The Global Insulin Delivery Devices Market was valued at USD 14.3 billion in 2020, and it is expected to reach USD 25.4 billion by 2027, with a CAGR of 8.7%, during the forecast period 2021-2027.
Diabetes is one of the most common and popular disease across the globe. According to International Diabetes Federation, approximately 439 million adults in age group of 20-65 years are living with diabetes and the numbers are expected to rise in coming years. Diabetes is a diseased condition that occurs when there is high amount of sugar(glucose) present in blood. There are two types of diabetes- Type-I and Type-II (when body either does not produce enough insulin or it resists insulin). Most of the world’s population is suffering from type-II diabetes. This disease is more common in low to middle income countries. 1 in 5 of the people above 65 years of age have diabetes.
Insulin delivery devices include traditional syringes, auto and pen injectors, pumps, etc are broadly used to treat type-I diabetes. This created an opportunity for insulin delivery devices manufacturing companies for manufacturing these devices. Insulin delivery devices provide ease of application and need for minimal invasive method of administration. Upcoming newer technologies paves a way for the development of insulin delivery in diabetes industry.
Increase in prevalence and incidences diabetes, growing geriatric population and liability for diseases, introduction of newer technologies, rising number of R&D departments for insulin manufacturing, growing government facilities fuels the growth of insulin delivery devices market. Further increase in funding's of research and development of diabetic products boost the growth of diabetic industry.
Insulin delivery devices are segmented based on type of products like pens, syringes, pumps, injectors etc., end user like hospitals and patient care. In case of product type, insulin pens are expected to grow maximum in coming years because of increasing demand of insulin pens which provide patient compliance over traditional syringes. As compared with syringes, pen offers more accuracy of dose, flexibility and cost-effectiveness hence, insulin pen has higher acceptance than others deliverables. In year 2020, Patient care segment held maximum market share and it is expected to increase in coming years due to increase in diabetic population across world and rising healthcare expenditure.
There has been huge development in insulin delivery system from ages. With upcoming new technologies provided solutions for diabetes management and this could lubricate the growth opportunities in insulin delivery devices market. In Year 2017, a prefilled insulin pen named as ‘Junior KwikPen’ was approved and launched by Eil Lilly was considered lighter weighted and considerably smaller than others. This created opportunities for inventions for the players in insulin delivery devices market. Major key players in insulin delivery devices market include Novo Nordisk, Medtronic plc., Sanofi, Biocon Ltd., Eli Lilly and company, Insulet Corporation, Animas Corporation, and Tandem Diabetes Care, Inc.