Introduction

The Growing prevalence of sedentary lifestyle and unhealthy lifestyle is leading to diabetics at a startling rate. The International Diabetes Federations quotes that over a billion people affected a majority of them age between 20 and 50. The percentage of people getting affected tends to surge rapidly in the fore coming years. The diabetic patient is recommended with a specific dosage of insulin to maintain his blood sugar levels at control. The introduction of smart insulin pens and pumps is the boon to society. The ease of use and compactivity favors market growth.

These insulin pens offer a carefree day for all diabetic patients. The device is convenient and keeps track of insulin dose to the body. The pens provide broad benefits when compared to the traditional syringes that are available in the market. It is beneficial for patients with vision impairment as it allows them to dial the right insulin dosage. The market is estimated for 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, Emperra Gmbh, and many others.

Driving Factors

• The rapid adoption of smart insulin devices

The world of millennials works with smart devices as its lifeline. They tend to adapt to any kind of smart device.  With 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 a 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 by increasing the number of product launches.  For instance, in September 2019, Medtronic came together with Novo Nordisk to incorporate Novo 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 in other alternative treatments, which is the novel oral medication that reduces the use of smart devices. The rising advancements in the homeopathy, Ayurveda, and the gene and cell replacement therapy continue to inhibit the market 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 the insulin devices in the future and 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 creating manipulated calculations. Exercise and stress levels also have an impact on glucose levels, the intense and moderate exercise tends to cause disturbance 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 huge 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 of needle-free syringes and new types of insulin delivery devices. Business strategies and expanding business through M&As, Strategic alliances and by viable investments

Competitive Analysis

The players are very keen on developing new devices to withstand its 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 is striving 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 optimised delivery and efficient dosing through Artificial Intelligence. Also, Novo Nordisk entered into a partnership with Abbott aiming at optimizing diabetic management for the patients and the healthcare professional to achieve meaningful outcomes.

Regional Analysis

The presence of major players in the region along with many product launches has made North America lead the market. Factors such as the increasing number of diabetic patients and the high cost of insulin umps are contributing to regional market growth.

Europe is anticipated to follow North America owing to the availability of many products and the key players collaborating for huge technological improvements. Although the market is growing the low usage of insulin pumps in curtailing the market growth.

The favourable government initiative and increased expenditure in the healthcare sector is fuelling the market in the APAC region. Thus providing advantageous growth opportunities for the international market players.

 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 definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.