Smart Insulin Pens Market

Smart Insulin Pens Market

Growth Factors of Smart Insulin Pens Market

The global smart insulin pens market size was valued at USD 755.4 million in 2023 and is projected to grow from USD 824.9 million in 2024 to USD 1,913.6 million by 2032, exhibiting a CAGR of 11.1% during the forecast period of 2024-2032.

The COVID-19 pandemic disrupted the Smart Insulin Pens Market through supply chain delays but simultaneously accelerated the call because of an extra cognizance of remote healthcare. Patients sought virtual fitness solutions, using growth as smart insulin pens enabled higher glucose management and real-time facts sharing, impeding the smart insulin pens market growth.

The growing occurrence of diabetes drives the Smart Insulin Pens Market, multiplied patient recognition, and the ease of precise dosing and information sharing with healthcare companies. Technological advancements and mobile app integration for real-time tracking also enhance patient compliance and treatment results, fueling an increase in the marketplace.

Automated injection structures are a significant advancement in the clever insulin pen marketplace. These systems lessen the hazard of human error by appropriately turning in insulin doses, making sure of particular and steady treatment, and expanding the smart insulin pens market share globally. Additionally, automated injection systems provide extra comfort and simplicity of use for patients, mainly those with dexterity troubles or who might also find manual injections challenging. This generation contributes to progressed glycemic control and standard diabetes control.

Comprehensive Analysis of Smart Insulin Pens Market

The Smart Insulin Pens Market is segmented with connectivity, indication, and distribution channels. Connectivity includes Bluetooth, which dominates because of its wide adoption and flexibility, and NFC, which is predicted to develop thanks to more suitable protection functions. Indication segments the market into kind 1 and type 2 diabetes, with type 1 conserving a widespread proportion because of rising self-control focus and the increasing quantity of insulin-dependent sufferers. Distribution channels encompass sanatorium pharmacies, which lead because of clean access and procurement, and retail & online pharmacies, anticipated to grow swiftly as purchaser possibilities shift toward convenience.

The North America region led the smart insulin pens market by benefitting a size of USD 311.2 million in 2023 due to the increasing adoption of connected insulin pens and the drastically higher product prices in the U.S. In comparison to other countries.

The leading players in the Smart Insulin Pens market significantly shape its growth trajectory and set industry standards. These key players, including Novo Nordisk A/S (Denmark), Medtronic (Ireland), Ypsomed AG (Switzerland), Emperra GmbH (Germany), Pendiq (Germany), Jiangsu Deflu Medical Device Co. (China), Cambridge Consultants Ltd. (U.K.), and Diabnext (France), contribute to a competitive landscape that drives innovation and market advancement. Their ongoing efforts in product development and technological enhancements are pivotal in meeting the rising demand for smart insulin delivery solutions.

In June 2023, Novo Nordisk A/S revealed its plans to collect Biocorp, a French medical gadgets corporation. This acquisition is intended to leverage Biocorp’s era and information to grow a new related insulin pen.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 11.1% from 2024-2032

Unit Value (USD million)

Segmentation By Connectivity

Bluetooth

Near Field Communication (NFC)

By Indication

Type 1 Diabetes

Type 2 Diabetes

By Distribution Channel

Hospital Pharmacies

Retail & Online Pharmacies

By Region

North America (By Connectivity, Indication, Distribution Channel, and Country)

• U.S. (By Indication)
• Canada (By Indication)

Europe (By Connectivity, Indication, Distribution Channel, and Country)

• Germany (By Indication)
• U.K. (By Indication)
• France (By Indication)
• Italy (By Indication)
• Spain (By Indication)
• Scandinavia (By Indication)
• Rest of Europe (By Indication)

Asia Pacific (By Connectivity, Indication, Distribution Channel, and Country)

• China (By Indication)
• India (By Indication)
• Japan (By Indication)
• Australia (By Indication)
• Southeast Asia (By Indication)
• Rest of the Asia Pacific (By Indication)

Rest of the World (By Connectivity, Indication, and Distribution Channel)


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