Market Research Report
Insulin Delivery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|Insulin Delivery Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 90 Pages
Delivery time: 2-3 business days
The Insulin Delivery Devices market is expected to register a CAGR of 3.5% during the forecast period (2021 - 2026) with 33.9 billion revenue in 2020. The rapidly spreading epidemic of diabetes across the world has kept the interest level in diabetes-related R&D immensely high in recent years. Despite the condition affecting millions of people worldwide, scientists and researchers have not been able to find a cure for the disease. Controlling it by the adequate and timely administration of insulin remains an indispensable measure for patients with type-1 diabetes to lead a normal life. Thus, in the absence of a complete and effective cure for diabetes, the emphasis mainly lies in making insulin therapy better and more successful. As a result, the quest for new and pioneering treatments and insulin delivery measures continues and is reflecting positively on the overall market for insulin delivery devices.
Insulin Pump held 9.2% of the market share in the insulin delivery devices market in 2020 and is expected to grow with the CAGR of 7% in the market because of the increasing technological advancement and its preference over other traditional methods due to continuous insulin administration. The market also benefits massively from the constant rise in the number of vendors, R&D activities, technological advancements in products, and the easy availability of advanced products across the world. Moreover, favorable reimbursement scenarios in developed nations and a constant rise in awareness programs across developing economies are also working in favor of the market.
In 2020, the United States recorded the highest market share with more than 20% in the insulin delivery devices market followed by Japan and India. The rising diabetic population and the accessibility of technologically advanced devices are the factors contributing to the high market growth in the United States. According to Mordor intelligence statistics in 2020, around 33 million people in the United States had diabetes; among them, approximately 25.8 million patients diagnosed, whereas about 7.1 million patients remained undiagnosed. Thus, the large patient base suffering from diabetes and its growing prevalence is expected to boost the growth in this region.
The Insulin Pens and Insulin Pumps market is consolidated with few players that accounted for a significant market share in 2020. On the other hand, the Insulin syringe market is highly fragmented with several local players. Mergers and acquisitions that happened between the players in the recent past helped the companies strengthen their market presence. For instance, In July 2020, Medtronic PLC and Tandem Diabetes Care Inc. announced that they entered into a non-exclusive patent cross-license agreement for certain technologies in the field of diabetes.