Rising prevalence of diabetes, increasing awareness of insulin delivery devices, and ongoing research and development activities in the field, are some of the factors driving market growth
The global insulin delivery devices market to reach USD 33.19 Billion by 2028 at a CAGR of 9.31%, according to the latest report by Reports and Data. Increasing incidences of diabetes, advancement in healthcare infrastructure, and increasing adoption and demand of insulin delivery devices for diabetic care, are some key factors expected to drive market revenue growth over the forecast period. Rapidly increasing geriatric population in developing countries, is further drive the market growth.
According to recent survey, about 463 million people across the world are suffering from diabetes. Approximately 4.2 million deaths are due to this chronic disorder every year impacting heart, kidneys and liver. Improper secretion of naturally occurring hormone, insulin leads to development of diabetes. Insulin delivery devices allow insulin to enter into the bloodstream of diabetic patients non-invasively. Insulin delivery devices becomes necessity of patients suffering through type-1 diabetes. There are various types of delivery devices like insulin pens, syringes, inhalers, pumps, injectors, etc. Ongoing research to design and manufacture advanced products has projected the market growth.
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The dynamics of pharma & healthcare industry has drastically changed, especially during the COVID-19 outbreak as the industry faced medication and hospital bed shortage, lack of skilled healthcare professionals and unavailability of sufficient funds. According to the latest report published by reports and data, the global Insulin Delivery Devices market size is expected to over the forecast period. Revenue growth of the market is attributed to factors such as increasing prevalence of various diseases, improving healthcare and research infrastructure, high demand for vaccine and medicine and rapidly growing pharma and healthcare sector. Other factors such as availability of advanced treatment in many multispecialty health centers, and increasing awareness about early diagnosis and treatment. In addition, growing demand for precision medicine, increasing adoption of homecare settings and telemedicine, rising literacy rate around the globe and research and development investments for developing advanced drugs and devices are expected to fuel market going ahead.
The global Insulin Delivery Devices market is extremely competitive and comprise various global and regional players. Sanofi Diabetes, Novo Nordisk, Omnipod Insulin Management, Eli Lilly and Company, Gerresheimer, Johnson and Johnson, Becton Dickinson, and Company, F. Hoffmann-La Roche AG, B.Braun, Tandem Diabetes Care, Biocon Limited, and Medtronic Plc. and others are some of the key players operating in the global market. These market players are various strategies such as mergers and acquisitions, collaborations, joint ventures, collaborations, partnerships and research and development investments to strengthen their market position and expand their product base.
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For the purpose of this report, Reports and Data has segmented the global Insulin Delivery Devices market on the basis of type, application and region:
Insulin Delivery Devices Market segmentation by Types:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Insulin Syringe
- Insulin Pens
- Insulin Jet Injectors
- Insulin Pumps
- Insulin Needles
- Insulin Inhalers
- External Insulin
- Implantable Insulin
Distribution Channels Outlook (Revenue, USD Billion; 2018 – 2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
End Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Ambulatory Care Centers
Regional Outlook of Insulin Delivery Devices Market:
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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