The Insulin Delivery Devices Market size to hit USD 36.75 Billion by 2032 at 8.1% CAGR during the forecast period 2023-2032, in view of the surging prevalence of diabetes and hyperglycemia, surging use of self-injectable devices and the rise in FDA approvals.
One of the top reasons for the growing insulin delivery devices market share worldwide is the rising prevalence of diabetics, on account of factors like surge in obesity, unhealthy lifestyle and aging. Obesity is considered to be one of the foremost factors that elevate the risk of diabetes, while being overweight also worsens the condition. The obese population has been expanding by huge proportions, leading to higher prevalence of diabetes. This scenario has also sparked the interest of players, researchers and others in diabetes-related R&D activities, which can translate into major growth over the ensuing period.
The rapidly heightening demand for cutting edge insulin delivery devices is complementing the launch of innovative portable pumps and pen devices, which can also be a key growth booster. Rising consumer awareness about the latest insulin delivery devices should also be favorable for the global market. The mounting preference for homecare settings, especially among the geriatric population pool can be one of the prominent insulin delivery devices market trends that can foster growth.
Surging healthcare spending in the Middle East and rising collaborations between firms of private and public sectors to cater to the escalating diabetes needs can be significant market opportunities that can emerge in the insulin delivery devices during the evaluation period.
Lower GDP of developing and underdeveloped countries weakens the quest among players to focus on pioneering treatment options, while also discouraging people to go for the available treatment, which is expected to reflect negatively on the insulin delivery devices market in the coming years.
Strict government norms and rules that control product approval processes along with the significant costs related to insulin analogs within diabetes care management can be major challenges faced by top companies in the global market of insulin delivery devices.
MRFR confirms that the insulin delivery devices market can record a decent growth rate of 7.85% from 2019 to 2025 (analysis period), on account of favorable reimbursement schemes across countries and the presence of supportive governments.
COVID-19 Analysis
The COVID-19 outbreak has resulted in shortage of a number of critical medical devices and various medical supplies, while the primary focus of the healthcare industry is on bringing down the SARS-CoV-2 cases. The novel coronavirus and the global lockdown have been detrimental for the manufacturing facilities with all the operations temporarily shut down. In view of the devastating effects of the pandemic, players are now focusing more on strengthening their supply chains and accelerating the manufacturing of a broader range of insulin delivery devices, in a bid to prevent further revenue losses.
Insulin Pens Note High Demand as Consumers Prefer their User-Friendly Design
The market of insulin delivery devices, in terms of type, covers insulin pens, insulin syringes, insulin pumps, pen needles, insulin jet injectors, and others. Insulin pens are currently leading the global insulin delivery devices industry, in view of various advantages they offer compared to other devices. Factors like its high usage, user-friendly design, and the resultant increase in its popularity among patients are responsible for the segmental growth.
Online Sales to Shoot Up as Consumers Turn Tech-Savvy
Distribution channels considered in the report are retail pharmacy, hospital pharmacy, diabetes clinics/centers and online sales. Online sales have short up in the past few years, due to the rising internet use and mobile-based applications among consumers, the provision of time saving and the availability of several attractive offers.
Homecare Secures the Leading Position
Some of the key insulin delivery devices market end-users studied in the report are home care, specialty centers and hospitals & clinics. Homecare is the biggest grossing category, by virtue of soaring awareness level about diabetes care along with the rising use of insulin delivery devices among patients that prefer home settings.
The Americas to Take the Lead
The American insulin delivery devices market can project the highest growth in the following years, given the strong demand for advanced insulin delivery devices as a result of high awareness level and considerable healthcare spending. The most notable growth will be witnessed by the North America insulin delivery devices market, thanks to the thriving biotechnology industry and the presence of an advanced healthcare sector. The substantial growth of the insulin storage devices markets as well as the jet injector device market size, in addition to rise in FDA approvals encouraging the commercial launch and availability of various insulin delivery devices in the US also foster market demand.
Europe to Emerge as the Second Most Lucrative Market
Europe has remained the second in lead since 2017, thanks to the rigorous research and development (R&D) activities in the diabetes field, high healthcare funding, and the rising use of innovative technologies in healthcare. Europe insulin delivery devices market also benefits from the significant rise in lifestyle-related disorders, surge in awareness programs with regard to diabetes and the considerable adoption of modern medical devices in the region also bolster market growth.
Novo Nordisk A/S is a renowned insulin delivery devices company, with the prime objective of offering patients access to low priced diabetes care across the world. The firm specializes in developing advanced insulin delivery devices that are safe, reliable and effective, with major focus on regions with no access to timely healthcare. A few other focus areas are research, development and production operations, while forming alliance with other companies to further enrich its expertise in insulin delivery device field.
| Report Attribute/Metric | Details |
| Â Â Market Size | Â Â USD 36.75 Billion |
| Â Â CAGR | Â 8.1% CAGR |
| Â Â Base Year | Â Â 2022 |
| Â Â Forecast Period | Â Â 2023-2032 |
| Â Â Historical Data | Â Â 2021 |
| Â Â Forecast Units | Â Â Value (USD Billion) |
| Â Â Report Coverage | Â Â Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Â Â Segments Covered | Â Â Type, By Distribution Channel and By End User |
| Â Â Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Â Â Key Vendors | Â Â Sanofi, Novo Nordisk, Eli Lilly, Medtronic, Copernicus, Beta Bionics, InsuJet, MannKind, SHL Group, Roche, and Becton Dickinson (BD) |
| Â Â Key Market Opportunities | Â Â The demand for quality devices in healthcare rising alongside the rapidly developing healthcare technology is expected to lead the market growth. |
|   Key Market Drivers | · Rising consumer awareness about the latest insulin delivery devices. · Rise in FDA approvals encouraging the commercial launch and availability of various insulin delivery devices |
Insulin Delivery Devices Market Highlights:
Frequently Asked Questions (FAQ) :
The global insulin delivery devices market is projected to reach a valuation of USD 36.75 BN by 2032.
The global insulin delivery devices market is projected to grow at approximately 8.1% CAGR during forecast period (2023-2032).
Technological advancements in insulin delivery systems.
North America holds the largest share in the global insulin delivery devices market followed by Europe and Asia Pacific, respectively.
Novo Nordisk A/S, Medtronic PLC, Becton, Dickinson and Company, Sanofi, Johnson and Johnson, Eli Lilly, Tandem Diabetes Care, Inc., F. Hoffmann-La Roche, Biocon Limited, and B. Braun Melsungen AG, are some of the major players operating in the insulin delivery devices market.
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
