Insulin Delivery Devices Market

The global Insulin Delivery Devices Market is valued at USD 30.9 Billion in 2022 and is projected to reach a value of USD 60.6 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.80% between 2023 and 2030.

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Insulin is a pancreatic hormone that is also used in an important diabetes treatment. Insulin's primary function is to carry glucose from the bloodstream into muscles and cells of fat for use as fuel. Using delivery systems, insulin is injected or infused into the fatty tissue under the skin. Among the many technologies available are insulin pumps, insulin pens, insulin syringes, pen needles, and jet injectors. Obesity, age, and poor lifestyle choices can all be blamed. Obesity has been connected to diabetes. Diabetes is getting more common. Obesity and being overweight are both substantial risk factors. The large diabetes population has spurred the insulin-delivery device business. The huge diabetic population has fueled the market for insulin-delivery devices.

• The rising number of diabetics as a result of obesity, age, and bad lifestyles is driving market expansion.
• The insulin pens are the leading type segment with the largest market share from 2023 to 2030.
• In 2022, North America is the leading region, achieving the highest revenue share of 39.6%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. Government initiatives to encourage diabetes prevention and management have contributed to the expansion of the market for Insulin Delivery Devices. Several countries, for example, have created programs to increase diabetes treatment and care access. The government has also enacted laws to protect the safety and efficacy of Insulin Delivery Devices.
2. Technological improvements in insulin administration systems, including smart insulin pens and insulin pumps, as well as rising FDA backing, all contribute to global market growth. The FDA authorized the first generation MiniMed 530G artificial pancreas. Furthermore, the FDA approved Medtronic's MiniMed 770G system, a hybrid closed-loop diabetes management device, on September 1st, 2020. With the advent of this novel insulin administration system, the procedure is now simpler than ever, boosting market demand.
3. The growing older population, which is more prone to diabetes and requires insulin administration, advantageous reimbursement policies for Insulin Delivery Devices in various healthcare systems, and increased F.D.A. support all contribute to the expansion of the Insulin Delivery Devices market.
4. Rising demand for minimally invasive and painless insulin delivery options, rising obesity rates, a major risk factor for developing diabetes, improved healthcare infrastructure and access to diabetes care in developing regions, and increased emphasis on improving insulin delivery accuracy and dosage control all contribute to the market's rapid growth.
5. Surging Middle Eastern healthcare spending and expanding collaborations between private and public sector enterprises to meet escalating diabetic needs can be substantial market potential in Insulin Delivery Devices over the evaluation period.
6. Furthermore, the growing demand for enhanced Insulin Delivery Devices is encouraging the use of recently announced revolutionary pen devices and portable pumps, which are expected to drive market expansion.

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Economic Insights

Consumers are frequently obliged to cut back on spending, particularly on healthcare products and services, during times of economic hardship. This can lead to a decline in the need for Insulin Delivery Devices because people may choose to postpone or avoid acquiring new devices, or they may pick less expensive choices. Economic downturns frequently result in increased unemployment, which might affect demand for Insulin Delivery Devices. People who lose their employment may lose their health insurance coverage, making Insulin Delivery Devices more expensive. Currency changes might also have an impact on the growth of the insulin delivery device industry. If the value of the local currency falls, imported Insulin Delivery Devices may become more expensive, lowering demand for these devices.

Market Segmentation

The Global Insulin Delivery Devices Market is segregated into the below-mentioned segments as:

The global Insulin Delivery Devices market can be categorized into Type, End User, Region. The Insulin Delivery Devices market can be categorized into Insulin Pens, Insulin Pumps, Insulin Pumps, Insulin Pen Needles, Insulin Syrings, Other Insulin Delivery Devices (insulin Transdermal patches, insulin inhalers, insulin jet injectors, etc.) based on Type. The Insulin Delivery Devices market can be categorized into Patients/Home Care, Hospitals & Clinics based on End User. The Insulin Delivery Devices market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Type

Insulin Pens to Lead Market Share Due to the Rising Emphasis Of Manufacturers On Fostering Innovation And Advances

In 2022, the insulin pens segment is poised to dominate the global market for Insulin Delivery Devices due to its advantages over competing items. Factors such as its user-friendly design, high adoption rate, and expanding consumer appeal contributed to this segment's greatest revenue share. Another key element contributing to the high share is the rising emphasis of manufacturers on fostering innovation and advances. These insulin pens are inexpensive and highly advanced compared to other devices. Many individuals all around the world prefer insulin pens since they are simple to use and reduce the patient's financial burden. The development of smart pens is predicted to propel the insulin pen industry in the future.

Based on Application

Patients/Home Care segment Expects Dominion Owing to the Growing Increased Diabetes Awareness And Patient Adoption

In 2022, the Patients/Home Care segment will dominate the Insulin Delivery Devices market. The primary drivers driving the segment's significant growth are increased diabetes awareness and patient adoption of Insulin Delivery Devices for home usage. Ordering the devices online and having them delivered to the client's home is convenient. Aside from the E-commerce section, the hospital pharmacies and retail pharmacies segments are likely to be busy during the forecast period. They are extremely portable, tiny in size, and may be utilized at any time and in any place. As a result of increased user-friendliness and device accessibility, insulin users have opted for self-care diabetes control choices. They are extremely portable, tiny in size, and may be utilized at any time and in any place. As a result of increased user-friendliness and device accessibility, insulin users have opted for self-care diabetes control choices.

Based on Region

North America To Dominate Global Sales Owing to Simple Availability Of Insulin Delivery Devices And Customer Awareness

In 2022, the North American region emerged as the dominant player in the Insulin Delivery Devices market because of factors such as simple availability of Insulin Delivery Devices and customer awareness. Diabetes care products are increasingly being used as the incidence and prevalence of diabetic individuals, as well as healthcare spending, in the United States. The expansion, as well as the ease of access to technologically advanced gadgets and the diabetes population, all contribute to the United States' robust market growth. Thus, a large number of diabetic patients, as well as its rising prevalence, are expected to fuel growth in this region. According to CDC estimates from 2016, around 29 million people in the United States still have diabetes, with 21.0 million diagnosed and 8.1 million undiagnosed. Furthermore, the Canadian Diabetes Association estimates that the prevalence of diabetes in Canada will reach roughly 5 million by 2025. Thus, a large number of diabetic patients, as well as its rising prevalence, are expected to fuel growth in this region.

The Insulin Delivery Devices industry in Asia-Pacific is rapidly growing in popularity. Developing economies, such as India and China, are predicted to develop the most during the study period due to the presence of a huge population base suffering from diabetes and rising awareness among individuals. Furthermore, global suppliers are increasing their operations in Asia Pacific and supplying high-end products for diabetes care, which is a major element driving growth. Because of the availability of materials and manpower, it has become a hub for manufacturers seeking to expand their operations. Furthermore, changing lifestyles have increased the number of diabetics in the region, increasing demand for these devices.

Competitive Landscape

The global Insulin Delivery Devices market is highly competitive, with various key players operating in the industry. Some of the major companies in the market include Novo Nordisk A/S (Denmark), Sanofi SA (France), Eli Lilly and Company (U.S.), Biocon Ltd. (India), and Ypsomed AG (Switzerland). These companies concentrate on development and research in order to create innovative and environmentally friendly goods. In addition, partnership agreements, mergers, and acquisitions are common in the industry as organizations seek to extend their line of goods and market presence.

The key players in the global Insulin Delivery Devices market include - Novo Nordisk A/S (Denmark), Sanofi SA (France), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), Medtronic PLC (Ireland), Abbott Laboratories (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland) among others.

Recent Market Developments

• In April 2023, Novo Nordisk began talks to acquire BIOCORP, a company that specializes in the creation and manufacture of medical devices. This was done in collaboration with Mallya, an add-on Bluetooth device, for the creation of the FlexTouch Pen.
• In January 2023, Lilly and IABL, Bangladesh's leading healthcare provider, cooperated to supply high-quality, low-cost insulin.
• In September 2022, Medtronic, a global leader, introduced the world's first infusion set for insulin pumps that may be worn for up to seven days. It prevents insulin loss, keeps the flow going, and keeps the wear time stable.

Segmentation of the Global Insulin Delivery Devices Market