Insulin Delivery Devices Market

Global Insulin Delivery Devices Market Size (2022 to 2027)

As per our report, the global insulin delivery devices market size is forecasted to grow to USD 18.48 billion by 2027 from USD 13.18 billion in 2022, growing at a CAGR of 6.99% from 2022 to 2027.

Insulin maintains sugar levels in the blood and is 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 arrives 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:

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 are majorly propelling the global insulin delivery devices market growth.

Increased awareness among the consumers on the availability of several delivery 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 will drive the growth of the global insulin delivery devices market.

The growing rate of diabetes patients, rising exposure of the population to diabetes risk factors, changes in lifestyle habits, and increasing demand for human insulin drive the growth of the global insulin delivery devices market. Besides, 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, whereas the patient with COVID-19 has severe complications. Therefore, the demand for insulin delivery devices has leveled up during the peak stage of COVID-19 and created an acceleration in the market's growth for a short period. 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 disease 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:

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:

• Insulin Syringes
• Insulin Pens
• Insulin Pen Needles
• Insulin Pumps
• Insulin Jet Injectors

The insulin syringes segment commanded the largest share of the global insulin delivery devices market in 2021. While insulin syringes are easy to use and manage devices, insulin pens are conservative in size and can be prefilled or reusable. During the forecast period, the insulin pens segment is expected to grow at a CAGR of 10.7% from 2022 to 2027. Insulin jet injections are needleless, while insulin pumps are effectively wearable by patients. Each device has a unique attriTherefore, 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:

• Type I Diabetes
• Type II Diabetes

Based on the application, the Type II diabetes segment was the fastest growing in 2021. Therefore, it is foreseen that the Type II diabetes segment will keep its market position during the forecast period.

Insulin Delivery Devices Market - By Region:

• North America
• Europe
• Asia pacific
• Latin America
• Middle East and Africa

Geographically, the North American insulin delivery devices market accounted for 40.5% of the global market in 2021. The U.S. occupied the largest share of the North American market in 2021 and is expected to rise at a significant CAGR during the forecast period. On the other hand, the Canadian market is projected to showcase a promising CAGR from 2022 to 2027. 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. 

The European insulin delivery devices market is predicted to be worth USD 5.35 billion by 2027.

On the other hand, the insulin delivery devices market in Asia-Pacific is estimated to grow at the highest CAGR of 8.93% 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 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.

The Latin American insulin delivery devices market is expected to grow at a CAGR of 7.91% from 2022 to 2027.

The insulin delivery devices market in MEA was valued at USD 700 million in 2022.

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:

• In January 2020, Novo Nordisk, a multinational pharmaceutical company, announced that it got approval from FDA for the Fiasp, fast-acting mealtime insulin for children with diabetes.
• In February 2020, Julphar Pharmaceuticals started its new manufacturing facility in the Ethiopian capital. It is equipped with advanced technology to produce high-quality pharmaceutical products, including Insulin products.
• In September 2019, Medtronic PLC received the Envision Pro Continuous Glucose Monitoring System's approval and released it in the Middle East and Europe markets.
• In January 2019, Bigfoot Biomedical collaborated with Eli Lilly to improve its rank on the global market. They aim to launch innovative products, integrate AI with insulin dosing, and deliver optimization.
• In February 2019, Abbott partnered with Novo Nordisk to optimize diabetes management and deliver digitalized solutions for diabetic patients and healthcare professionals.
• In September 2019, Sanofi and Abbott collaborated to develop tools like smartpens, cloud software, and apps for insulin titration by combining their insulin dosing information with FreeStyle Libre technology. These tools deliver insulin and for tracking sugar levels in the blood, glucose sensing,
• In December 2019, Sanofi announced that they are willing to restructure their antibody collaboration into a royalty-based agreement with Regeneron Pharmaceuticals incorporation.
• In June 2016, Ypsomed collaborated with Nordisk to offer insulin therapy solutions.