Market Research Report
Insulin Delivery Devices Market Research Report: By Type (Insulin Pen, Insulin Pump, Insulin Syringe), Distribution Channel (Pharmacies, Diabetes Clinics/Centers, E-Commerce), End Use (Home-Use, Hospitals) - Global Market Demand Forecast to 2030
|Insulin Delivery Devices Market Research Report: By Type (Insulin Pen, Insulin Pump, Insulin Syringe), Distribution Channel (Pharmacies, Diabetes Clinics/Centers, E-Commerce), End Use (Home-Use, Hospitals) - Global Market Demand Forecast to 2030|
Published: March 1, 2022
Prescient & Strategic Intelligence Private Limited
Content info: 334 Pages
Delivery time: 2-3 business days
The insulin delivery devices market 2030 revenue will likely be $39,371.8 million, compared to an estimated $16,008.0 million in 2021. According to the market report published by P&S Intelligence. Among all the devices used for administering this peptide hormone into the body, insulin pens are used the most. Pens are easier to use by individuals on themselves compared to syringes and cheaper compared to insulin pumps and other devices.
Moreover, reusable pens are cost-effective in the long run, as a single pen can be used for a long time just by simply changing the vial/refill. Therefore, seeing the growing popularity of these devices, companies that produce them are enhancing their sales and distribution network in countries with a large diabetic population, such as China and India. Similarly, in developed countries, technologically advanced pens and ample medical reimbursements on their purchase are available.
Key Findings of Insulin Delivery Devices Market Report
The biggest reason behind the rising demand for insulin delivery devices is diabetes, which either results in insulin resistance or the stoppage in the production of this hormone.
The IDF recorded the global prevalence of this endocrine disorder at 463 million in 2019, forecasting it to reach 578 million and 700.2 million by 2030 and 2045, respectively.
Along with this, another key driver for the insulin delivery devices market is the growing number of obese people. Obesity, which is now considered an independent risk factor for diabetes, is a result of genetics or poor lifestyle choices.
Another factor that ups the risk of this disease is aging, with a larger number of people aged above 45 years suffering from this disorder compared to younger people.
Since many of the older people are not yet as comfortable with digital technologies, pharmacies continue to be the preferred place for them to buy insulin delivery devices.
Currently, North America is the largest insulin delivery devices market because of the highly fatty diet of a large number of people, which leads to obesity and, often, diabetes. Moreover, the region has been among the first to accept technologically advanced methods of administering this hormone into the body.
In the years to come, market players will find numerous growth opportunities in the APAC region, which is home to the largest diabetic population in the world. This, combined with the increasing awareness on a strict care regimen, is propelling the sale of insulin delivery devices. Among the various kinds of insulin pens, pumps, and other devices, those meant for home use continue to be the most popular.
Thus, key insulin delivery devices market players, such as Becton, Dickinson and Company, Tandem Diabetes Care Inc., Medtronic plc, Biocon Ltd., Insulet Corporation, Eli Lilly and Company, Novo Nordisk A/S, Ypsomed Holding AG, Sanofi, F. Hoffmann-La Roche Ltd., Braun Melsungen AG, Wockhardt Ltd., and Gulf Pharmaceutical Industries, are doing more to target the at-home consumer base. A key move in this regard is the introduction of insulin delivery devices that do not require fingersticks for calibration.