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The Insulin Delivery Devices Market is heavily influenced by the increasing global prevalence of diabetes. As diabetes becomes a widespread health concern, the demand for efficient and convenient insulin delivery devices, such as insulin pens, pumps, and injectors, experiences substantial growth.
Most effective insulin delivery devices that exist are constantly being improved by technology which is why the industry plays a major role in the structure of the market. Innovation is the main driving force of new lifestyle trends, such as smart insulin pens, connected devices, and improvements in the needle technologies which promote adherence and the overall effectiveness of insulin administration for the patient.
The market is formed by demand of patients for these types of solutions that are non-invasive and user-friendly with regards to insulin delivery.
The introduction of a demographic shift to an elderly society builds the need for insulin devices of the delivery kind. Being one of the essential reasons for the occurrence of the disease more common in the old population, the requirement for insulin treatment of these patients becomes extremely high, in turn urging the invention of user-friendly, and time and effort saving delivery methods.
Government Programs in this direction, related to the control of diabetes and the awareness contribute to insulin delivery devices. Programs for early diagnose, reliability of insulin access at least, and technological enhancement will be supported that ensures ideal condition for market expansion.
A causal relationship exists between increasing obesity rate at the global level and skyrocketing diabetes occurrence. The relation between obesity and diabetes, which both comprise as risks in the development of type 2 diabetes, only underscores the significance of insulin delivery devices before one could even attempt to manage this chronic condition.
In fact, there is the question of the presence of healthcare services, particularly in the emerging markets, which is the critical determinant of the use of insulin delivery devices. The augmentation of medicine infrastructure and the enlargement of accessible treatment spaces caused by diabetes care can be expected to be the key factors of the market growth, benefiting more people to enjoy the insulin therapy.
Affordability of insulin and insulin delivery devices is the major market factor that determines where this market is heading. An increasing number of drugs are modified and adjusted in order to become cheaper, appear more attractive and be widely used by patients. At the same time, insulin and associated devices are introduced by governments as policies to be more available to a wide spectrum of patients.
The adoption of telemedicine and remote monitoring in diabetes care influences the insulin delivery devices market. Integrated systems that allow healthcare providers to monitor patients remotely and adjust insulin doses contribute to the evolution of insulin delivery technologies.
Stringent regulatory standards and approvals for insulin delivery devices shape the market. Compliance with regulatory requirements ensures the safety and efficacy of devices, instilling confidence in healthcare professionals and patients and facilitating market growth.
Insulin Delivery Devices Market Highlights:
Insulin Delivery Devices Market Overview
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.
Insulin Delivery Devices Market Trends
Drivers
Escalation in Chronic Disease Cases to Foster Growth
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.
Opportunities
Rising Healthcare Spending in the Middle East to Offer Opportunities
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.
Restraints
Low GDP of Underdeveloped Countries to Discourage Patients
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.
Challenges
Strict Rules Regarding Product Approval to be a Huge Challenge
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.
Cumulative Growth Analysis
Market Size to Expand at a Solid Rate
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 Delivery Devices Market Segment Insights
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.
Regional Analysis
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.
Insulin Delivery Devices Market Competitive Landscape
Firms Focus on Product Innovation and New Launches
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.
List of Key Companies Covered in this Report
- Becton, Dickinson and Company
- Novo Nordisk A/S
- Medtronic PLC
- Sanofi
- Eli Lilly
- Johnson and Johnson
- Tandem Diabetes Care Inc.
- Biocon Limited
- Hoffmann-La Roche
- Braun Melsungen AG
Recent Developments
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December 2020–Lilly has collaborated with Ypsomed to develop its latest insulin pump and automated insulin delivery (AID) system in the US. The smartphone-based system will have YpsoPump’s continuous glucose monitor backed by a controlling algorithm that helps automate the dosing of the insulin.
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December 2020-Roche has partnered with Diabeloop to accelerate insulin pump therapy management. Roche believe that this partnership could give rise to a host of opportunities to bring down the issues related to frequent insulin dose adjustment among diabetic patients, while also boosting therapy outcomes.
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December 2020–Medtronic has launched InPen, which has real-time Guardian Connect Continuous Glucose Monitoring (CGM) data. It is the first FDA-approved smart insulin pen in the market catering to patients people on MDI/multiple daily injections.
Report Overview
Insulin Delivery Devices Market Segmentation
Insulin Delivery Devices Type Outlook
- Insulin Syringes
- Insulin jet injectors
- Pen Needles
- Reusable Insulin Pens
- Disposable Insulin Pens
- Insulin Pumps
- External/Tethered Pumps
- Patch Pumps
Insulin Delivery Devices Distribution Channel Outlook
- Hospital Pharmacy
- Retail Pharmacy
- Online Sales
- Diabetes Clinics/Centers
Insulin Delivery Devices End User Outlook
- Hospitals & Clinics
- Homecare
- Specialty Centers
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