Market Research Report
Global Insulin Delivery Devices Market 2022-2028
|Global Insulin Delivery Devices Market 2022-2028|
Published: April 17, 2022
Orion Market Research Pvt Ltd
Content info: 115 Pages
Delivery time: 2-3 business days
Global Insulin Delivery Devices Market Size, Share & Trends Analysis Report, By Type (Insulin Syringes, Insulin Pens, Insulin Jet Injectors, and Insulin Pumps), By End-User (Hospitals & Clinics and Homecare)Forecast Period (2022-2028)
The global insulin delivery devicesmarket is anticipated to grow at a substantial CAGR of 8.8% during the forecast period. Government support and reimbursement policies in some countries such as the US are positively driving the market growth. The federal government offers financial support to diabetes patients by providing them with various health insurance. Medicare, the Children's Health Insurance Program (CHIP), TRICARE, and veterans' healthcare programs are some programs that support patients. Moreover, some acts such as the Affordable Care Act (ACA) prevent insurers from denying coverage or charging higher premiums to people with preexisting conditions, such as diabetes are also fueling the market considerably. The features of insulin delivery devices including theiraccuracy, efficiency, and cost-effectiveness attract customers from different regions and thus drive market growth. For instance, in September 2020, Medtronic announced that it has secured approval from the US FDA for its MiniMed 770G hybrid closed loop system. Equipped with the company's highly advanced SmartGuard technology, this inventive insulin delivery solution can be connected to a smartphone and can be modulated for children as young as two years of age.
The global insulin delivery devices market is segmented based on type and end-user. Based on the end-user, the homecare usage segment held the major market share in 2021. Easy and convenient usage of these devices at home is anticipated to boost the segmental growth of the market during the forecast period. Based on type, the global insulin delivery devices market is segmented into insulin syringes, insulin pens, insulin jet injectors, and insulin pumps. Insulin pumps are anticipated to exhibit considerable growth during the forecast period owing to the introduction of advanced insulin devices such as portable insulin pumps. For instance, in September 2020, Insulet Corp. announced that its Omnipod DASH Insulin Management System will now be commercially available in Israel, Switzerland, Austria, Germany, Belgium, and France in the next few weeks. This product is already available in Denmark, Norway, Finland, and Sweden.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American segment is expected to hold a significant share in the global Insulin Delivery Devices market due to 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 IDF, in 2021 around 83 million people had diabetes in North America. 1 in 4 adults living with diabetes isundiagnosed. 931,000 deaths were caused by diabetes in 2021. $415 billion was spent on diabetes in 2021.
The major companies serving the global Insulin Delivery Devices market include Novo Nordisk A/S, Eli Lilly and Co., Sanofi SA, Becton, Dickinson, and Co., Medtronic PLC., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance,in June 2020, Tandem Diabetes Care and Abbott entered into a partnership to develop and commercialize integrated diabetes management solutions.These offerings will combine Abbott's industry-leading continuous glucose monitoring technology with Tandem's path-breaking insulin delivery systems to improve the management of blood sugar levels in diabetics.
The market study of the global insulin delivery devices market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.
Secondary Sources Include
The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.
The Report Covers
Category- Medical Devices