Sales of insulin storage devices across the world are predicted to increase at a CAGR of 8.1% across the forecast period (2022-2027). In 2022, the global insulin storage devices market accounts for a revenue of US$ 798 million and is predicted to reach US$ 1.28 billion by the end of 2027. Fact.MR, a market research and competitive intelligence provider, has discussed all the key trends, restraints, and opportunities governing market growth, in this latest insulin storage devices market research study.
Poor eating habits and increasingly sedentary lifestyles have led to an increased prevalence of lifestyle disorders, of which, diabetes is a particularly concerning one. Over the past few years, the incidence of diabetes has risen rapidly and is projected to increase faster going forward. This is expected to drive the use of insulin among diabetic patients and subsequently increase the usage of insulin storage devices through 2027.
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Insulin storage device manufacturers are expected to focus on the expansion of their product portfolios by launching new products to gain a competitive edge over their competitors.
- In July 2022, Godrej Appliances, an Indian multinational conglomerate, announced the launch of a new product range to provide new cooling solutions for insulin storage. Godrej InsuliCool and Godrej InsuliCool+ were launched to provide diabetic patients with better storage for their insulin.
Key Takeaways from Market Study
- The global insulin storage devices market is currently valued at US$ 798 million.
- Sales of insulin storage devices are expected to increase at 8.1% CAGR through 2027.
- By 2027, the insulin storage devices market is expected to reach US$ 1.28 billion.
- Rising geriatric population, increasing awareness about diabetes, growing consumption of refined & processed foods, and rising prevalence of lifestyle disorders are key factors that are expected to increase the need for insulin storage systems.
- Demand for insulin storage devices in Germany is predicted to increase at a CAGR of 5% from 2022 to 2027.
- The China insulin storage devices market is projected to reach US$ 285 million by the end of 2027, expanding at a high CAGR of 12%.
“Increasing prevalence of lifestyle disorders & rising geriatric population have led to a high number of diabetics, thereby driving insulin storage devices market expansion,” says a Fact.MR analyst
Some of the leading players include
- ReadyCare LLC
- DISIONCARE
- Medicool
- Tawa Outdoor
- Cooluli
- Arkray Inc.
- Zhengzhou Olive Electronic Technology Co. Ltd.
- Zhengzhou Defrigus Electric Device Co. Ltd.
- COOL Sarl-FR
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Winning Strategy
Insulin storage device manufacturers are expected to focus on launching new initiatives to boost awareness about diabetes and bolster their revenue generation capacity.
Market players are also expected to focus on the integration of advanced technologies to create novel product offerings and gain a competitive edge over other companies.
Key Segments in Insulin Storage Devices Industry Research
- By Product Type :
-
- Insulated Kits
- Insulin Cooling Wallets
- Insulin Cooling Pouches
- Insulin Cooling Bags
- Battery-operated Insulin Storage Devices
- Insulated Kits
- By Patient Type :
-
- Type 1 Diabetes
- Type 2 Diabetes
- By Region :
-
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global insulin storage devices market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product type (insulated kits, insulin cooling wallets, insulin cooling pouches, insulated cooler bags, battery-operated insulin storage devices) and patient type (type 1 diabetes, type 2 diabetes), across six major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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