About the Report
Smart insulin pulps are increasingly coming in the limelight. As the world reels under the ever growing diabetic population burden, healthcare stakeholders and patients alike are investigating novel therapeutic approaches. Hence, smart insulin pumps are likely to emerge as a good fit. Ever increasing hospital workflows is prompting investments in cloud-based insulin level monitoring approaches, thus widening expansion prospects.
Manufacturers are especially emphasizing on increasing Bluetooth connected smart insulin pens availability, given its ease of configuration with multiple virtual interfaces, including both Android and Apple operating systems. Also, treatment for type-2 diabetes is expected to witness a significant incline, thus generating demand in the segment.
In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for smart insulin pens. The report tracks the global sales of smart insulin pens in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the healthcare industry in general, and smart insulin pens in particular.
How do Historical Forecasts and Future Projections Compare?
According to Future Market Insights, the smart insulin pens market is witnessing impressive growth every year, as more patients are opting for therapies which are either minimally invasive or non-invasive in nature. Furthermore, growing workflow complications arising due to the ever swelling diabetic patient pool is prompting healthcare organizations to streamline operations, thus inclining demand.
During the COVID-19 pandemic, demand for smart insulin pens inclined even further, as infected patients with a proven history of diabetes were given top priority for treatment. As diabetic patients are highly vulnerable to complications, insulin administration to manage blood sugar levels acquired major importance. Additionally, preference for home treatment also acted as a growth catalyst.
Throughout 2021 and beyond, growth prospects are expected to remain bright, with revenue share highly likely to surpass US$ 1 billion in the short run. For the long-run, the market is expected to post massive gains, expanding at a staggering double digit CAGR through 2031.
How is Rising Demand for Improved Diabetes Management Spurring Growth?
The global burden of diabetes is increasing with each passing year. As per the International Diabetes Federation, global diabetes prevalence in 2019 was estimated to be 9.3% or 463 million people. This number is poised to increase to 578 million, or 10.2% of the global population by 2030, and eventually to 700 million (10.9%) by 2045 respectively. The prevalence is higher in urban areas (10.8%) than rural areas (7.2%).
These alarming increase rates are majorly attributed to growing cases of obesity which is a direct outcome of sedentary lifestyle patterns. Inadequate physical activity has rendered individuals highly susceptible to such chronic ailments, thus necessitating the establishment of a robust healthcare infrastructure. As diabetic patients require constant insulin levels monitoring, the scope for smart insulin pins is widening with each passing day.
Managing diabetic patients’ workflow is often a time consuming and tedious process, as it involves copious amounts of data collection, processing and assimilation, besides ensuring that insulin dosage is administered on a timely basis. Hence, recent years have witnessed an explosion of smart insulin pen manufacturers who offer highly specialized solutions to streamline diabetic patient management. For instance, Insulet Corporation’s Omnipod DASH® Insulin Management System provides up to 3 days of non-stop insulin management without the need for multiple daily injections.
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Growing Inclination towards Painless Surgery to Fuel Expansion?
World over, the demand for non-invasive or minimally invasive surgeries is experiencing a sharp incline, with documented instances of patient trauma and injuries inducing further complications. Also, invasive surgical procedures are known to increase the risk of infections as the exposed wound may attract potential microbes which leads to further deterioration of patient health.
Conventional insulin delivery is mostly done subcutaneously and if the insulin is injected deeper into the muscle, the body absorbs it too quickly. Moreover, this approach is quite painful to patients. Hence, medical practitioners are relying on smart insulin jet injectors, which permits insulin injection without the use of a needle. Insulin jet injectors typically consist of three parts- the delivery device, a disposable injector nozzle and a disposable insulin vial adapter.
Moreover, jet injectors are known to include faster delivery of insulin to the bloodstream. An insulin jet injector allows the insulin to spread over a larger area in the lower layer of the skin compared to a needle. As a result, the insulin moves into your bloodstream faster than it would from a needle injection. At present, this technology is still in its foundational stages, with only two manufacturers- Spirit Healthcare (InsuJetTM) and Injex- operating in the market. However, future prospects are expected to be highly promising.
Are Opportunities Aplenty across Homecare Insulin Delivery?
With the bulk of the global diabetes incidence concentrated amongst the geriatric population pool, smart insulin pens for homecare insulin delivery is anticipated to acquire massive traction in forthcoming years. The use of insulin pens at home helps reduce hospital visits, thus saving patients a lot of time and finances. Furthermore, the highly portable nature of smart insulin pens renders it the primary choice for home grade insulin administration.
Homecare diabetes treatment, while in prominence since a long time, has especially acquired importance in the wake of the coronavirus pandemic crisis. The highly contagious and fatal nature of this diseases has compelled patients to reduce the number of hospital visits, compelling them to opt for home grade treatment. With a few countries experiencing a second wave, home grade insulin delivery is become all the more important.
Also, the simplistic nature of smart insulin pens, with regards to ease of access to key applications monitoring dosage administration and food intake, their relatively simple user interface and ease of availability are also largely expected to widen future growth opportunities.
Key Challenges Impacting Smart Insulin Pens Market Growth
High costs associated with smart insulin pens and other diabetes treatment approaches poses a significant detriment to their adoption, particularly across low and middle income countries. These regions have a relatively inferior healthcare infrastructure as they may lack the adequate resources to support robust research and development activities. Fortunately, government campaigns are helping alleviate this shortcoming.
Secondly, these products are subject to intense scrutiny by appropriate regulatory authorities, amid the fact that these are potential life-saving approaches. As a result, governments want to ensure that the product which is available in the market is absolutely beyond suspicion or doubt. This is often a very lengthy procedure, often taking a lot of time, which delays the availability of new therapeutic approaches.
Why is the US expected to be a Highly Lucrative Market?
The Center for Disease Control and Prevention (CDC) estimates that over 34 million Americans suffer from diabetes, representing over a tenth of the population as of 2020. Moreover, as per the American Diabetes Association (ADA), there are over a million new cases of diabetes across the country annually. An estimated 88 million adults have prediabetes, accounting for 34.5% of the US adult population.
Factoring in these alarming trends, the CDC is actively working to reverse this epidemic by helping to identify people with prediabetes, prevent type 2 diabetes and associated complications, and improve overall health. It has launched the National Diabetes Prevention Program (NDPP), aiming to reduce the incidence by nearly 60%. Since January 2016, CDC, ADA and the American Medical Association (AMA) have partnered with the Ad Council to initiate public service advertising (PSA) campaigns about prediabetes.
Such initiatives are expected to significantly bolster prospects for smart insulin pens sales across the country. Numerous manufacturers have made inroads within the US market. For instance, Novo Nordisk’s NovoPen® 6 and NovoPen Echo® Plus were approved for usage in 2019, capable of recording and storing the last 800 doses of injections, including airshot, facilitating effective insulin management.
How is the Needle-free Injection Trend Stimulating Sales in the UK?
Healthcare providers across the UK are highly emphasizing on the need to include needle-free insulin injections, amid the increasing tilt towards non-invasive surgeries. Needle-free injection helps eliminate the pain and trauma associated with needle insertion. Hence, smart insulin pens incorporating numerous modern techniques are acquiring significant ground.
A notable development includes the InsuJetTM System, manufactured and marketed through Spirit Healthcare Ltd. Available upon prescription, the system deploys a special, needle-free nozzle which releases a fine jet stream of insulin, easily penetrating the skin. Subsequently, the insulin follows the path of least resistance, spreading evenly in the subcutaneous layer. It acts more swiftly as well and is reusable.
Similarly, the InjexTM technology deploys a similar jet streaming mechanism which reduces patient trauma by doing away with the need to externally penetrate human skin with insulin needles. Currently, these technologies are in their nascent stages, and are expected to assume concrete shape soon enough. These breakthroughs will usher in a key revolutionary technique in the field of diabetes treatment in the UK, widening the scope for smart insulin pen sales across the long-run forecast period.
Is Germany likely to Attract High Investments in Smart Insulin Pens?
Germany is poised to emerge as a highly lucrative hub for smart insulin pens, given the extensive investment volumes to address the ever growing burden of diabetes mellitus across the German population. The prevalence of known Type 2 diabetes in the German adult population in 2010 was 7-8%. Patients with diabetes have around 1.8 times higher expenses compared to people without the disease.
Hence, numerous technological advancements have been relied upon to reduce this burden on patients and practitioners alike. For instance, Emperra GmbH offers the ESYSTA smart insulin pen which automatically transfers the amounts of insulin dispensed via the ISM wireless technology to ESYSTA Basis. It is capable of holding as much as 60 units of insulin; stores 1,000 data sets; and sends data to a cloud based system for easy storage.
Likewise, Pendiq Intelligent Diabetes Care has created the Pendiq 2.0 digital insulin pens. To date, these devices are only available in Germany, and are compatible with U-100 (3 ml) lispro and aspart rapid-acting insulin cartridges. They are capable of storing the last 1,000 entries of injection dates, times and quantities, which users can view on an OLED display. Its Bluetooth compatibility allows data transmission to a smartphone app called dialife, available for both Android and Apple smartphones.
How is France Generating New Opportunities for Smart Insulin Pens?
The French smart insulin pens market is expected to witness notable developments in the future, with the most recent development being the collaboration between BioCorp and Roche Diabetes Care France. Together, both companies launched the Mallya smart insulin pen device in April 2021. Developed by BioCorp, Mallya is an intelligent sensor for insulin injection pens with a CE mark certification.
The French device maker’s smart sensor connects to most disposable insulin injection pens to collect data about each injection. Mallya automatically transmits the data to Roche’s Gluci-Chek smartphone app over Bluetooth. The dosage, insulin type, date and time information can then be logged and shared with healthcare providers via the Roche Diabetes Care platform.
The companies announced the collaboration way back in 2020. This collaboration marks yet another milestone in the history of French diabetes treatment. An estimated 6% of the French population is afflicted by diabetes. Fortunately, patients are able to avail good quality treatment amid a 100% coverage by the statutory health insurance. With further investments in store to improve diabetic care, the smart insulin pens market will further expand in the future.
What Opportunities Abound Across the Indian Smart Insulin Pens Market?
India has an estimated 77 million people with diabetes, making it the second most affected country in the world. As of 2019, one in six people (17%) in the world with diabetes is from India. According to the International Diabetes Federation, this number is projected to reach 134 million by 2045. Naturally, the scope for enhanced quality treatment is broadening with each passing year.
As per the 2019 National Diabetes and Diabetic Retinopathy Survey report released by the Ministry of Health and Family Welfare, the prevalence was found to be nearly 12% in people over the age of 50. Majority of the cases are of type-2 diabetes. In order to reduce this incidence, the Government of India initiated the National Program for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS) in 2010.
Consequently, the scope for diabetes treatment has acquire immense importance, thereby facilitating the entry of key smart insulin pens manufacturers. Some of the insulin pens available include the Hyaluronic Injection Pen (Monarch Skin Derma), Eglucent Kwickpen (Serum Biotec Limited), Insulin Degludec Tresiba Flex Touch (Kay Biotech Pvt. Ltd.) and Humalog Kwikpen- Insulin Lispro (R-DNA Origin) (Eli Lily) among others.
How attractive is the Chinese Smart Insulin Pens Market?
China represents a highly attractive investment destination for key smart insulin pens manufacturers. Bulk of the Chinese market’s growth is determined by the presence of a plethora of regional level manufacturers. This heightened presence is largely attributable to the fact that China has the world’s largest number of diabetics. China is home to over a quarter of the world’s diabetic patients.
The International Diabetes Federation, there are around 425 million adults living with diabetes- with 114 million cases in China alone. More than half of these cases remain undiagnosed. Furthermore, the World Health Organization advocates that there are nearly three times more diabetics today than over three decades back, with the surge being significant across China. Hence, governmental efforts to curb this epidemic have been increasing in the recent years, paving way for high smart insulin pens uptake.
Some prominent regional level manufacturers include HK Zion Industry Co. Ltd. (Guangzhou, Guangdong), Melson Medical Corporation Ltd. (Shanghai), Guangzhou Linuo Beauty Electronic Technology Co. Ltd. (Guangzhou), Jiangsu Jichun Medical Devices Co. Ltd. (Jiangsu) and Shanghai Intrag Medical Techs Co. Ltd. (Shanghai) among others.
Why are Bluetooth Connected Smart Insulin Pens Grabbing Eyeballs?
By connectivity, Bluetooth connected smart insulin pens are expected to register a staggering growth rate, expected to surpass the billion dollar mark in the short run. These “smart” insulin pens are poised to offer not only a more user-friendly insulin delivery option, but also track dosing data that can be shared on digital platforms and integrated with other vital information.
The device exhibits tremendous potential, as until now, only one product has been approved by the US Food & Drug Administration- that of Companion Medical’s Bluetooth-enabled InPen. It is a reusable pen that works with short-acting insulin cartridges (Humalog, Novolog and Fiasp) which can be dosed in half units. Numerous companies, such as Bigfoot Unity and Eli Lily are currently working to launch their own versions of smart insulin pens, widening growth prospects.
How is Type-2 Diabetes Treatment Generating High Demand?
By indication, type-2 diabetes treatment is likely to generate significant revenue streams in the future, attributed to its high incidence amongst all population age groups. Smart insulin pens have played an important role in transforming diabetic care, ushering in a connected care ecosystem for patients, providers and health systems respectively.
Existing pens are enhanced with real-time wireless connectivity, digital dose capture, and integration with personalized dosing decision support. Automatic dose capture can promote effective retrospective review of insulin dose data, particularly when paired with glucose data. In November 2020, Medtronic Plc launched CGM-integrated smart insulin pen for multiple daily injections.
Which is the Most Prominent Smart Insulin Pens Distribution Channel?
Retail pharmacies emerged as the primary source of smart insulin pens sales until the recent past, reaching almost half-a-billion dollars as of 2019. Easy availability of the pens and close proximity to residences rendered it the primary distribution channel. Moreover, post diagnosis and treatment, hospital patients often frequent retail pharmacies to avail their medications.
However, since the outbreak of the pandemic crisis, e-commerce sales of smart insulin pen have registered a significant uptick. With mandatory social distancing measures prompting patients to remain indoors, hospital visits for diabetes treatment have declined, prompting enhanced adoption of home-grade treatment. Most online pharmacies have been experiencing a major incline in online sales of smart insulin pens.
Prominent smart insulin pens manufacturers rely extensively on a broad spectrum of expansion strategies, including collaborations & partnerships, mergers & acquisitions, new product launches and coalitions with research institutes and healthcare stakeholders to further R&D activities.
Digital Medics Pty Ltd., for instance, offers the SmartPlus Digital Insulin Pen, equipped with the Diabetes IQ App for better diabetes care and control, by helping maintain 195 insulin dosage history with compatible insulin cartridges. In March 2020, the company launched an updated version of the Diabetes IQ App, which includes a new BG pattern recognition system, food database updates and enhanced analytics & reports.
In August 2020, Medtronic Plc. announced its intention to acquire Companion Medical Inc., manufacturer of the InPen. The addition of Companion Medical’s InPen to the Medtronic portfolio expands the company’s ability to better address diabetic patients’ needs by simplifying diabetes management and improve outcomes.
In 2019, Sanofi Aventis and Abbott Medical collaborated to integrate glucose sensing and insulin delivery technologies which helps simplify diabetes management. This collaboration is largely aimed at expanding data sharing capacities which would help doctors make better informed treatment decisions around medication, lifestyle and nutrition.
According to FMI’s report, the following insulin pens manufacturers currently operate in the global 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.)
*This list is indicative - full details about key insulin pens manufacturers is available upon request
Smart Insulin Pens Market - Report Scope
Historical Data Available for
US$ Mn for Value
Key Regions Covered
North America, Europe, Asia-Pacific and Rest of the World
Key Countries Covered
US, Canada, Germany, UK, France, Spain, Italy, India, Japan, China, Australia & New Zealand, Brazil, Mexico, GCC and South Africa
Key Segments Covered
Indication, Connectivity and Distribution Channel
Key Companies Profiled
Market Introduction, Market Analysis Scenario, Market Dynamics, Segmental Analysis, Regional Profiling and Competition Landscape
Customization & Pricing
Key questions answered in the report
What trends are in store for the smart insulin pens market growth?
According to FMI, the global smart insulin pens market is likely to register a multi-billion dollar valuation in the short and long-run forecasts, attributed to a general increase in the global diabetic population pool and the consequent increase in hospital workload. Demand for Bluetooth connected smart insulin pens is expected to remain especially high
Which is the most promising smart insulin pens market?
As per FMI’s analysis, demand for smart insulin pens are expected to remain high across the US market, attributed to unceasing efforts by the government to eradicate the diabetes epidemic by virtue of extensive advertising campaigns. Additionally, India and China are expected to emerge as the dominant markets in the Asia-Pacific region, characterized by the presence of numerous regional level manufacturers
Which prominent players operate in the global smart insulin pens market?
Digital Medics Pty Ltd., Emperra GmbH e-Health Technologies, Companion Medical Inc., Sanofi Aventis LLC, Novo Nordisk A/S, Eli Lily and Company, Companion Medical, Diabnext, Jiangsu Delfu Medical Device Co. Ltd., DIAMESCO Co Ltd., Patients Pending Ltd (Bigfoot Biomedical Inc.), and BERLIN-CHEMIE are some major smart insulin pens manufacturers profiled in FMI’s report
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- Is the market research conducted by Future Market Insights?
Yes, the report has been compiled by expert analysts of Future Market Insights, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
- What research methodology is followed by Future Market Insights?
FMI follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
- Who are the respondents for primary research?
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- What are the sources of secondary research?
FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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Key Segments Covered
- Diabetes Type I
- Diabetes Type II
- Bluetooth Connected
- USB Connected
- Clinics & Ambulatory Surgical Centers
- Retail Pharmacies
- North America (US and Canada)
- Europe (Germany, UK, France, Spain, Italy and Rest of Europe)
- Asia-Pacific (India, China, Australia & New Zealand, Japan and Rest of APAC)
- Rest of the World (Brazil, Mexico, GCC and South Africa)