The Global Insulin Delivery Devices Market was valued US$ 14.3 Bn in 2020 is expected to reach US$ 25.4 Bn by 2027, with a growing CAGR of 8.7% during the forecast period (2021-2027).
Insulin delivery devices are the medical devices that are used to inject insulin externally with the help of pumps, pens, injectors, or syringes. These devices are mostly used when pancreas is unable to produce sufficient insulin in the body. With the help of these devices, insulin is directly released into blood stream to avoid first-pass metabolism. The factors contributing the growth of insulin delivery devices are rising number of diabetic populations across the globe and growth in diabetes contributing factors such as obesity, stress, unhealthy eating and drinking habits, and other environmental factors. Additionally, introduction of new smarter technology and ear of automation boost the growth of insulin delivery devices market.
With the increase in technologies and developing perception of patient centric, new approaches related to the insulin delivery are being developed. For instance, insulin that can be inhale, is one of the latest upcoming new ways of delivering insulin and the recent approval for interoperable insulin pump is new buzz word in the insulin delivery devices market. This has inspired the industries for development of more advance insulin delivery devices.
Based on product type, the insulin delivery device is broadly segmented in insulin pens, insulin pumps, insulin syringes and insulin injectors. Out of all, insulin pen is expected to show highest market growth of insulin delivery devices during the forecasting period. Insulin pens are easy to carry due to it’s small size and has the provision of refilling and reuse. This led to increase in market growth during the forecast period. Conversely, insulin syringes accounted the largest market share in year 2020. Insulin syringes are easy to use.
As compared to hospitals and clinics, patient's care/ home care drives the growth of insulin delivery device market. Administration of insulin is long term medical condition which can be managed by taking medication at home. Insulin device are self-administering devices and provides patient compliance. With an increase in adult or geriatric diabetic condition, the growth of this segment is expected to rise during the forecast period.
As per regional segmentation, North America held the largest market share in 2020. This was due to increase in healthcare infrastructure, high diabetic population, availability of funding and high-tech facilities in healthcare led to increase in availability of insulin delivery devices.
Conversely, Asia-Pacific is estimated to grow with highest CAGR during the forecast period. Asia-Pacific is considered to be one of the fastest growing country. Developing countries like India and China is projected to witness the highest growth due to emerging economies, government facilities and initiatives, developing technologies, and entry of new players in the market.
Company Profiles and Competitive Intelligence: Some of the key players operating in the market are Dickinson and Company (U.S.), Biocon Ltd. (India), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Animas Corporation (U.S.), Medtronic plc., Betcon, Tandem Diabetes Care, Inc. (U.S.), Sanofi (France), Eli Lilly and Company (U.S.), and Insulet Corporation (U.S.)
Covid-19 has highly affected the industries in terms of growth, economy, health and mental wellbeing of every individual. In this challenging situation, every industry is trying to give best services in terms of quality and safety. In case of diabetes, diabetic patients were at high risk of getting infected. Hence, they required high preventive measures and medication for preventing themselves. Along with medication, the sales of medical devices, insulins, insulin pens, pumps witnessed high growth. Due to the daily requirement of insulin and diabetes related medicines, patients use to stock-up the medications for safety, as there were restrictions on movement and travelling. This resulted in increase in market revenue of insulin delivery devices market. The demand for diabetes related medications expected to persist the pandemic situation, thereby stimulating the growth of the market.
|1||Due to Covid-19, there was increase in stocking up of medicines related to diabetes||Positive|
|2||Increase in advanced technology, rise incidences of diabetes among population||Positive|
|3||The funding required for research and development activities related to insulin delivery devices was reduced||Negative|
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