The rising prevalence of sedentary and unhealthy lifestyles is causing an alarming increase in the number of diabetics. The International Diabetes Federation quotes that over a billion people are affected, with the majority of them aged between 20 and 50. The percentage of people getting affected tends to surge rapidly in the coming years. The diabetic patient is recommended a specific dosage of insulin to maintain his blood sugar levels under control. The introduction of smart insulin pens and pumps is a boon to society. The ease of use and compactivity favor market growth.
These insulin pens offer a carefree day for all diabetic patients. The device is convenient and keeps track of the insulin dose the body receives. The pens provide broad benefits when compared to the traditional syringes that are available on the market. It is beneficial for patients with vision impairment as it allows them to dial in the right insulin dosage. The market is estimated to have a value of 130 million by 2025, growing at a CAGR of 10.9%.
Key Players
The key players in the market include the top pharmaceutical companies like Eli Lily, Novo Nordisk, Insulet Corporation, Sanofi, Companion Medical, EmperraGmbh, and many others.
The rapid adoption of smart insulin devices is a driving factor.
The world of millennials works with smart devices as its lifeline. They tend to adapt to any kind of smart device. The advent of artificial intelligence makes diabetic management systems much easier for the current generation and sportsmen too. The entire pattern involves connecting to a Bluetooth or USB-enabled device that delivers insulin into the body.
Advancement in insulin fusion technologies
The advancements in insulin fusion technologies are responsible for the rapid growth of the market. Many companies are investing in R & D to improve existing smart devices and also to increase the number of product launches. For instance, in September 2019, Medtronic teamed up with Novo Nordisk to incorporate Novo's future smart insulin pen dosage data with Medtronic CGM devices.
Growth Inhibitors: Alternative treatments
The companies in this sector are facing a threat with the rise of other alternative treatments, which is a novel oral medication that reduces the use of smart devices. The rising advancements in homeopathy, Ayurveda, and gene and cell replacement therapies continue to inhibit the market's growth. The investigation of several medicinal plants that are equally beneficial in treating various types of diabetes. The ascending preference for these alternative treatments is anticipated to replace insulin devices in the future, therefore affecting the market growth.
Market Challenges
Like any other device, these smart devices also face challenges like manipulated inputs, disturbance inputs, and various output challenges. The notable lag in the insulin effect with glucose uptake when delivered subcutaneously affects the insulin delivered in the recent past, thus manipulating the calculations. Exercise and stress levels also have an impact on glucose levels. Intense and moderate exercise tends to cause disturbances in glucose inputs. The time lag between the capillary blood and the interstitial fluid outputs biased results on the sensors due to incorrect calibration procedure.
Opportunities in the Market
The key players are conducting extensive R & D to come up with more consumer-friendly devices. They are focused on developing devices that act as a combination of pumps and monitoring systems. developments in needle-free syringes and new types of insulin delivery devices. Business strategies and expansion through mergers and acquisitions, strategic alliances, and viable investments
Competitive Analysis
The players are very keen on developing new devices to withstand their market position by increasing the company’s product sales value.
Recent developments
In September 2019, Medtronic partnered with Novo Nordisk, Sanofi, and Eli Lilly to enhance their reach for their connected insulin pens. The collaboration between Sanofi and Abbott aims to build a connection between the patient and the doctor for significant treatment decisions.
Earlier in 2019, the partnership between Eli Lily and Bigfoot Biomedical developed solutions for optimized delivery and efficient dosing through Artificial Intelligence. Also, Novo Nordisk entered into a partnership with Abbott aimed at optimizing diabetic management for patients and healthcare professionals to achieve meaningful outcomes.
Regional Analysis
The presence of major players in the region along with many product launches has made North America the leading market. Factors such as the increasing number of diabetic patients and the high cost of insulin umps are contributing to regional market growth.
Due to the availability of many products and the key players' collaboration for huge technological improvements, Europe is anticipated to follow North America Although the market is growing, the low usage of insulin pumps is curtailing the market's growth.
Favorable government initiatives and increased expenditure in the healthcare sector are fuelling the market in the APAC region. As a result, international market participants will benefit from advantageous growth opportunities.
1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders a definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.
These insulin pens offer a carefree day for all diabetic patients. The device is convenient and keeps track of the insulin dose the body receives. The pens provide broad benefits when compared to the traditional syringes that are available on the market. It is beneficial for patients with vision impairment as it allows them to dial in the right insulin dosage. The market is estimated to have a value of 130 million by 2025, growing at a CAGR of 10.9%.
Key Players
The key players in the market include the top pharmaceutical companies like Eli Lily, Novo Nordisk, Insulet Corporation, Sanofi, Companion Medical, EmperraGmbh, and many others.
The rapid adoption of smart insulin devices is a driving factor.
The world of millennials works with smart devices as its lifeline. They tend to adapt to any kind of smart device. The advent of artificial intelligence makes diabetic management systems much easier for the current generation and sportsmen too. The entire pattern involves connecting to a Bluetooth or USB-enabled device that delivers insulin into the body.
Advancement in insulin fusion technologies
The advancements in insulin fusion technologies are responsible for the rapid growth of the market. Many companies are investing in R & D to improve existing smart devices and also to increase the number of product launches. For instance, in September 2019, Medtronic teamed up with Novo Nordisk to incorporate Novo's future smart insulin pen dosage data with Medtronic CGM devices.
Growth Inhibitors: Alternative treatments
The companies in this sector are facing a threat with the rise of other alternative treatments, which is a novel oral medication that reduces the use of smart devices. The rising advancements in homeopathy, Ayurveda, and gene and cell replacement therapies continue to inhibit the market's growth. The investigation of several medicinal plants that are equally beneficial in treating various types of diabetes. The ascending preference for these alternative treatments is anticipated to replace insulin devices in the future, therefore affecting the market growth.
Market Challenges
Like any other device, these smart devices also face challenges like manipulated inputs, disturbance inputs, and various output challenges. The notable lag in the insulin effect with glucose uptake when delivered subcutaneously affects the insulin delivered in the recent past, thus manipulating the calculations. Exercise and stress levels also have an impact on glucose levels. Intense and moderate exercise tends to cause disturbances in glucose inputs. The time lag between the capillary blood and the interstitial fluid outputs biased results on the sensors due to incorrect calibration procedure.
Opportunities in the Market
The key players are conducting extensive R & D to come up with more consumer-friendly devices. They are focused on developing devices that act as a combination of pumps and monitoring systems. developments in needle-free syringes and new types of insulin delivery devices. Business strategies and expansion through mergers and acquisitions, strategic alliances, and viable investments
Competitive Analysis
The players are very keen on developing new devices to withstand their market position by increasing the company’s product sales value.
Recent developments
In September 2019, Medtronic partnered with Novo Nordisk, Sanofi, and Eli Lilly to enhance their reach for their connected insulin pens. The collaboration between Sanofi and Abbott aims to build a connection between the patient and the doctor for significant treatment decisions.
Earlier in 2019, the partnership between Eli Lily and Bigfoot Biomedical developed solutions for optimized delivery and efficient dosing through Artificial Intelligence. Also, Novo Nordisk entered into a partnership with Abbott aimed at optimizing diabetic management for patients and healthcare professionals to achieve meaningful outcomes.
Regional Analysis
The presence of major players in the region along with many product launches has made North America the leading market. Factors such as the increasing number of diabetic patients and the high cost of insulin umps are contributing to regional market growth.
Due to the availability of many products and the key players' collaboration for huge technological improvements, Europe is anticipated to follow North America Although the market is growing, the low usage of insulin pumps is curtailing the market's growth.
Favorable government initiatives and increased expenditure in the healthcare sector are fuelling the market in the APAC region. As a result, international market participants will benefit from advantageous growth opportunities.
Scope of the Report
By Type
- Smart Insulin Pens
- Smart Insulin Pump
By Distribution Channels
- Ambulatory Surgical Centers
- Home Care Settings
- Hospitals & Clinics
- Retail Pharmacies
- e-Commerce
By Usability
- Reusable Pens
- Pre-Filled Pens
By Indication
- Diabetes Type I
- Diabetes Type II
By Region
- North America
- Europe
- Asia Pacific
- LAMEA
Key Reasons to Purchase this Report
1. It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders a definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.
Note: Product cover images may vary from those shown
Chapter 1 Overview And Scope
Chapter 2 Our Research Practice
Chapter 3 Executive Summary
Chapter 4 Covid-19 Impact Analysis
Chapter 5 Global Smart Insulin Pens and Pumps Market Forces
Chapter 6 Global Smart Insulin Pens and Pumps Market -Industry Snapshots
Chapter 7 Global Smart Insulin Pens and Pumps Market Analysis, by Type
Chapter 8 Global Smart Insulin Pens and Pumps Market Analysis, by Distribution Channels
Chapter 9 Global Smart Insulin Pens and Pumps Market Analysis, by Usability
Chapter 10 Global Smart Insulin Pens and Pumps Market Analysis, by Indication
Chapter 11 Smart Insulin Pens and Pumps Market Analysis by Region
Chapter 12 Market Competition Analysis
Chapter 13 Company Profiles- Snapshot
List of Tables
List of Figures
Note: Product cover images may vary from those shown
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