Major players in the smart insulin pens market are Companion Medical, Eli Lilly and Company, Novo Nordisk A/S, Diamesco Co. Ltd., Emperra GmbH E-Health Technologies, Digital Medics Pvt Ltd., F. Hoffmann-La Roche AG, Insulet Corporation, Jiangsu Delfu medical device Co. Ltd., and Bigfoot biomedica.
The global
smart insulin pens market is expected to grow from USD 75.8 million in
2019 and to USD 77 million in 2020 at a growth rate of 1.6%. The slow growth is
due to disruption in supply chains and restrictions on trade of medical
products across countries owing to the COVID-19 outbreak. The market is then
expected to grow and reach USD 98.4 million in 2023 at CAGR of 8.51%.
The smart insulin pens market consists of sales of smart insulin pens which allows to dial the insulin dose accurately and related products. The companies manufacturing the smart insulin pens are primarily engaged in designing and manufacturing of first- and second-generation smart insulin pens which are either reusable or pre-filled for the application of delivering accurate insulin dose in Type 1 Diabetes and Type 2 Diabetes. The revenue generated by these companies is through sales of these pens to Hospitals & Clinics, Ambulatory surgical centres and Home care settings.
North America was the largest
region in the smart insulin pens market in 2019. Asia Pacific was the fastest
growing region in the smart insulin pens market in the forecast period.
In February 2020, Senseonics a
US-based medical technology company which primarily focuses on the design,
development and commercialization of glucose monitoring products announced
partnership with Companion Medical. The partnership will benefit both the
companies by integrating Eversense CGM System with the InPen smart system for
accurate insulin delivery. Companion Medical is a US-based company which aims
at achieving desirable diabetes outcomes and manufactured InPen which is the US
first FDA approved insulin pen.
Diabetics may be prescribed with
two types of insulin for better control over blood glucose levels. They usually
prefer a pre-mixed insulin (combination) or a method in which the insulin doses
could be mixed and once puncture is necessary to deliver the different types of
insulin doses required. Multiple punctures for the insulin delivery can lead to
poor adherence of the medication which in turn results in poor glycemic
control. In 2018, a study published states that poor glycemic control
(A1c>7%) was reported in 68% of respondents and there was an association
between A1c >7% and poor adherence levels. Dislike towards injection to a large
extent and needle phobia can result in poor adherence levels. It is estimated
that over 10% of population have needle phobia. These factors can reduce the
adherence of smart insulin pens where two types of insulin can't be mixed and
results in multiple needle punctures which thereby effect the purpose of the
insulin being administered which is expected to hinder the market growth.
The next generation smart insulin
pens go far beyond memory storage. They help in calculating personalized doses,
track glucose continuously and connects with apps of smartphones to visualize
the data. In 2019, Novo Nordisk and Abbott partnered to integrate insulin dose
data into the digital health tools which aims at connecting key technologies
such as continuous glucose monitoring and insulin pens thus simplifying
diabetes management. The Novo Pen 6 and the Novo Pen Echo Plus pens will be
able to connect to the Dexcom G6 CGM and the Diasend diabetes management
platform (Glooko). In 2019, Companion Medical announced that the Bluetooth-enabled
InPen which takes away the guesswork from dosing of insulin with an in-app
bolus calculator that uses precise carbohydrate ratios and correction factors
and calculates the personalized insulin doses. This enhances the ease of usage
of smart insulin pens which is expected to boost the market.
Accurate dose of insulin can be
achieved than vial or a syringe with an insulin pen. For kids who need to take
insulin during school time and visually impaired diabetic patients, an accurate
dose of insulin can even be pre-set over the dosage dial which helps in
accurate delivery of dose at the time of injection. Echo Plus by Novo Nordisk
which is a pediatric friendly insulin pen allows even half-unit dosing with a
maximum of 30 units. Huma Pen Luxury HD from Lilly allows the delivery of
insulin in half-unit increments and Novo Pen Junior-Insulin Pen by Novo Nordisk
can deliver highly accurate doses of insulin and finely adjusts small doses
even half-unit increments. The accurate adjustments and delivery of doses of insulin
can avoid either over-dosing or low-dosing of the drug which is expected to
increase the demand of smart insulin pens and drive the market growth.
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Global
Smart Insulin Pens Market
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