growth.
- Strict government regulations and long and drawn-out approval processes are hindering market growth.
- The lack of health infrastructure and the unavailability of resources to support R&D work in poor countries are limiting market growth.
- High prices and unavailability of smart insulin pens in low-income countries will have a negative impact on market sales.
The main focus of all market participants is on executing mergers, acquisitions and strategic collaborations as leading pharmaceutical companies want to expand their market position.
The key players in the market are also developing new products to gain a competitive advantage. They primarily focus on developing innovative products to differentiate themselves in the highly competitive market.
- Digital Medics Pty Ltd. offers the SmartPlus Digital Insulin Pen. The pen comes with the Diabetes IQ app, which tracks and controls diabetes and helps maintain 195 insulin dosage histories with compatible insulin cartridges.
- An updated version of the app was released in March 2020, which included a BG pattern recognition system, updates to the food database, and expanded analysis and reports.
According to the FMI report, the following manufacturers of insulin pens are currently active on the world market:
- Digital Medics Pty Ltd.
- Emperra GmbH e-health technologies
- Companion Medical Inc.
- Sanofi Aventis LLC
- Novo Nordisk A / S
- Eli Lily and Company
- Jiangsu Delfu Medical Device Co. Ltd.
- DIAMESCO Co. Ltd.
- Patients Pending Ltd (Bigfoot Biomedical Inc.)
- BERLIN CHEMISTRY
Request a 108-page report sample for comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-1827
For more insight into the FMI Smart Insulin Pen Market
The latest market study on the global Smart Insulin Pen market by Future Market Insights has detailed segmentation for the forecast period 2021-2031. In order to get a better overview of the global market potential, its growth, its trends and opportunities, the market is segmented according to the following criteria:
- Type I diabetes
- Type II diabetes
- Bluetooth connected
- USB connected
- Clinics & Outpatient Surgical Centers
- Retail pharmacies
- North America (USA and Canada)
- Europe (Germany, UK, France, Spain, Italy and rest of Europe)
- Asia Pacific (India, China, Australia and New Zealand, Japan and rest of APAC)
- Rest of the world (Brazil, Mexico, GCC and South Africa)