According to a new report published by Allied Market Research, titled, “smart insulin or glucose responsive insulin market by delivery devices, disease type, and type: opportunity analysis and industry forecast, 2020–2027,” the smart insulin or glucose responsive insulin market size was valued at $2,773.73 million in 2019 and is projected to reach $6,174.30 million by 2027, registering a CAGR of 10.5% from 2020 to 2027.
Smart insulin is used to deliver insulin into the body of diabetic patients. Smart insulin works according to the blood glucose concentration i.e. higher the blood glucose higher is the concentration of insulin released and lower the blood glucose lower is the concentration of insulin released. Emergence of such healthcare-technologies have addressed high need for better diagnostics as compared to current insulin supply, as it reduces diabetes related stress, decreases the need for regular blood tests, eliminates the need for insulin supplements, and prevents carbohydrate counting. In addition, smart insulin injection can be applied only once a day. Minimal weight gain and reduced risk of hypoglycemia with the help of smart insulin has opened new avenues for its use. Increase in demand for self-injection devices, rise in prevalence of diabetes, and accuracy in dosage delivery of insulin are expected to drive the market growth.
Rise in the number of diabetic patients and benefits of using advanced diabetic devices such as insulin pen, insulin pump, and insulin patches, over conventional products, are expected to boost the growth of the smart insulin or glucose responsive insulin market. Furthermore, increase in disposable income among diabetic patients and technological advancements of next generation diabetic products are anticipated to fuel the market growth. However, lack of awareness, less variability in products, and cost restrains in developing regions are expected to hamper the market growth.
The smart insulin or glucose responsive insulin market is segmented on the basis of delivery devices, disease, type, and region. By delivery devices, the market is bifurcated into smart insulin pen and smart insulin pump. Under the smart insulin pump segment, the market is further classified into tethered insulin pumps and insulin patch pumps. The smart insulin pump is anticipated to grow considerably in the coming future, owing to the facilities provided in these devices such as devices are portable, consisting of a flexible tube for insulin delivery and substitutes the need for multiple injections throughout the day. These devices eliminate the need for long-acting insulin by pumping the short-acting insulin regularly and continuously to better control blood sugar levels.
On the basis of disease segment, the smart insulin or glucose responsive insulin market is divided into type 1 and type 2 diabetes. The prevalence of type 2 diabetes is much more than type I diabetes, the majority products used in the market are either used for both types of diabetes or only for type 2. Type 2 diabetes is the most important contributor toward the market growth. Moreover, as the patients suffering from type 2 diabetes are increasing at a higher rate, it is anticipated to be the fastest growing segment of the market
By type, the market is divided into rapid-acting, intermediate-acting, long-acting, short-acting and pre-mixed type. The rapid acting segment is anticipated to grow at a significant rate during the forecast period. Rapid-acting insulin is one of the fastest acting insulin that start working in 15 minutes of its use. The activity of this insulin is supposed to last for 5 hours. Some of the rapid-acting insulin available in the market are Humalog, Fiasp and NovoRapid, and Apidra. Rapid-acting insulin are usually prefer in pumps that delivers little amounts of insulin into the body every few minutes.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America holds a dominant share in the global Smart Insulin or Glucose Responsive Insulin market, because well-developed supply-side infrastructure, rapid acceptance of innovative technologies, and adequate reimbursements (as compared to other geographies) have fueled the growth of the North American smart insulin or glucose responsive insulin market.
Key Findings Of The Study
- By delivery devices, the smart insulin pump segment occupied 96.9% share of the smart insulin or glucose responsive insulin market in 2019.
- By disease type, the type 2 disease segment is anticipated to grow with the highest CAGR throughout the forecast period.
- By type, the rapid acting segment occupied 32.8% share of the smart insulin or glucose responsive insulin market in 2019.
- By region, North America is anticipated to experience growth at 39.5% during the forecast period
Prominent key players operating in the market include CeQur, Diamesco Co, Eli lily and Company, Insulet Corporation, Medtronic, Novo Nordisk A/S, F. Hoffmann-La Roche AG, Sanofi and Zealand Pharma.