The global Global Smart Insulin Pens Market is estimated to reach USD 53.52 Billion by 2030, according to a new report by Reports and Data. This can be mainly associated with the rising predominance of diabetes in different age groups along with developing RD ventures which are boosting the growth of the market further. Technological improvements in insulin infusion devices are one of the growing trends in the market globally. Also, one of the principal factors leading to the growth of the market is the rising number of diabetics due to obesity, aging, and unhealthy lifestyles. Obesity is believed to be a significant factor influencing the growth of diabetes in individuals.
Diabetes is a significant health condition that is rapidly growing among the world population; therefore, the adoption of smart insulin pens is necessary for safe and effective control of insulin to people who have diabetes. Insulin pens have earned popularity in current years. The demand is due to the rapidly rising number of diabetic patients, and cost-effectiveness of the insulin pens. Also, the accurate and simple delivery function of appropriate dosing adds to the demand.
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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.
Significantly, China’s adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.
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In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.
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Further key findings from the report suggest
- Insulin Pen is a type of insulin injection device, containing a refill in the pen. The way to operate it, is to fit it with the specific refill filled with insulin, fix the needle and pull off the needle cover. The operation is very convenient.
- Insulin pens make the process to measure the dosage easier as the number of shots is pre-set along with the dosage. It ensures that the exact insulin levels are maintained according to the patient’s requirement. It is apparent that insulin pens offer the service that they need when compared to the bottle and syringe
- The rising predominance of diabetes in different age groups is an essential factor encouraging the growth of the insulin pen market globally. Also, developing RD ventures are also advancing the market. However, concerns related to the usage of infusion pen and stringent laws for new product developments are restraining the growth of the market.
- Smart Insulin Pens is expected to witness the highest CAGR of 8.4% during the forecast period.
- The pre-filled insulin pen market under the Usage segment is expected to grow with the highest CAGR of 8.3% during the forecast period.
- Although some pens need users to insert a cartridge inside before use, most of the pens come pre-filled with insulin and are disposable. Users only have to be sure to check the round to confirm the absence of bubbles.
- The home-care setting of the End use segment accounts for the highest CAGR of 46.19% in 2018. The use of insulin pens at home saves on hospital or clinic fee, visiting costs, and waiting time. They are highly portable, small in size, and can be used anywhere at any time. Thus, higher user-friendliness and greater access to the device has made insulin users opt for self-care diabetes control options.
- The market players are primarily focused on developing new technologies to meet the requirement of users. Various companies are also involved in numerous merger acquisitions as their essential strategy is to maintain sufficient market share. These factors are expected to have a positive impact on industry growth over the next few years.
- Emerging economies, such as India and China, contribute to the growth of the market in APAC which will grow at a CAGR of 8.1%, due to the presence of a massive population who are suffering from diabetes and its increasing awareness amongst individuals. Also, global merchants are growing their business in the Asia Pacific region and are rendering high-end products for diabetes care, which is the principal factor contributing to the growth.
- Key participants include Novo Nordisk, Sanofi, Smiths Medical Asd, Inc., Biocon, Health Care Center, B Pharmaceuticals, Nipro Medical Corporation, Eli Lilly and Company, INJEX, Insulet Corporation
For the purpose of this report, Reports and Data have segmented global Global Smart Insulin Pens Market on the basis of Product, End-User, Usage, and region:
Product Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)
- Traditional Insulin Pumps
- Smart Insulin Pens
Usage Type Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)
- Prefilled pens
- Reusable pens
End-use Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)
- Homecare settings
- Hospital clinics
- Ambulatory Surgical Centers
Regional Outlook (Revenue, USD Billion; Volume, Thousand Units; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
Growing advancements in medical therapies to drive market growth
The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.
High prices of certain drugs might affect revenue growth
Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.
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