Increasing pool of diabetic patients witnessed across the globe has prompted leading manufacturers of medical devices towards development of ground-breaking products. Smart insulin pens are among such devices that have revolutionised the global market for diabetic injection pens. A recent study published by Future Market Insights projects that the global smart insulin pens market, which is currently valued at US$ 0.86 Mn, will expand vigorously at 17.9% CAGR through the end of 2027. During this ten-year forecast period, the global demand for smart insulin pens is estimated to surge rapidly as medical device manufacturers will be actively adopting advanced technologies that deliver cutting-edge devices.
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While the parent market – global diabetic injection pens market – is presently worth US$ 4.9 Bn, contribution of revenues arising from global sales of smart insulin pens will remain minimal. Nevertheless, the global smart insulin pens market will bring in more than US$ 4 Mn revenues by the end of 2027. The report, titled “Smart Insulin Pens Market: Global Industry Analysis and Opportunity Assessment, 2017-2027,” also reveals that Europe will emerge as a dominant region for growth of global smart insulin pens market. Sales of smart insulin pens across European countries are anticipated to bring in over US$ 2.4 Mn by end of 2027. Meanwhile, awareness regarding smart insulin pens is expected to rise robustly across the US and Canada. North America’s smart insulin pens market is, thus, estimated to register revenue growth at a staggering 26.7% CAGR. Through 2027, sales of smart insulin pens across Asia-Pacific region are also projected to gain traction, bringing in a little over US$ 1.2 Mn in revenues.
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Key Trends Driving the Demand for Smart Insulin Pens
A crucial factor fuelling the global sales of smart insulin pens is higher dependency of patients & medical professionals on data obtained from clinical trials. Conventional devices are unable to offer facilities that are provided through smart insulin pens. The demand for smart insulin pens is also driven by preference of health insurers towards outcome-based compensation models. Moreover, medical device manufacturers are looking at profitable opportunities arising from rising adoption of medical management processes, increasing development of insulin adherence programs, and higher demand for patient-centric devices. It has been estimated that during the forecast period, the global market for smart insulin pens will witness active participation from three medical device manufacturers – Companion Medical Inc., Emperra GmbH E-Health Technologies and Digital Medics Pty Ltd.
The report further reveals that a majority of smart insulin pens sold across the world will be purchased for treatment of type II diabetes. The demand for smart insulin pens among type I diabetics is expected to remain considerably lower, procuring global revenues of just over US$ 700,000. Connectivity of smart insulin pens is also observed as a key aspect impacting the market’s growth. And, the report projects the global smart insulin pens market to remain equally split between Bluetooth and USB-connected pens through the end of 2027.
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The report also expects clinics and ambulatory surgical centres (ASCs) based across the globe as the largest distribution channels for smart insulin pens. In 2017, close to 88% of global smart insulin pens revenues are likely to be accounted by clinics and ASCs. On the other hand, proliferation of online commercial platforms will also play a key role in distribution of smart insulin pens. Throughout the forecast period, e-Commerce distribution channels are expected to exhibit revenue growth at more than 24% CAGR.