Growth Accelerated by Rising Demand for Self-Administered Insulin Devices

 

Smart insulin pen as an alternative for conventional syringe offers precise dosing of insulin during diabetes treatment. It enables convenient administration of insulin dosage prescribed by a physician, reducing errors associated with manual insulin injections. Integrated diabetes management solutions offered by smart insulin pens allow consumers to monitor insulin intake and glucose levels in real-time. The Global Smart Insulin Pen Market Size is estimated to be valued at US$ 43.9 million in 2023 and is expected to exhibit a CAGR of 4.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The rising demand for self-administered insulin devices is one of the key trends accelerating the growth of smart insulin pen market. Growing inclination of diabetic patients towards non-invasive treatment options and patient-centric drug delivery devices has increased the adoption of smart insulin pens. Integration of innovative technologies like Bluetooth connectivity and cloud computing in smart insulin pens allow automatic storage and sharing of dosing history with physicians and family members. This has increased the confidence level of individuals in efficiently managing diabetes, thereby driving the demand for smart insulin pens globally. Ability of smart insulin pens to simplify complex insulin regimens prescribed by doctors is further enhancing its demand.

Segment Analysis
The global smart insulin pen market is dominated by prefilled insulin pen sub segment due to its ease of use and convenience. Prefilled insulin pens are prefilled with insulin cartridges making it very easy for people with diabetes to administer insulin without having to draw it from a vial manually. This sub segment accounts for over 60% of total smart insulin pen sales globally.

Key Takeaways
The global smart insulin pen market is expected to witness high growth. Regional analysis

Regional analysis The North America region currently dominates the global smart insulin pen market due to high awareness regarding diabetes management and advanced healthcare facilities. However, Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising geriatric population, growing economy and increasing prevalence of diabetes.

Key players
Key players operating in the smart insulin pen market are Novo Nordisk, Eli Lilly, Sanofi, Owen Mumford, Companion Medical, Berlin-Chemie, Diamesco, Emperra.

Key players operating in the smart insulin pen market are Novo Nordisk, Eli Lilly, Companion Medical and Emperra. Novo Nordisk leads the global insulin pen market with its popular NovoPen brand of insulin pens. Eli Lilly also has a strong presence with its prefilled insulin pen brand Humalog KwikPen.

The global smart insulin pen market is expected to witness high growth. Regional analysis related content comprises The North America region currently dominates the global smart insulin pen market due to high awareness regarding diabetes management and advanced healthcare facilities. However, Asia Pacific region is expected to witness the fastest growth during the forecast period owing to rising geriatric population, growing economy and increasing prevalence of diabetes. Key players related content comprises Key players operating in the smart insulin pen market are Novo Nordisk, Eli Lilly, Companion Medical and Emperra. Novo Nordisk leads the global insulin pen market with its popular NovoPen brand of insulin pens. Eli Lilly also has a strong presence with its prefilled insulin pen brand Humalog KwikPen.

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