U.S. Smart Insulin Pens Market Size, Share & COVID-19 Impact Analysis, By Connectivity (Bluetooth and Near Field Communication {NFC}), By Indication (Type 1 Diabetes and Type 2 Diabetes), By Distribution Channel (Hospital Pharmacies and Retail & Online Pharmacies), and Country Forecast, 2023-2030

The U.S. smart insulin pens market size was worth USD 283.3 million in 2022 and is anticipated to grow at a CAGR of 10.7% during the forecast period. 

Smart insulin pens are advanced insulin administration devices equipped with sensors and integrated with an intuitive smartphone application that helps diabetic patients manage their insulin therapy more effectively. The rising adoption of insulin smart pens is due to advantages associated with connected insulin pens, such as dosing assistance, connectivity, data logging, and insulin tracking.

Moreover, the rising awareness of new technologies among diabetic patients in the U.S., along with the rising prevalence of chronic diseases in the country, is contributing to the market growth. This rising awareness has contributed to the increasing adoption of innovative products in the market and has encouraged key companies to develop and introduce new products. Therefore, the rising prevalence of diabetes in the U.S. and the continuous growing innovation in smart insulin pens are the key factors contributing to market growth.

The COVID-19 pandemic negatively impacted the market due to decreased demand for these connected pens among patients. Moreover, restrictions imposed during the pandemic resulted in reduced patient visits to healthcare facilities, including hospitals and diabetic centers, thereby decreasing the adoption of these pens in the market.

U.S. Smart Insulin Pens Market Trends

Increasing Integration of Smart Insulin Pens with Digital Health Platforms and Mobile Apps to Propel Market Growth

The growing trend of self-management and remote patient monitoring is influencing the usage of smart insulin pens. These pens are becoming more interconnected with digital health platforms, smart insulin pen caps, and mobile apps that allow users to access apps or cloud-based platforms. The effective connectivity enables the real-time tracking of insulin doses, blood glucose levels, and other diabetes-related vitals. This further enhances the overall efficiency and accuracy of diabetes management by enhancing patient satisfaction.

• For instance, a study published in March 2023 in the National Center for Biotechnology Information (NCBI) revealed that smart insulin pens helped in reducing suboptimal insulin use and improved glycemic control. The study also reported high patient satisfaction among patients, which further led to improved compliance.

U.S. Smart Insulin Pens Market Growth Factors

Increasing Prevalence of Diabetes to Lead Product Adoption Drive Market Growth

The rising chronic stress, sedentary lifestyle, genetic mutations, and environmental factors are the major factors behind the increasing prevalence of diabetes. The U.S. is witnessing a rising prevalence of diabetes, which is imposing a huge burden on the healthcare system due to associated risk factors, including stroke, heart disease, kidney failure, and blindness, among others. The rising awareness among the increasing diabetic population is leading to the increasing adoption of these pens and is contributing to the U.S. smart insulin pens market growth during the forecast period.

• For instance, according to the International Diabetes Federation (IDF), in 2021, around 32.2 million adults aged 20-79 years had diabetes, and the condition is growing with a prevalence rate of 13.6% in the U.S.

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RESTRAINING FACTORS

High Cost Associated with the Smart Insulin Pens is Limiting its Adoption in the Market 

Technologically advanced and innovative smart insulin pens offer many advantages and improvements in insulin-dependent patients by offering accurate doses. These devices also aid in keeping track of time and notify patients when it’s time for the next one. Integration of these innovative advancements has made it comparatively high in price. This high cost associated with the smart insulin pen is creating a barrier to its adoption among lower-income and uninsured people. Also, the limited coverage provided by the insurance companies for these pens to the insured population further limits the adoption of the smart insulin pens and limits its market growth.

• For instance, according to the 2023 report published by the National Center for Health Statistics, around 8.4% of the U.S. population did not have health insurance in 2022.
• According to an article published in November 2019, the cost of an InPen was USD 665. However, the average cost of conventional insulin pens ranges between USD 20 and USD 60.

Thus, the huge price difference between conventional and smart insulin pens is anticipated to limit the adoption of these pens during the forecast period.

U.S. Smart Insulin Pens Market Segmentation Analysis

By Connectivity Analysis

Based on connectivity, the market is segmented into bluetooth and near field communication (NFC). The bluetooth segment accounted for the largest U.S. smart insulin pens market share in 2022. The segment’s high share is attributed to the wide acceptance and penetration of smart insulin pen bluetooth technology compared to others. Also, the patient can easily share their insulin usage data with their healthcare provider, facilitating collaborative decision-making and personalized treatment plans. Owing to the advantages associated with bluetooth technology, the majority of the market players introduce their products with bluetooth connectivity, leading to a high share of the bluetooth connectivity segment.

• For instance, a study published in May 2022 in the National Center for Biotechnology Information revealed that the usage of a bluetooth-based smart insulin pen led to improved adherence among diabetes patients and displayed a 43.0% reduction in missed bolus doses.

By Indication Analysis

By indication, the market is bifurcated into type 1 diabetes and type 2 diabetes.

The type 2 diabetes segment accounted for the largest U.S. smart insulin pens market share in 2022. The segment’s growth is attributed to the rising prevalence and incidence of type 2 diabetes across the U.S. Also, type 2 diabetes mostly occurs in people over age 45. However, due to rising obesity and sedentary lifestyles, the condition is rapidly impacting children, teens, and young adults.

• For instance, according to a 2023 report published by the Centers for Disease Control and Prevention, in the U.S., around 1 in 10 people have diabetes, leading to more than 37 million diabetes cases. Among all cases, 90-95% of patients have type 2 diabetes.

By Distribution Channel Analysis

Based on distribution channel, the market is segmented into hospital pharmacies and retail & online pharmacies. The hospital pharmacies segment accounted for the largest market share in 2022. The segment’s growth is attributed to the rising number of hospitals in the U.S. having hospital pharmacies, the availability of a broader range of smart insulin pen brands, and easy facilitation to process insurance claims, leading to reduced out-of-pocket expenses.

The factor contributing to the growth of the retail & online pharmacies segment is the increasing number of residential settings around community pharmacies. In addition to this, the growing preference of customers to buy medicines from online pharmacies due to long waiting hours in retail pharmacies and easy access to required products is driving segment growth.

List of Key U.S. Smart Insulin Pens Market Companies

Novo Nordisk A/S and Medtronic are the key players that accounted for significant market share in 2022. The dominance of these players is due to significant investment in research and development, leading to the introduction of new products, a supportive regulatory environment, and a growing focus on customer education and awareness about self-management. Moreover, their growing focus on the acquisition of competitor players aids them in maintaining a stronghold in the U.S. smart insulin pens market.

• For instance, in June 2023, Novo Nordisk A/S and BIOCORP, a company specializing in the design, development and manufacturing of delivery systems, entered into a negotiation for a controlling stake in BIOCORP. This acquisition is aimed at expanding its product portfolio.

Moreover, other market players, including Ypsomed AG, are continuously putting efforts into expanding their presence by introducing different types of insulin pens in the U.S. market with strategic alliances and partnerships and are anticipated to build a stronger market position in the coming years.

An Infographic Representation of U.S. Smart Insulin Pens Market

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LIST OF KEY COMPANIES PROFILED:

• Novo Nordisk A/S (Denmark)
• Medtronic (Ireland)
• Ypsomed AG (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• March 2023: Diabeloop SA, a company focused on collective intelligence, collaborated with Novo Nordisk to pursue and accelerate its interoperability strategy with connected insulin pens. The collaboration is majorly aimed at bringing innovative solutions for diabetes management.  
• December 2022: Mallya, a smart medical device that connects insulin pens, received approval from the U.S. FDA. Mallya was developed by BIOCORP, a French company specializing in the field of manufacturing medical devices.
• September 2022: Medtronic announced its partnership with Jennifer Stone, a Disney actress. The partnership aimed to raise awareness about advanced technologies and promote Medtronic’s InPen, a smart insulin pen for people who are living with type 1 diabetes.

REPORT COVERAGE

The U.S. smart insulin pens market research report provides a detailed analysis of the market. It focuses on key aspects such as regulatory scenarios, market trends, and technological advancements. Additionally, it includes new product launches, key industry developments such as mergers, partnerships, & acquisitions, and the impact of COVID-19 on the market. Besides this, the report also highlights key industry dynamics.

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Report Scope & Segmentation