Global Smart Insulin Pens & Pumps Market by Product (Inpen, Accucheck, Tandem, MiniMed, Omnipod, Pendiq 2.0) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global smart insulin pumps and pens market was valued at USD 2.5 Billion in 2018. It is projected to grow at a compound annual rate (CAGR of 10.0%) between 2019 and 2026. Technological advancements and the rapid adoption of smart insulin devices by diabetes patients are key market drivers. The demand for more technologically advanced products is high. Market growth is expected to be fueled by rising awareness of advanced diabetes management tools.

The product demand is expected to grow due to frequent product launches and FDA approvals for smart insulin delivery devices. Medtronic's MiniMed670G was approved by the FDA in 2016. It was claimed to have been the first closed-loop hybrid system in the world. The market will show a hinge effect, helping millions of people in blood glucose management. The high cost of these sophisticated devices will likely slow down the growth of smart insulin pumps and pens in developing countries.

Smart diabetes management solutions are in high demand due to rising government initiatives and wider margins for healthcare spending. The U.S. has seen a significant increase in healthcare spending for diabetes over the past two decades. According to the American Diabetes Association, this spending has increased from USD 37 billion to USD 101 billion between 1996 and 2013. Additionally, the prevalence of diabetes increased from 5.8% in 1990 to 9.2% in 2015 to reach 9.2% in 2015. According to The International Diabetes Federation (IDF), approximately 463 million people are currently living with diabetes. This number is expected to rise to 700 million by 2045.

Advanced diabetes management solutions have reached new heights with smart insulin pumps and smart insulin pen. These devices allow users to monitor their blood glucose levels in real time. These devices allow users to view information that helps them make informed decisions about their diet and medication. Smart insulin pumps and pens allow users to personalize the device to meet their diabetes management goals.

Product Type Insights

The market can be divided into smart insulin pumps or pens based on its product. The fastest expected CAGR for the pens segment will be recorded during the forecast period. This is mainly due to technological advances and the launch of new products. Inpen was first commercially sold in the U.S. by companion medical in December 2017. This company is a leader in diabetes management development. This is the only FDA-approved solution that integrates insulin pen and smart phone app.

Smart insulin pumps are the dominant segment of the market. This segment is expected to grow at a CAGR 9.9% over the forecast period. Rapid technological advances and product adoption are the key drivers of this segment. The growth is expected to be further driven by a large product portfolio and positive results from Clinical Trials. Medtronic's in-home trial of 780G, an advanced hybrid closed-loop system, was launched in June 2019. The trial is expected to conclude in 2020 and the results will be available by July 2020.

Based on product, the smart insulin pump segment can be divided into Medtronic (670G and 630G), Roche, (Accu-check Combo and Spirit), Tandem Diabetes Care [T slim X2 and T4], Insulet Corporation (“Omnipod”), ypsomed AG (“Mylife Omnipod”), and others. The MiniMed insulin pump segment will continue to dominate the market due to its high market presence as well as technological advances. This growth was primarily due to the launch of its 670G closed-loop system, which can also function as an artificial pancreas.

The Smart Insulin pen segment can be further divided into Inpen and pendiq 2.0. Novo6 Novo Echo Plus, ESYTA Pen and other. Companion Medical Inpen was the market leader in 2018 due to its high adoption. The smart pen includes a smartphone app that allows you to consult your bolus with Bluetooth. Inpen's ability to dispense Humalog and Novolog in increments of half an inch is one of its most popular features. It makes it easier to get fast acting insulin. As many new products launch in the near future, smart insulin pen segment will be disrupted. Novo Nordisk, for example, announced in May 2019 that they will bring wireless pens to America's Market.

End-use Insights

Hospitals and clinics accounted for more than 40% of the market in 2018, and will continue to grow at a steady pace during the forecast period. The segment is expected to grow due to the increasing number of hospitals and rising healthcare spending. According to the American Medical Association (AMA), hospital care was the most important market segment in 2018.

The fastest CAGR is expected in the homecare sector during the forecast period. This is mainly due to factors such as increased awareness about self-blood sugar monitoring devices and growing adoption of smart devices. Patients are increasingly opting to use their own medical devices, due to rising costs of healthcare and higher hospital charges.

Regional Insights

North America dominated the market in 2018, thanks to major players and many product launches. The market will grow due to factors such as the rising prevalence of diabetes and the high cost of smart insulin pumps. Europe will follow North America in market share, due to the presence of major market players and large market players strategizing through technological collaborations. In November 2018, Diabeloop S. A., a manufacturer and supplier of diabet devices, was approved by CE for its artificial pancreas system, DBLG1.

International market players are expected to reap lucrative growth opportunities in Asia Pacific (APAC). The key factors driving regional market growth are rising healthcare spending and government initiatives to promote advanced diabetes management solutions. China dominated the APAC region in 2018, owing to its large diabetes population and increased foreign direct investment. Medtronic, for example, partnered with the Chinese government in January 2016 to produce insulin pumps. This partnership shared the commitment to provide diabetes care using advanced therapies.

Market Share Insights & Key Companies

Technology collaboration is a key focus for major players. Tandem Diabetes Care Inc. launched the t slim X2 insulin pump in 2018 with Basal- IQ Technology and integrated with the Dexcom CGM system. The following are some of the major players in smart insulin pumps and pens market:

• Companion Medical Inc.

• Novo Nordisk

• Emperra Gmbh EHealth technologies

• Jiangasu Delfu medical device Co Ltd

• Insulet Corporation

• Cellenovo

• Medronic Inc.

• F Hoffmann-La Roche

• Ypsomed

• Tandem Diabetes Care

• Sooil Development

• Valeritas Inc.

Up Market Research published a new report titled “Smart Insulin Pens & Pumps Market research report which is segmented by Product (Inpen, Accucheck, Tandem, MiniMed, Omnipod, Pendiq 2.0), By Players/Companies Valeritas Inc, Emperra Gmbh E-Health technologies, Companion Medical Inc, Sooil Development, Ypsomed, Jiangasu Delfu medical device Co Ltd, Cellenovo, Novo Nordisk, F Hoffmann-La Roche, Insulet Corporation, Tandem Diabetes Care, Medronic Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Smart Insulin Pens & Pumps Market Report Segments:

The market is segmented by Product (Inpen, Accucheck, Tandem, MiniMed, Omnipod, Pendiq 2.0).

Smart Insulin Pens & Pumps Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Smart Insulin Pens & Pumps Market

Overview of the regional outlook of the Smart Insulin Pens & Pumps Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Smart Insulin Pens & Pumps Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Smart Insulin Pens & Pumps Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Inpen

                2. Accucheck

                3. Tandem

                4. MiniMed

                5. Omnipod

                6. Pendiq 2.0

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Smart Insulin Pens & Pumps Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Smart Insulin Pens & Pumps Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.