Smart Insulin Pens & Pumps Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2022-2030

Published Date : Dec 2020 | No. of Pages : 250 Pages | Category : Healthcare

The global Smart Insulin Pens & Pumps market size is expected to surpass around US$ 7.8 billion by 2030, according to a new report by Vision Research Reports.

The global Smart Insulin Pens & Pumps market size was valued at US$ 3.2 billion in 2021 and is anticipated to grow at a CAGR of 10.25% during forecast period 2022 to 2030.

Growth Factors

Major market drivers include continuous technological advancements in the field of diabetes care along with growing adoption of advanced diabetes management methods. The rising geriatric population coupled with the increasing incidence of diabetes as lifestyle associated disease are the factors expected to drive the product demand. Self-injection devices with integrated connectivity have become an important element of the digital ecosystem.

Smart insulin pens and pumps have created new standards for diabetes care. With the advent of (AI), the entire paradigm of diabetes management has been transformed from simple Bluetooth enabled insulin delivery devices to an artificial pancreas. Furthermore, increasing investment and rising number of new product launches are expected to widen growth opportunities. For Instance, in July 2017, Cellnovo a French medtech company announced to raise USD 19.27 million to improve its product and to continue the R&D in artificial pancreas system. Many key players are focusing on technological collaborations, which is expected to have a long-term positive impact on the market. For instance, in September 2019, Medtronic collaborated with Novo Nordisk to integrate Novo future smart insulin pen dosage data with Medtronic CGM devices.

Report Highlights

Based on the product, the market is segmented into smart insulin pumps and pens. The pens segment is expected to register the fastest CAGR during the forecast period. , primarily attributed to the continuous technological advancements and launch of advanced products. For instance, in December 2017, companion medical, a leader in development of diabetes management announced the commercial sales of Inpen in the U.S. This is the first and only FDA approved solution that can integrate insulin pen with smart phone app.

The smart insulin pumps segment is dominating the market and is expected to expand at a CAGR of 9.10% during the forecast period. The key segment drivers include increasing product adoption and rapid technological advancements. Wide product pipeline and positive results in are the factors expected to further propel the growth. For instance, in June 2019, Medtronic launched its in home trial of 780G an advanced hybrid closed loop system. The trial is estimated to be completed in 2020, with the result expected to be presented by July 2020.

Based on product, smart insulin pump segment is divided into Medtronic (670G and 630G), Roche (Accu-check Combo and Spirit), Tandem Diabetes Care (T slim X2 and G4), Insulet Corporation (Omnipod), ypsomed AG (Mylife Omnipod), and others. MiniMed insulin pump segment is anticipated to continue dominating the market in near future, owing high market presence and continuous technological advancements. The growth is primarily driven by the launch of its 670G closed loop system which can work as an artificial pancreas.

Smart Insulin pens segment is further divided into Inpen, pendiq 2.0, Novo6, Novo Echo Plus, ESYTA Pen, and others. Companion Medical Inpen dominated the market in 2018, owing to high product adoption. This smart pen comes with a smartphone app with bolus advisor that works with the help of Bluetooth. One of the most popular features of Inpen is its ability to dispense Humalog or Novolog in half-unit increments. Moreover, it reduces guesswork when it comes to take dose of fast acting insulin. The smart insulin pens segment is expected to see disruption as many new products are going to launch in the near future. For instance, in May 2019, Novo Nordisk have also announced to bring wireless pens to the U.S Market.

The hospitals and clinics segment accounted for the largest market share of more than 40% in 2018 and is expected to grow at a lucrative rate during the forecast period. Growing number of hospitals along with the rise in healthcare spending is anticipated to fuel the segment growth. According to the American Medical Association, healthcare spending to hospital care accounted for the largest market share in 2018.

Homecare segment is expected to register the fastest CAGR during the forecast period, majorly attributed to the factors, such as increasing awareness about self-blood glucose monitoring devices and rising adoption of smart devices. Furthermore, factors such as rising cost of healthcare services and hospital charges are also pushing patients to use medical devices at home.

North America lead the market in 2020 owing to the presence of major players along with many product launches. Factors such as rising prevalence of diabetes and high cost of smart insulin pumps are also expected to contribute to the regional market growth. Europe is expected to follow North America with largest market share due to presence of many products and major market players strategizing with technological collaborations. For instance, in November 2018, Diabeloop S. A, a manufacturer, and supplier of received CE approval for its artificial pancreas system named DBLG1.

Key Players

  • Companion Medical Inc.

  • Novo Nordisk

  • Emperra Gmbh E-Health technologies

  • Jiangasu Delfu medical device Co Ltd

  • Insulet Corporation

  • Cellenovo

  • Medronic Inc.

  • F Hoffmann-La Roche

  • Ypsomed

  • Tandem Diabetes Care

  • Sooil Development

  • Valeritas Inc.

Market Segmentation

  • Product Type Outlook

    • Smart Insulin Pens

      • Companion Medical (Inpen)

      • Novo Nordisk (Novo6 and Novo Echo)

      • Emperra Gmbh (ESYSTA Pen)

      • Pendiq intelligent diabetes care (Pendiq 2.0)

      • Others

    • Smart Insulin Pumps

      • Minimed (630G and 670G)

      • Accuchek (Combo and Insight)

      • Tandem (T:slim X2, and G4)

      • Omnipod

      • My Life Omnipod

      • Others

  • End-use Outlook 

    • Hospitals and Clinics

    • Homecare

    • Laboratories

  • Regional Outlook

    • North America

      • The U.S.

      • Canada

    • Europe

      • The U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Smart Insulin Pens & Pumps market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Smart Insulin Pens & Pumps market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Smart Insulin Pens & Pumps market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Smart Insulin Pens & Pumps market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Smart Insulin Pens & Pumps market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Smart Insulin Pens & Pumps capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Smart Insulin Pens & Pumps by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Smart Insulin Pens & Pumps market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Smart Insulin Pens & Pumps market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Smart Insulin Pens & Pumps market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Smart Insulin Pens & Pumps industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Smart Insulin Pens & Pumps market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Smart Insulin Pens & Pumps market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Smart Insulin Pens & Pumps market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Smart Insulin Pens & Pumps market. These factors have benefited the growth of the global market for Smart Insulin Pens & Pumps. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Smart Insulin Pens & Pumps. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Smart Insulin Pens & Pumps are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2020
  • Forecast Year 2021 to 2028

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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