Smart Insulin Pens Market Report

Smart insulin pens provide considerable benefits in diabetes control. These pens include extra features that aid in the recording of the most recent insulin dosage. Taking insulin with a syringe and needle every day is tough and uncomfortable. Due to advancements in device connectivity technologies, the use of smartphones and the Internet for record tracking has increased. Integrated technology assists in detecting blood glucose levels and calculating insulin doses. Furthermore, it provides a time interval for insulin delivery. A patient's self-collected information is sent to physicians or medical professionals using smart technology tools and applications. For instance, InPen insulin pens are linked to armbands and smartwatches, as well as smart apps, which monitor physical activity and transfer information to physicians.

In addition, bluetooth-connected smart insulin pens are anticipated to rise at a faster rate, surpassing the billion-dollar milestone in the near future. These "smart" insulin pens are positioned to not only provide a more user-friendly insulin administration choice, but also to track dosage data that can be shared on online platforms and combined with additional vital data. The technology has enormous potential, considering the US Food and Drug Administration has only authorised one product to date, Companion Medical's Bluetooth-enabled InPen. It is a reusable pen that is compatible with short-acting insulin cartridges (Humalog, Novolog, and Fiasp) and can be dosed in half units. Numerous firms, including Bigfoot Unity and Eli Lilly, are actively developing their own versions of smart insulin pens, expanding potential opportunities.

The high price of smart insulin delivery devices is one important factor that is expected to limit market revenue growth. Lower-income countries are incurring an unsustainable financial burden as the worldwide market shifts away from affordable genuine insulin and towards more expensive analogs. Human insulin is usually as effective as its mimics. However, the price of analogs is at least 1.5 times more and sometimes as much as three times higher. Another issue projected to limit market growth is the rising acceptance of less expensive insulin injection alternatives, such as insulin syringes and insulin pumps. Insulin syringes are more convenient and less expensive for diabetes patients than insulin pens.

However, the smart insulin pens market faces significant challenges due to the protracted and intricate regulatory approval process, which can delay market entry. Manufacturers must navigate a complex web of regional and international standards, incurring substantial costs. Additionally, integrating these devices with existing diabetes management systems and electronic health records poses technical hurdles that can impede adoption. Ensuring the accuracy and reliability of smart insulin pens is essential, as any technological flaws or inaccuracies could erode user confidence and stifle market expansion.

Major industry leaders utilize strategies that focus on launching new products, merging with competitors, and purchasing companies to grow their customer base and enhance their range of products. Diabeloop, a pioneer in Automated Insulin Delivery, announced a collaboration with Novo Nordisk, a prominent global healthcare firm, in March 2023. The partnership involves the integration of Diabeloop's self-learning MDI algorithm, DBL-4penTM, with Novo Nordisk's linked and reusable insulin pens, NovoPen 6 and NovoPen Echo Plus.

Furthermore, in September 2023, Abbott announced its definitive agreement to acquire Bigfoot Biomedical, a trailblazer in smart insulin management. This deal, anticipated to finalize in Q3 2023, will integrate Bigfoot's innovative Unity system with Abbott’s leading FreeStyle Libre technology. The Unity system, notable for its FDA-cleared connected insulin pen caps and cloud-based app, enhances insulin dosing through real-time glucose data. This acquisition aims to advance personalized diabetes care, combining Abbott’s expertise in glucose monitoring with Bigfoot's insulin delivery solutions.

The Centres for Disease Control and Prevention (CDC) estimates that 37.3 million individuals have diabetes accounting for 11.3% of the Unite States population and an additional 96 million individuals aged 18 or older have prediabetes contributes to 38.0% of the adult Unite States population. Considering these concerning trends into consideration, the CDC is actively striving to reverse this epidemic by helping in the identification of people with prediabetes, the prevention of type 2 diabetes and related complications, and the improvement of overall health. It launched the National Diabetes Prevention Program (NDPP), which aims to reduce the incidence of diabetes by approximately 60%. The Centres for Disease Control and Prevention (CDC), the American Diabetes Association (ADA), and the American Medical Association (AMA) are collaborating with the Ad Council to launch public service advertising (PSA) campaigns regarding prediabetes. Such initiatives are likely to boost adoption of smart insulin pens across the country. Several manufacturers have made inroads into the Unite States market.