As per our report, the global insulin delivery devices market size is forecasted to grow USD 18.48 billion by 2026 from USD 13.18 billion in 2021, growing at a CAGR of 6.99% from 2021 to 2026.
Insulin maintains sugar levels in the blood and essential for people who have type I diabetes & type II diabetes. Therefore, the development of insulin delivery devices has been encouraged in the past years. These devices deliver insulin doses via the parenteral route rather than the administration's oral route. Insulin delivery devices promote the absorption rate of insulin into the bloodstream from injection to execute the immediate pharmacological action of insulin.
These devices help in infusing insulin from the bloodstream into the muscle. It can’t be taken as a pill or a gulped fluid because the digestive system would separate it before it arrived at the circulation system where insulin accomplishes its work. In this manner, insulin is infused or implanted into the fatty tissue under the skin. Insulin devices treat type 1 diabetes to maintain a strategic distance from inconveniences emerging from hyperglycemia. Insulin is controlled fundamentally by subcutaneous insulin infusions like vials and syringes, insulin pens, and insulin siphons.
MARKET DRIVERS:
The major factors driving the global insulin delivery devices market are Y-O-Y growth in the prevalence of diabetes due to obesity, technological advancements in the medical sector, unhealthy lifestyles, and the growing geriatric population.
Increased awareness among the consumers on the availability of several deliver devices leads to a positive impact on the market growth. Furthermore, it is foreseen that the growing normality of hyperglycemia, creating determination of self-injectable gadgets, and rising FDA support drive the market improvement.
The growing rate of diabetes patients, rising exposure of the population towards diabetes risk factors, changes in lifestyle habits, and increasing demand for human insulin drive the growth of the global insulin delivery devices market. Besides, the availability of favorable medical reimbursements, increasing healthcare expenditure, and rising advancements in human insulin delivery device technologies further favor market growth. Furthermore, the growing focus of market players on the development & commercialization of advanced human insulin delivery devices (such as pens & portable insulin pumps) is additionally fuelling the growth of the global insulin delivery devices market.
MARKET RESTRAINTS:
However, stringent regulatory policies for product approval and the requirement of high costs for product manufacturing are restraining the growth of the global insulin delivery devices market. Furthermore, artificial Pancreas and home infusion therapy are among the major trends in this market, which would affect this market growth. In addition, high costs for insulin and the rising cost of insurance coverage may hamper the market's growth.
COVID-19 impact on the insulin delivery devices market:
COVID-19 pandemic is putting severe risk on people with diabetes. Recent studies show that around 25% of severe COVID-19 symptoms have diabetes. The immune system gets weak with high blood sugar levels, where the patient with COVID-19 has severe complications. Therefore, the demand for insulin delivery devices is leveling up in this period, and the market size is projected to grow at a higher rate. To avoid getting sick with the infection, many diabetic patients seek advice from doctors online and adopt the latest technologies. If the blood sugar levels are appropriately managed, the risk of COVID-19 infection gets lower. So, taking proper medication is very important for diabetic patients in this outbreak as insulin delivery devices effectively deliver appropriate dosage forms. The patient can have balanced glucose levels, which will reduce the death risk with the COVID-19.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Type, Application, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This research report on the global insulin delivery devices market has been segmented based on the type, application, and region.
Insulin Delivery Devices Market -By Type:
Based on type, the insulin syringes segment commanded the largest share of the global insulin delivery devices market in 2020. While insulin syringes are easy to use and managing devices, insulin pens are conservative in size and can be prefilled or reusable. In 2020, the reusable segment commanded the largest share of the market.
In contrast, the insulin pens segment is estimated to grow at the highest CAGR during the forecast period. Insulin jet injections are needleless, while insulin pumps are effectively wearable by patients. Each device has a unique attribute. Insulin pens are projected to be a key segment and are estimated to grow at a healthy CAGR during the forecast period.
Insulin Delivery Devices Market - By Application:
Based on the application, the Type II diabetes segment is the fastest-growing segment in the previous year. Therefore, it is foreseen that the Type II diabetes segment will keep up its position in the market during the forecast period.
Insulin Delivery Devices Market - By Region:
Geographically, North America accounted for a market share of 40.5% of the global insulin delivery devices market in 2020. As per the statistics given by the CDC in 2016, around 29 million people in the US still have diabetes, and according to the Canadian diabetes association, the prevalence of diabetes is estimated to reach 5 million by 2025 in Canada.
In contrast, Asia-Pacific is estimated to grow at the highest CAGR of 9.10% during the forecast period. After North America, It is the Asia Pacific, which is the fastest-growing market. Developing economies like China and India are expected to witness the highest growth because of the large population base suffering from diabetes. Moreover, worldwide vendors extend their business in the Asia Pacific region and give top-of-the-line items to diabetes care, which is the primary consideration for the growth.
KEY MARKET PLAYERS:
Becton & Dickinson and Company (U.S.), Sanofi (France), Novo Nordisk A/S (Denmark), Julphar (U.A.E.), Eli Lilly and Company (U.S.), Biocon Ltd. (India), Ypsomed AG (Switzerland), Wockhardt Ltd. (India), B. Braun Meselgen AG (Switzerland) and Biodel Inc. (U.S.) are a few of the companies dominating the global insulin delivery devices market.
RECENT MARKET DEVELOPMENTS:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Introduction
5.2 Type
5.2.1 Introduction
5.2.2 Insulin Syringes
5.2.3 Insulin Pens
5.2.4 Insulin Pen Needles
5.2.5 Insulin Pumps
5.2.6 Insulin Jet Injectors
5.3 Application
5.3.1 Introduction
5.3.2 Type I Diabetes
5.3.3 Type II Diabetes
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 Soth Korea
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle East
6.5.3 South Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Sanofi (France)
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 Novo Nordisk A/S (Denmark)
8.3 Eli Lilly and Company (U.S.)
8.4 Biocon Ltd. (India)
8.5 Julphar (U.A.E.)
8.6 Ypsomed AG (Switzerland)
8.7 Becton, Dickinson and Company (U.S.)
8.8 Wockhardt Ltd. (India)
8.9 B. Braun Meselgen AG (Switzerland)
8.10 Biodel Inc. (U.S.)
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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