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Global Insulin Delivery Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - By Type (Insulin Syringes, Insulin Pens, Insulin Pen Needles, Insulin Pumps, Insulin Jet Injectors), By Application (Type I Diabetes & Type II Diabetes) and Region – Industry Forecast (2021 to 2026)
The size of the global insulin delivery devices market is estimated to be worth USD 18.48 billion by 2026, registering a CAGR of 6.9% from 2021 to 2026.
Impact of COVID-19 on the global insulin delivery devices market:
The COVID-19 pandemic has had a significant impact on the insulin delivery device market. Due to the outbreak, this is one of the few markets that has increased in popularity. Insulin delivery equipment like insulin pens, pumps, syringes, and other protective items have seen a significant rise in demand due to the situation. In 2020, the pandemic proved to be a significant driver in the growth of the insulin delivery device market.
KEY DRIVING FACTORS:
The increasing prevalence of diabetes majorly drives market growth. The growing geriatric population is considered one of the major growth contributors to the market, as the senior population is vulnerable to diabetes and obesity. Obesity and being overweight are closely linked to diabetes, which is increasing at alarming rates, resulting in a high prevalence of diabetes. As a result, the market for insulin delivery devices is being driven by the large population of people with diabetes.
The other factors such as changing lifestyles, improper intake of food lead to various chronic disorders such as diabetes which influence the market growth. The advancements in insulin delivery methods, which include minimal invasiveness in an improved way while decreasing patient burden, will positively impact market growth in the coming years.
On the other hand, the rising awareness about insulin delivery devices and increasing demand for human insulin significantly drive the market during the forecast period. In addition, initiatives taken by the government and non-government organizations for creating healthcare awareness programs are positively impacting the market growth.
Additionally, the technological advancements in insulin delivery, growing adoption of insulin pens, and increasing investments by the government and private organizations in the healthcare sector are expanding the market growth. Further, rising F.D.A. support, growing normality of hyperglycemia, and developing determination of self-injectable devices are expected to boost the market growth.
Insulin pens are more convenient to use than syringes for injecting insulin. As a result, while looking at the market, insulin pens are the most popular, with a higher market share. Due to the extremely growing number of diabetes patients and the ease of insulin pens, most patients choose them, making them the most popular insulin delivery method.
However, the global insulin delivery devices market is being hindered by strict regulatory regulations for product approval and the necessity of high production costs. Also, high insulin prices and growing healthcare costs may impede market growth.
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KEY MARKET INSIGHTS:
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