How Has the Smart Insulin Pens Market Size Evolved in Recent Years?
The smart insulin pens market has seen considerable growth due to a variety of factors.
• The market for smart insulin pens has experienced robust growth in the past few years. The market size which was estimated to be $0.11 billion in 2024 is projected to expand to $0.12 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%.
The rise in growth during the historic period has come as a result of an increase in diabetes cases, economic progression in budding markets, a rise in the elderly population, heightened expenditure in healthcare, and reforms in public health insurance.
What Can Be Expected from the Smart Insulin Pens Market in the Coming Years?
The smart insulin pens market is expected to maintain its strong growth trajectory in upcoming years.
• The market for smart insulin pens is projected to witness substantial growth in the coming years, with the market value reaching $0.15 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.4%.
The expansion throughout the forecast period is associated with the rise in disease prevalence, government actions, and technological enhancement. Key trends in the forecast period encompass collaborations with tech firms, advanced insulin delivery devices, introduction of new insulin delivery methods, merging of internet of things, and an upsurge in mergers and buyouts.
What Factors Are Driving Growth In The Smart Insulin Pens Market?
Insulin pens can administer more precise insulin doses than traditional vials or syringes. These pens are particularly beneficial for children who need insulin while at school, and for people with visual impairments, as doses can be pre-set on the dosage dial for error-free administration during injections. The Novo Nordisk Echo Plus is tailored towards children, and it allows for half-unit dosing up to a maximum of 30 units. Lilly's HumaPen Luxura HD also allows for insulin delivery in half-unit increments. The NovoPen Junior Insulin Pen, also by Novo Nordisk, offers highly precise insulin dosing and adjustments in small, even half-unit, increments. The enhanced accuracy in dosing, which protects against overdose or underdose, is likely to boost demand for smart insulin pens and consequently propel market growth for these devices.
How Are The Segments Defined Within The Global Smart Insulin Pens Market?
The smart insulin pens market covered in this report is segmented –
1) By Type: First Generation Pens, Second Generation Pens
2) By Usability: Prefilled, Reusable
3) By Application: Type 1 Diabetes, Type 2 Diabetes
4) By End User: Hospitals & Clinics, Ambulatory Surgical Centres, Home Care Settings
Subsegments:
1) By First Generation Pens: Basic Smart Insulin Pens With Standard Features, Simple Connectivity to Mobile Apps for Tracking and Logging Insulin Doses
2) By Second Generation Pens: Advanced Smart Insulin Pens With Enhanced Features, Real-Time Data Sharing With Healthcare Providers and Caregivers, Sophisticated Mobile Applications for Comprehensive Diabetes Management
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How Are New Trends Expected To Influence The Growth Of The Smart Insulin Pens Market?
Advanced insulin pens from the new generation offer more than just memory storage. They facilitate the calculation of personalized doses, continuous glucose monitoring, and have the functionality to link with smartphone apps for data visualization. In November 2022, Eli Lilly and Company, a pharmaceutical firm based in the USA, launched the Tempo, a Personalized Diabetes Management Platform. This all-encompassing system, created by Eli Lilly, is oriented towards improving self-management of diabetes amongst adults with type 1 and type 2 diabetes. The Tempo Smart Button, a reusable component that can be attached to the Tempo Pen, records and transmits insulin dosage data. The TempoSmart App maintains a log of these doses and offers customized learning and reminders for medication.
Who Are the Key Players in the Smart Insulin Pens Market?
Major companies operating in the smart insulin pens market include:
• Companion Medical
• Novo Nordisk A/S
• F. Hoffmann-La Roche AG
• Emperra GmbH E-Health Technologies
• Diamesco Co. Ltd.
• Digital Medics Pvt Ltd.
• Bigfoot Biomedical
• Diabnext
• Insulet Corporation
• Jiangsu Delfu Medical Device Co. Ltd.
• Sanofi India
• Becton Dickinson
• Biocon Ltd
• Mehar healthcare
• Johnson & Johnson
• Covidien Healthcare
• Philips Healthcare India
• Shandong WeiGao Group Medical Polymer Company Limited
• Yuwell medical equipment & supply Co
• Terumo
• NIPRO
• Olympus Medical Systems
• Nihon Koden
• Medtronic PLC
• Ypsomed Holding AG
• Berlin-Chemie AG
• Patients Pending Ltd
• Dexcom
• Insujet
• Eli Lilly.
• Abbott Laboratories
• Tandem Diabetes Care. Inc.
What Is The Most Dominant Region In The Smart Insulin Pens Market?
North America was the largest region in the smart insulin pens market in 2024. Western Europe was the second largest region in the global smart insulin pens market share. The regions covered in the smart insulin pens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
