Smart insulin pens are innovative devices that help people with diabetes manage their insulin therapy more effectively. These pens often feature Bluetooth or wireless connectivity to record and transmit insulin doses and other relevant data to mobile apps or cloud platforms.
*Disclaimer: List of key companies in no particular orderLatest Smart insulin pens Companies Update
The smart insulin pens market size was recorded at USD 0.12 billion in 2022 and is projected to grow from USD 0.13 Billion in 2023 to USD 0.26 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.77% during the forecast period (2023 - 2030). The demand for smart insulin pens has increased owing to the surge in the incidence of diabetic patients, together with their cost-effective nature in comparison to insulin pumps. This is one of the market drivers that are boosting the market.
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
One of the factors propelling the industry forward is this. Due to the rapid increase in the incidence of diabetes patients and the convenience of insulins as opposed to insulin pumps, the demand for insulin pens has increased dramatically in recent years. The ease with which they function and the accuracy with which they treat diabetes with insulin further contribute to their popularity.
In addition, smart insulin pens offer substantial advantages for the control of diabetes. These pens have added features that make it easier to keep track of when the previous insulin injection was given. Insulin injection requires a lot of planning and concentration. Therefore, patients utilize unified devices. Blood sugar levels may be monitored and insulin requirements can be assessed with the use of integrated technology. It allows for the injection of insulin at a set interval.
Additionally, ensuring that insulin treatment is carried out on schedule is only one aspect of the time-consuming procedure that is overseeing the development of diabetes patients. Therefore, there has been a recent proliferation of smart insulin pen manufacturers offering sophisticated methods for streamlining the care of diabetes patients. As a result, this feature is expected to boost sales of smart insulin pens.
March 2023, Diabeloop, an industry leader in automated insulin administration, and Novo Nordisk will work together to incorporate DBL-4pen, Diabeloop's self-learning algorithm for MDI treatment, into Novo Nordisk's NovoPen 6 and NovoPen Echo Plus with DBL-4pen. People with Type 1 and Type 2 diabetes who use MDI can benefit from DBL-4pen, a self-learning basal and bolus recommendation software. Both the NovoPen 6 and the NovoPen Echo Plus include a built-in dose memory feature that records the dosage and time of the last 800 insulin injections and displays this information digitally.
The need for insulin pens has risen considerably in recent years due to the rush in the prevalence of diabetic patients coupled with the practical nature of insulins as compared to insulin pumps. Additionally, their simple working and precision related to insulin treatment further stimulate their demand. However, there are a few drawbacks associated with the usage of an insulin pen, such as two types of insulin that cannot be mixed in an insulin pen, thus raising the frequency of injections required and market growth. The rise in the call for smart insulin pens, increase in disposable incomes, and growth probabilities in rising economies of Asia-Pacific and LAMEA are anticipated to provide various possibilities for the market for smart insulin pens to grow while the study period. According to IDF, in 2021, approx. Five hundred thirty-seven million adults (20-79 years) endured diabetes. The total sum of people with diabetes is expected to grow to 643 million by 2030. The aforementioned reasons are expected to assist the market for smart insulin pens to grow during the forecast period. Thus, this factor is driving the market CAGR.
Additionally, teens and young adults with type 2 diabetes develop eye diseases and nerve and kidney– also risk factors for heart disease – more often than their fellows with type 1 diabetes in the years shortly after diagnosis. Young people with type 2 diabetes appeared to have signs of complications more frequently in nearly every estimate than their peers with type 1; many youths, both teens and young adults, showed difficulties. Producers are mainly paying attention to 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.
Figure 1: Smart Insulin Pens Usage around the globe
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Furthermore, smart insulin pens provide significant benefits in diabetes management. These pens carry extra functions that assist in recording the last dose of insulin. Taking insulin through a needle and syringe is quite complex and stressful. Hence, patients use integrated technology. Integrated technology assists in detecting the blood glucose level and evaluating the insulin dose. It provides a prearranged time interval for insulin administration. Also, managing diabetic patients' progress is often a time-taking as it involves plenty of information collection, assimilation, and processing, apart from ensuring that insulin treatment is run on a timely basis. Hence, the last few years have shown an explosion of smart insulin pens producers who provide highly specialized and skillful solutions to smoothen diabetic patient management. Thus, it is projected that this aspect will advance smart insulin pens market revenue.
The market segments of smart insulin pens, based on product type, includes smart pens and connecting devices. The smart pen segment held the majority share in 2022 in the smart insulin pens market data. Smart pens will be the fastest-growing segment over the study period as a result of the heightened assumption rate and notable popularity among patients owing to convenient designs. Because insulin pen brands are paying more attention to innovations and technical advances, the segment is expected to record further growth.
The smart insulin pens market segmentation, based on end-users, include hospitals/retail pharmacies and online. The Hospital segment dominated the market growth in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030, and contribute to the market revenue of smart insulin pens. This is owing to the fact that hospitals are go-to spots for diabetic patients seeking treatment or consultation. Hospitals have treatment equipment with diabetes management products to lodge to the various patients with type 1 and 2 diabetes. Clinics and hospitals have skilled staff and professionals, which facilitates the delivery of insulin, enhances patient safety, improve patient comfort, and upgrade blood sugar.
However, the Online segment is also emerging due to digitalization and is further expected to exhibit significant growth during the forecast period.
Figure 2: Â Smart Insulin Pens Market, by End user, 2022 & 2030, (USD Billion)
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
November 2022:Â Eli Lilly and Company launched the Tempo Personalized Diabetes Management Platform in the United States. The technology is meant to assist both patients and doctors in managing therapy with Lilly insulins for persons with type 1 or type 2 diabetes. The Tempo Smart Button, the TempoSmart app, and the Tempo Pen are the three main components of the platform, and they all work together to give individuals with diabetes individualized instructions. App is a private label version of Welldoc's BlueStar, a diabetes management app, designed to collect insulin dose-related data from the Tempo Smart Button and was created in collaboration with Welldoc.
March 2023: The 510(k) approval for an Android mobile app for a linked smart cap for insulin pens was given by the FDA in March 2023. In May of 2021, the FDA gave 510(k) approval to Bigfoot Biomedical's Bigfoot Unity diabetes management system for use by diabetics on multiple daily insulin injection treatment. At the time the system was first released, only iOS devices could use it. According to the press release, 41% of the U.S. population uses Android smartphones, therefore this new clearance will make the system available to them.
By region, the study records market insights into North America, Asia-Pacific, Europe, and the Rest of the World. North America’s smart insulin pens market accounted is anticipated to exhibit a significant CAGR growth during the forecast period. The market for smart insulin pens is anticipated to be driven by the rapid advancement of diagnostic measures and medication by the target patients. The region also has a well-ingrained healthcare industry and medical devices, which also aid the market for smart insulin pens.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 3: Â SMART INSULIN PENS MARKET SHARE BY REGION 2022 (%)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Europe’s smart insulin pens market accounts for the second-largest market share due to the rising occurrence of diabetic patients, the existence of players, and growth in R&D activities in the healthcare sector in the region. Europe was the highest participant in the  market with approx. Of $38.9 million in 2020 and is projected to register a CAGR of 11.8% by 2030. Further, the UK market of smart insulin pens held the largest market share, and the German smart insulin pens fastest-growing market in the region.
The Asia Pacific smart insulin pens Market is expected to rise at the fastest CAGR from 2022 to 2030. The rising eminence of the diagnostic health industry, increasing awareness about smart pen needles, and the growth in campaigns encouraging the usage of smart insulin pens. Nonetheless, the critical growth rendering factor remains the expanding diabetes patient pool in the region. Further, the China market of smart insulin pens held the largest market share, and the India market of smart insulin pens was the fastest-growing market in the region.
Smart Insulin Pens Key Market Players & Competitive Insights
Major market players are expending a lot of money on research and development to grow their product lines, which will help the market of smart insulin pens rise even more. Competitors are also coming out with strategic dynamism to leave their  footprint with key market developments, such as acquisitions and mergers, new product launches, contract-based agreements, increased investments, and collaboration with other organizations. Participants in the smart insulin pens industry must offer low-cost items to enlarge and capture in a highly competitive and rising market environment.
One of the primary business strategies made by producers in the  smart insulin pens industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, the smart insulin pens industry has provided medicine with some of the most crucial benefits. The market of smart insulin pens has significant players such as Novo Nordisk A/S, Eli Lily and Company, Digital Medics Pty Ltd., Companion Medical, and Diamesco Co. Ltd.
Lilly was founded by Colonel Eli Lilly in 1876, a man dedicated to creating high-quality medicines that helped needs in an era of difficulties peddled by questionable characters. Eli Lilly and Co (Lilly) is a healthcare company that is involved in the discovery, development, and marketing of human healthcare products. The company offers medicines for cardiovascular conditions, diabetes, endocrinology, cancer, neurological problems, immune disorders, men's health, and musculoskeletal problems.
Novo Nordisk AS (Novo Nordisk) was founded in 1923 and is headquartered just outside Copenhagen, Denmark. A subsidiary of Novo Holdings AS is a healthcare company focused on discovering, developing, and producing the newest biological medicines. It emphasizes advancing drugs for treating diabetes and other severe conditions, including human growth hormone (HGH), Â hemophilia, disorders, and obesity.
Key Companies in the market of Smart Insulin Pens include
Smart Insulin Pens Industry Developments
November 2020Â Medtronic launched its new InPen device integrated with Guardian Connect's connected glucose monitoring system. The latest InPen appears to be the only smart insulin pens that has got FDA approval for use by patients that need multiple injections every day.
August 2020Â Biocon Biologics India Ltd, along with its partner Mylan N.V. released their latest insulin glargine injection in the US in a pre-filled pen presentation. This is by far the cheapest insulin glargine pen available in the US market.
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
Smart Insulin Pens Market Highlights:
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