Smart Insulin Pens & Pumps Market Size, Trends, Growth, Share | Report 2022-2030

The global Smart Insulin Pens & Pumps market size is expected to surpass around US$ 7.8 billion by 2030. 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.

Report Highlights

• The smart insulin pumps segment is dominating the market and is expected to expand at a CAGR of 9.97% during the forecast period.
• The hospitals and clinics segment accounted for the largest market share of more than 42% in 2020 and is expected to grow at a lucrative rate during the forecast period.
• Homecare segment is expected to register the fastest CAGR during the forecast period.
• North America lead the market in 2020 owing to the presence of major players along with many product launches.
• Asia Pacific (APAC) is projected to provide lucrative growth opportunities for the international market players.

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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.

Product Type Insights

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 9.97% during the forecast period. The key segment drivers include increasing product adoption and rapid technological advancements. Wide product pipeline and positive results in clinical trials 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 (MylifeOmnipod), 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.

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End-use Insights

The hospitals and clinics segment accounted for the largest market share of more than 42% in 2020 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 2020.

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.

Regional Insights

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 2020, Diabeloop S. A, a manufacturer, and supplier of diabetes devices, received CE approval for its artificial pancreas system named DBLG1.

Asia Pacific (APAC) is projected to provide lucrative growth opportunities for the international market players. Increasing healthcare spending and favorable government initiatives to spread awareness about advanced diabetes management solutions are the major factors aiding the regional market growth. China dominating the APAC region in 2020 owing to the presence of a large diabetes population pool and increasing foreign direct investment in the country. For instance, in January 2018, Medtronic partnered with Chinese government to manufacture insulin pumps. The deal shared a commitment to transfer diabetes care through advanced therapies.

Key Players

• Companion Medical Inc.
• Novo Nordisk
• EmperraGmbh E-Health technologies
• JiangasuDelfu 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)
    • EmperraGmbh (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
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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