Analysts at GMI Research estimates that the Insulin Delivery Devices Market size touched USD 12.5 billion in 2021 and is expected to reach USD 22.3 billion by 2029, growing at a CAGR of 7.5% over the forecast period (2022-2029).
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Key Insulin Delivery Devices Market Drivers
Primary factors driving the global insulin delivery devices market are upsurge in the cases of diabetes worldwide, growing demand for healthcare products and favourable reimbursement policies. Over the years, diabetes cases have increased significantly around the world. Sedentary lifestyles of consumers is one of the major contributor of obesity, which is increasing risks of diabetes. As per World Health Organization’s (WHO) estimates, in 2016, over 1.9 billion adults aged above 18 were categorized as obese, of which 650 million were obese. Furthermore by 2025, almost 167 million people comprising adults and children are likely to become obese or overweight. As the cases of obesity is increasing, demand for insulin delivery devices will increase in future, which is accelerating the market growth.
Rise in the number of vendors, increase in consumers spending on healthcare products and technological advancements in human insulin delivery systems, are augmenting the market growth. In addition, major companies are planning to integrate new technologies in insulin delivery devices to gain a competitive edge over other players. For instance, Novo Nordisk, a leading pharmaceutical company, based out of Denmark, introduced its insulin pen, NovoPen Echo in the U.S market. During covid-19 outbreak, people working in the medical field were focussed on finding ways to treat covid. As a result, funding required for various activities involving research and development of insulin delivery systems were significantly reduced, which negatively impacted the insulin drug delivery devices market.
Consumers who are diagnosed with diabetes are preferring to use syringes and insulin pens over traditional insulin devices, as syringes and pens are comparatively cheaper and easily available at distribution channels, which is propelling the insulin delivery devices market. However, governments have enforced strict regulations regarding the approval process of insulin delivery devices coupled with high cost developing insulin pens, are hindering the market growth.
As per insulin delivery devices market report, Insulin Pens segment is expected to dominate the market.
Insulin pens are gaining traction in the market as these devices are easy to use, offers accurate doses and comes with memory features. In addition, major enterprises are focussing on developing highly advanced insulin pens, which is expected to increase the demand for insulin pens in coming few years.
Patients/Homecare segment is forecast to hold the largest insulin delivery devices market share.
As healthcare cost related to diabetes management, consumers are increasingly adopting insulin delivery devices which are less expensive and can used in home care setting along with growing popularity of smart insulin delivery devices, are some of the factors accelerating the segment’s growth.
Based on Region, North American region is estimated to dominate the market.
North America insulin delivery devices market is driven by rise in the number of diabetes cases, increasing healthcare cost and advancements in insulin delivery devices. According to our research, on an average, household spending on healthcare reached USD 4,968 in 2018.
Top Market Players
Some of the leading companies operating in the insulin delivery devices market are Insulet Corporation, Medtronic, Animas Corporation, Abbott Laboratories, Ypsomad Holding AG, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Dexcom, Inc., Terumo Corporation, and Sanofi, among others.
Key Developments:
Market Segmentation
Global Insulin Delivery Devices Market by Product Type
• Insulin Pens
• Reusable Insulin Pens
• Disposable Insulin Pens
• Insulin Pumps
• External/Tethered Pumps
• Patch Pumps
• Pen Needles
• Standard Pen Needles
• Safety Pen Needles
• Insulin Syringes
• Others
Global Insulin Delivery Devices Market by End User
• Patients/Homecare
• Hospitals & Clinics
Global Insulin Delivery Devices Market by Region
• North America Insulin Delivery Devices Market (Option 1: As a part of the free 25% customization)
• By Product Type
• By End User
• US Market All-Up
• Canada Market All-Up
• Europe Insulin Delivery Devices Market (Option 2: As a part of the free 25% customization)
• By Product Type
• By End User
• UK Market All-Up
• Germany Market All-Up
• France Market All-Up
• Spain Market All-Up
• Rest of Europe Market All-Up
• Asia-Pacific Insulin Delivery Devices Market (Option 3: As a part of the free 25% customization)
• By Product Type
• By End User
• China Market All-Up
• India Market All-Up
• Japan Market All-Up
• Rest of APAC Market All-Up
• RoW Global Insulin Delivery Devices Market (Option 4: As a part of the free 25% customization)
• By Product Type
• By End User
• Brazil Market All-Up
• South Africa Market All-Up
• Saudi Arabia Market All-Up
• UAE Market All-Up
• Rest of world (remaining countries of the LAMEA region) Market All-Up
About GMI Research
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