Market Research Report
Insulin Delivery Devices Market Size By Product, By End-use, Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Development Potential, Competitive Market Share & Forecast, 2022 - 2028
|Insulin Delivery Devices Market Size By Product, By End-use, Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Development Potential, Competitive Market Share & Forecast, 2022 - 2028|
Published: April 22, 2022
Global Market Insights Inc.
Content info: 130 Pages
Delivery time: 2-3 business days
The insulin delivery devices market is expected to grow massively by 2028 owing to the increasing number of people suffering from diabetes and a rapidly increasing demand for advanced insulin delivery devices. In addition, government initiatives to control the mortality rate that is directly affected by diabetes are also expected to foster market growth.
During the COVID-19 outbreak, restraints on movement through lockdowns and high expenses posed major threats to the market growth, however, support by government authorities to clinically practice teleconsultation has aided in balancing the market expansion.
For instance, in March 2022, the U.S. House of Representatives passed a bill to implement the Affordable Insulin Now Act by 2023 that would reduce cost-allocation for insulin under private and public health insurance and Medicare. The act is expected to lower the cost of insurance negotiated price by around 25% which is likely to propel the market demand.
Major market players have been focusing on research and introducing innovative products to acquire maximum business revenue. For instance, in April 2022, Ypsomed Holding, a leading technology-based insulin devices manufacturer, partnered with Abbott and CamDiab, renowned healthcare companies, to develop and commercialize an integrated automated insulin delivery (AID) system.
The AID system will connect Abbott's Freestyle Sensor to CamDiab's mobile app via Ypsomed Mylife Ypso pump to monitor glucose levels in a diabetic patient on a minute reading basis.
To cite another instance, in April 2022, Tandem Diabetes Care, another major player in the industry, announced positive results from its newly released t: slim X2 insulin pump that creates immediate and constant improvements in glycemic control showcasing a reduced burden of diabetic management.
The insulin delivery devices market has been bifurcated based on end-use, product, and region.
The product segment has been further divided into insulin pumps, insulin jet injectors, insulin pens, insulin syringes, insulin pen needles, and others.
The insulin jet injectors held a notable revenue share in 2021 and is anticipated to hit n overall segment valuation of over $603 million by 2028. Increasing adoption and shifting consumer preference towards insulin jet injectors as well as other minimally invasive insulin delivery devices would foster segment growth.
In terms of end-use, the insulin delivery devices market has been categorized into hospital, home care, and others.
The home care segment held a majority market share of above 56% in 2021 on account of the availability of easy-to-use devices as well as supportive initiatives by public organizations to deliver effective diabetes self-management.
In terms of the regional landscape, the Middle East & Africa insulin delivery devices market held a valuation of more than $517 million in 2021. MEA is likely to witness significant growth over the analysis timeframe as a result of the rising number of people suffering from diabetes and the subsequent rise in product adoption across various countries in the region.