An Incisive, In-depth Analysis on the Smart Insulin Pens Market
This study offers a comprehensive, 360 degree analysis on the Smart Insulin Pens market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Smart Insulin Pens market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Bluetooth connected smart insulin pen segment to register highest market attractiveness index in the near future
By connectivity, the Bluetooth connected smart insulin pen segment is expected to account for a value share of US$ 0.276 Mn in 2017. The segment is expected to reach a little more than US$ 2 Mn by 2027 end, registering the highest CAGR of 23.2% over the forecast period. Bluetooth connected smart insulin pens represent the future of insulin delivery devices. Such devices have an inbuilt Bluetooth connectivity feature allowing automatic insulin dosage data sharing with healthcare providers. The contribution of the Bluetooth connected smart insulin pen connectivity segment to the overall smart insulin pens market revenue is expected to increase from more than 30% in 2017 end to close to 50% by the end of 2027, with an increase of more than 1000 BPS.
The USB connected smart insulin pen segment is estimated to create an absolute $ opportunity of US$ 0.090 Mn in 2018 over 2017. Revenue from the USB connected smart insulin pen segment is anticipated to expand at a CAGR of 14.4% over 2017–2027, to reach more than US$ 2 Mn by 2027. Pendiq smart insulin pen is the only available USB connected smart insulin pen in the European market. Most of the companies in the global smart insulin pens market are focussing on developing Bluetooth enabled smart insulin pens; therefore, the Bluetooth connected smart insulin pen segment is expected to occupy a majority of the market share during the projected period.
Increasing demand for improved diabetes management is expected to boost the market value of USB and Bluetooth enabled smart insulin pens
Increasing prevalence of diabetes is one of the growing concerns currently. According to the International Diabetes Federation, an estimated 415 million people were suffering from diabetes in 2015. This is projected to reach 642 million by 2040. Therefore, daily insulin dose management among diabetic patients is important in order to better manage the disease leading to rapid penetration of smart insulin pen technology in the global market. Smart insulin pens have transformed diabetes care through digitalisation and connectivity. A rapidly increasing diabetic patient pool is expected to create a positive impact on the Bluetooth connected smart insulin pen segment.
Diabetes management with conventional insulin pens available in the market is tedious, time-consuming and requires patients to remember and document their data, making it difficult for them to manage their insulin dosage in a timely manner, and can lead to a misinterpretation of the results. Bluetooth and USB enabled smart insulin pens allow users to track their insulin doses and facilitate seamless documentation of insulin units and blood glucose levels. Smart insulin pens also send alerts to patients and healthcare professionals in case of missed doses. This is attributed to an increasing number of manufacturers focussing on introducing devices with smart connectivity, which allow automatic insulin dose data transfer on the patient portal for streamlined data dosage management.
Needle stick injuries with diabetes injection needles and lancing devices are a key concern for diabetics. Insulin syringe needle stick injuries is a percutaneous wound injury caused by needle tips and can occur while using, handling, disassembling, or disposing of needles and syringes. High incidence rate of needle stick injuries and associated serious consequences persuade healthcare professionals to use injection pens. This is expected to augment the penetration of Bluetooth and USB enabled smart insulin pens in the global smart insulin pens market.
Bluetooth connected smart insulin pen segment is expected to witness 4.9X growth in terms of revenue contribution in the Asia Pacific smart insulin pens market
Bluetooth connected smart insulin pen segment is estimated to register the highest attractiveness index of 1.5 as compared to the USB connected smart insulin pen segment in the global market during the forecast period. This is due to the proliferation of Bluetooth connected smart insulin pens in the North America smart insulin pens market. Also, heavy investment by several big players to develop smart connected insulin pen devices is pushing the revenue generation of smart insulin pens in the North America smart insulin pens market. In Europe, the Bluetooth connected smart insulin pen segment is anticipated to register a market attractiveness index of 1.2 during the forecast period. USB connected smart insulin pen segment is expected to depict a market attractiveness index of 0.5 during the forecast period in the Asia Pacific region. India and China are the most populous countries in Asia Pacific with the highest number of patients diagnosed with diabetes. Increasing efforts by market players to expand their smart insulin pens business in Asia Pacific countries offer immense potential for revenue generation.
The global smart insulin pens market is anticipated to witness healthy growth during the period 2017–2027. Consumer awareness, reimbursement scenario, physician prescription, diabetic prevalence and healthcare spending are some of the forecast factors creating a positive impact on the global smart insulin pens market. In 2016, the growth of the market was moderate in North America; however towards 2027, the market is likely to reach a high growth rate. The market scenario in Europe was attractive and created higher revenue growth in 2016 and is expected to maintain this progress through 2027. The global smart insulin pens market is expected to witness moderate revenue growth during the calculated period. These are some of the key findings of a new report published by Future Market Insights titled “Smart Insulin Pens Market: Global Industry Analysis and Opportunity Assessment 2017–2027.” We have included the current market size and its short-term and long-term forecast along with its revenue opportunity for 10-years of predicted period.
Worldwide diabetes epidemiology
After a detailed study of the global smart insulin pens market, our analysts have observed that there is a rising prevalence of diabetes in the North America and Caribbean regions with one in every eight adults suffering from the disease. Europe has the maximum number of children with Type 1 diabetes. In the Middle East region, four out of 10 adults with diabetes are undiagnosed. Globally, Saudi Arabia and Kuwait also account for the highest annual incidence rates of Type 1 diabetes, while in South Africa more than two-thirds of the population with diabetes is undiagnosed. A large portion of the South African population is unaware that they are suffering from diabetes. When it comes to South-East Asia, one-quarter of births are affected by high blood glucose levels during pregnancy. China accounted for the maximum number of adults living with diabetes followed by India in 2015. Mauritius has the highest age-adjusted comparative prevalence of diabetes in the South-East Asia region.
Our report on the performance of the global smart insulin pens market for the period 2017 – 2027 begins with an overview of the market followed by key definitions and an executive summary that gives a 360o view of the revenue forecast of the global smart insulin pens market. We also present the market taxonomy in this section where we segment the global smart insulin pens market on the basis of indication, connectivity, distribution channel and region. In the next section, we do a deep dive into the key market dynamics and present our independent analysis of the various factors, challenges, and market trends that we feel will define the global smart insulin pens market in the next few years.
We have devoted the last section of the report to study the market performance of some of the top companies operating in the global smart insulin pens market. We have profiled a few of the leading market players and presented a detailed analysis of their overall business performance and a comprehensive evaluation of their short-term and long-term business and go-to-market strategies. This section is intended to provide report audiences with a dashboard view of the competitive landscape of the global smart insulin pens market.
Global Smart Insulin Pens Market Segmentation
By Distribution Channel
Macroeconomic indicators such as per capita healthcare expenditure, gross domestic product and disposable income have been considered to arrive at the indicated market numbers. Yearly change in inflation rate has not been considered while forecasting market numbers. The bottom-up approach is used to calculate market estimates. Diabetic population by age group, diagnosis rate, treatment-seeking rate, percentage of the diabetic population on insulin, percentage of cases using insulin pens, and percentage of the diabetic population using smart insulin pens are some of the factors that have been considered while drafting this report. Top-down approach has been used to triangulate the market estimates. Our analysts have adopted a systematic research approach while studying the global smart insulin pens market. In-depth secondary research has been used to ascertain overall market size, top industry players, top products and industry associations. In order to conduct expert and industry interviews, Future Market Insights has formulated a detailed discussion guide. We have conducted interviews with industry experts, industry players, distributors and retailers. While doing secondary research, we have followed various company’s websites, company annual reports, white papers and financial reports. Paid publications such as Factiva, GBI, Genios and Meltwater have been referred to while analysing the performance of the global smart insulin pens market.
Smart Insulin Pens Market Reports - Table of Contents
1. Executive Summary
14. Assumptions and Acronyms Used
15. Research Methodology