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Smart Insulin Management Devices Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Published: January 2024 || SKU: MD7731
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Global Smart Insulin Management Devices Market is Segmented By Product Type (Insulin Pen Injectors, Insulin jet injectors, Insulin Pumps (External Insulin pumps, Implantable pumps), Insulin patches, Insulin inhalers), By Disease Type (Diabetes Type I, Diabetes Type II, Gestational Diabetes), By End User (Hospitals, Home Care settings, Specialty Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Smart Insulin Management Devices Market Overview

Global Smart Insulin Management Devices Market reached US$ YY million in 2022 and is expected to reach US$ YY  million by 2030 growing at a CAGR of YY% during the forecast period 2023-2030. 

Smart insulin management devices are used for managing diabetes which includes type 1, type 2, and gestational diabetes. These devices are technologically advanced and can be connected to multiple devices like glucose monitors, and smart pens with meal detection technology all at once so that the efficiency increases. Few of the devices are reusable and can be connected to a smartphone app so that continuous monitoring of blood sugar levels won't be difficult.

The increase in awareness about health among people along with the easy usage of the devices increased the overall usage by people, especially the geriatric population. The prevalence of diabetes worldwide is high for instance, according to the National Institute of Health, by 2030, 643 million people will have diabetes globally, increasing to 783 million by 2045.

Smart Insulin Management Devices Market Scope

Metrics

Details

CAGR

YY%

Market Size

2021-2030

Market Estimation Forecast Period

2023-2030

Revenue Units

Value (US$ Mn)

Segments Covered

Product Type, Disease Type, End User

Regions Covered

North America, Europe, Asia-Pacific, South America, and Middle East & Africa

Largest Region

North America

Fastest Growing Region

Asia-Pacific

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights.

 

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Market Dynamics: Drivers & Restraints

Increasing strategic developments by the companies

The number of strategic developments by the companies increased due to the increase in awareness about diabetes and its aftereffects. People are becoming self-aware about health hence the usage of smart insulin pens increased combined with technological advancements. 

For instance, in March 2023, Diabeloop, a pioneer in Automated Insulin Delivery, will collaborate with a leading global healthcare company, Novo Nordisk. The agreement covers integrating DBL-4penTM, Diabeloop’s self-learning algorithm for MDI therapy, with Novo Nordisk’s connected and reusable insulin pens, NovoPen 6, and NovoPen Echo Plus. Diabeloop is planning a dedicated study for people living with Type 2 diabetes to evaluate the efficacy and clinical benefits of the combined technologies.

Furthermore, in September 2023, Abbott and Bigfoot Biomedical entered into a definitive agreement for Abbott to acquire Bigfoot, a leader in developing smart insulin management systems for people with diabetes.

In May 2023, Medtronic plc entered into a set of definitive agreements to acquire EOFlow Co. Ltd, manufacturer of the EOPatch device, a tubeless, wearable, and fully disposable insulin delivery device.

Complications associated with insulin devices

Management of diabetes using insulin devices causes complications due to the lack of proper usage and device failures. According to the Juvenile Diabetes Research Foundation Ltd, 2023 article, insulin pumps increase the chances of ketoacidosis which can increase the glucose level and cause severe other complications. The risk of transmitting bloodborne infections is higher with insulin pen needles which cause needle stick injuries. Abscess formation, lipohypertrophy, and lipoatrophy are also seen with insulin pens and injectors.

Smart Insulin Management Devices Market Segmentation

The global smart insulin management devices are segmented based on product type, disease type, end user and region.

The Insulin Pumps segment accounted for approximately 56.7% of the market share 

Insulin pumps are expected to hold the largest share of the market due to the increased launch of smart insulin pumps. For instance, in April 2023, Medtronic plc, the global leader in medical technology, stated the U.S. Food and Drug Administration (FDA) approval of its MiniMed 780G system with the Guardian 4 sensor requiring no fingersticks while in SmartGuard technology. It is the world's first insulin pump with meal-detection technology.

Furthermore, in May 2023, Beta Bionics Inc. received Food and Drug Administration clearance for iLet ACE Pump and iLet Dosing Decision Software. The two devices along with an integrated continuous glucose monitor (iCGM), will form a new system called the iLet Bionic Pancreas. This new automated insulin dosing (AID) system uses an algorithm to determine and command insulin delivery. It is useful for people six years of age and older with type 1 diabetes.

Global Smart Insulin Management Devices Market Geographical Share

North America accounted for approximately 43.5% of the market share in 2022

According to National Institute of Diabetes and Kidney Diseases, 2023, approximately 2% to 10% of pregnancies in the United States are affected by gestational diabetes annually. More than 50% of women develop diabetes during their pregnancies. 

The overall cost of diagnosing diabetes is also high in the US. For instance, according to Centers for Disease Control and Prevention, 2023, the total estimated cost of diagnosed diabetes in 2022 was $413 billion, including $307 billion in direct medical costs and $106 billion in indirect costs attributable to diabetes. Excess medical costs associated with diabetes were about $12,000 per person in 2022.

COVID-19 Impact Analysis

COVID-19 has impacted positively the smart insulin management devices market. There is an increased risk of contracting COVID-19 with underlying co-morbidities such as diabetes and hypertension. This shifted the focus of managing diabetes with care and caution. Due to the fear of contracting the infection, many people started to manage diabetes with the help of insulin devices like pumps, injectors, pens, etc.  

Competitive Landscape

The major global players in the smart insulin management devices market include Sanofi S.A., Abbott Laboratories, Medtronic plc, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, i-SENS, Inc., Novo Nordisk A/S, Ypsomed Holding AG, Diabeloop SA., Tandem Diabetes Care, Inc. among others.

Key Developments

  • In September 2023, Medtronic won the CE mark for the next-gen Simplera (CGM) continuous glucose monitor with InPen integration.
  • In September 2022, Medtronic Plc launched the Smart MDI system which provides smart insulin dosing by combining the InPen smart insulin pen with the Guardian 4 smart continuous glucose monitoring (CGM) system.

Why Purchase the Report?

  • To visualize the global smart insulin management devices market segmentation based on product type, disease type, end-user and region as well as understand key commercial assets and players.
  • Identify commercial opportunities by analyzing trends and co-development. 
  • Excel data sheet with numerous data points of smart insulin management devices market-level with all segments.
  • PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
  • Product mapping available as excel consisting of key products of all the major players.

The global smart insulin management devices market report would provide approximately 58 tables, 60 figures, and 195 Pages.

Target Audience 2023

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies
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