Smart Insulin Pen Market Is Gaining Robust Traction Due to Increasing Prevalence of Diabetes Worldwide

 

Smart Insulin Pen Market

A smart insulin pen is a Bluetooth-enabled wireless device with an intuitive smartphone app that can help people with diabetes to manage insulin delivery. Insulin is an important compound for the management of diabetes, especially for type 2 diabetes. Smart insulin pens track critical data such as date, time, and the amount of insulin to offer safe/efficient diabetes management. The major factor driving the growth of the smart insulin pen market is the increasing prevalence of diabetes around the world. According the International Diabetes Federation (IDF), in 2019, around 463 million adults (aged 20 to 79 years) were living with diabetes, and this number is expected to reach 700 million by 2045.

This in turn is expected to increase the demand for smart insulin pens, driving the growth of the smart insulin pens market. Prevalence has been rising more rapidly in low- and middle-income countries than in high-income countries. According to the World Health Organization (WHO), in 2019, an estimated 1.5 million deaths were directly caused by diabetes. Moreover, the proportion of people with type 2 diabetes is also increasing rapidly worldwide. Generally, one unit of insulin is needed to drop the blood glucose by 50 mg/dl. This drop range from 30-100 mg/dl or more, depending on individual insulin sensitivities, and other circumstances.

In North America, diabetes cases have increased in the past few years. According to the Centers for Disease Control and Prevention (CDC), in 2018, around 34.2 million people, or 10.5% of the U.S. population, have diabetes, while around 26.8 million people (10.2% of the population) had diagnosed diabetes. Thus, there is an increasing demand for smart insulin pen in this region. In November 2020, Medtronic launched InPen integrated with real-time Guardian Connect CGM data. InPen is the first and only FDA (the Food and Drug Administration) approved smart insulin pen on the market for people on multiple daily injections (MDI). This in turn is expected to accelerate the growth of the smart insulin pen market in North America.

Market players are focused on increasing the availability of Bluetooth-connected smart insulin pens, including both Android and Apple operating systems. Moreover, the treatment for type-2 diabetes is expected to witness a significant incline, thus generating demand in the segment. However, the availability of substitute products, such as smart insulin patches, and the lack of adoption of smart insulin pen, especially in emerging economies, are some of the major factors restraining the growth of the smart insulin pen market.


Location: India

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