The size of the insulin delivery devices market was worth USD 13.18 billion in 2022. This value is further estimated to be growing at a CAGR of 6.99% and reach USD 18.48 billion by 2027.
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The market for insulin delivery devices experienced severe impact as a result of the COVID-19 outbreak across the world. One in five diabetes patients had trouble finding blood glucose monitors, and 20% had trouble getting their insulin pumps filled on time, primarily because of monetary limitations. The disruption of the supply chain as a result of production facility shutdowns due to movement restrictions, transportation holdups or shutdowns, and export restrictions for life-saving medications like Insulin are the added factors restricting the supply of insulin delivery devices. In addition, the funding for R&D efforts linked to insulin delivery devices has been cut due to the medical community’s focus on treating COVID-19. As a result, this segment must now deal with carelessness, which has a detrimental effect on the market for insulin drug delivery devices. Finally, the lack of blood testing facilities during the pandemic reduced diabetes diagnosis, negatively impacting the insulin delivery devices market. However, during the covid19 outbreak, 40% of cases reported were suffering from diabetes, which increased the demand for insulin devices such as insulin pens, pumps, and monitors.
The market for insulin delivery devices is being driven by the increased incidences of people with diabetes. Obesity and overweight are the leading causes of diabetes among adults, according to the statistics of WHO. Additionally, the widespread use of recently introduced inventive pen devices and portable pumps is being aided by the rising demand for sophisticated insulin delivery systems, which is anticipated to accelerate market expansion.
The market for insulin delivery devices will also rise due to sound reimbursement policies, growing public knowledge of diabetes management and the availability of insulin delivery systems, and developments in human insulin delivery systems. It also greatly benefits from the ongoing increase in vendors in the insulin delivery devices market and R&D activities promoted by the government and research institutions.
Moreover, Type 1 diabetes requires continuous insulin monitoring combined with multiple insulin injections, expanding the growth of the insulin delivery devices market.
On the other hand, the availability of oral Insulin as a substitute for injectable Insulin and the high price of insulin delivery systems could impede the market’s growth for insulin delivery devices during the forecast period. In addition, the market expansion is anticipated to be affected by problems with the reuse of pen needles and infusion sets and inadequate reimbursement systems in underdeveloped nations. The development of insulin delivery systems would also be hampered by Latin America’s limited access to public healthcare and the high costs. In addition, the strict laws and requirements for product approval in various nations further impede the market’s growth.
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KEY MARKET INSIGHTS:
- Based on the type, the Insulin syringes segment accounted for the largest market and is anticipated to record a significant share during the forecast period. The Insulin syringes are easy to use and manage. Moreover, reusable segments.
- Based on the application, the type II diabetes segments witnessed a significant share during the forecast period. The stringent food habits and the growing geriatric population contribute to the segment growth.
- North America dominated the market for insulin delivery devices in 2020. The significant market growth in North America is mainly due to the increased number of diabetics and the availability of technologically improved equipment. In addition, the rising incidence of diabetes, the favorable reimbursement environment in the United States and Canada, and FDA approvals to expand the commercial availability of insulin delivery devices in the United States are all factors contributing to this growth.
- The APAC is projected to grow faster during the forecast period. The factors such as the improving healthcare infrastructure, growing population, and supportive government policies are boosting the market growth. Due to the high prevalence of diabetes and the growing public awareness of the disease, developing economies like China and India are anticipated to see the highest growth during the research period.
- Becton, Dickinson, and Company (U.S.), Novo Nordisk A/S (Denmark), Ypsomed Holding AG (Switzerland), Medtronic plc (Ireland), and Animas Corporation (U.S.)
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