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.

Global Insulin Delivery Devices Market Share Insights:

• Based on product, the insulin pens segment dominated the market and captured 40.8% of the global market share in 2021.
• The insulin delivery devices market in China was worth USD 912.6 million in 2021.
• North America was the regional market worldwide in 2021 and held 41% of the global market share.
• The European region is anticipated to be worth USD 5.35 billion by 2027.
• The Asia-Pacific region is expected to grow at a CAGR of 8.93% 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 separates 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:

YOY rise 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.

As per the statistics published by the Centers for Disease Control and Prevention (CDC), around 37.3 million are living with diabetes, which is 11.3% of the total population of the United States and about 422 million people worldwide with diabetes, with the majority of sufferers living in low-income nations, according to WHO figures. Every year, diabetes causes roughly 1.5 million fatalities. About 9 million persons were given a type 1 diabetes diagnosis in 2019; most of them were from high-income nations. On the other hand, type 2 diabetes predominates globally, accounting for around 95% of all cases. Growing consumer awareness of the availability of several delivery devices is anticipated to favor market growth. Furthermore, the growing normality of hyperglycemia, creating determination of self-injectable gadgets, and rising F.D.A. support are expected to boost the insulin delivery devices market growth.

A growing number of people who have diabetes, 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), along with the rising research and development in the same, is fueling the growth of the global insulin delivery devices market.

Innovations in the systems to promote market growth. For instance, The FDA approved the first generation's MiniMed 530G artificial pancreas in 2013. In addition, the FDA gave Medtronic's MiniMed 770G system, a hybrid closed-loop diabetes management device, its approval on September 1st, 2020. With the invention of this new insulin delivery method, the procedure is now simpler than before, promoting the demand for the 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, affecting 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:

The 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, reducing the death risk of 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 pens segment was the leader among all types in 2021. During the forecast period, the insulin pens segment is expected to grow at a CAGR of 10.7% from 2022 to 2027. The adoption of insulin pens is more compared to all available types, which was what led to the domination of the segment in the market in 2021. The growing efforts of manufacturers, increasing R&D efforts on insulin pens, and rising adoption of technological advancements in manufacturing activities of insulin pens are further propelling the segment's growth. Insulin jet injections are needleless, while insulin pumps are effectively wearable by patients. In addition, each device has a unique attribute. Therefore, insulin pens are projected to play a key role in the global insulin delivery devices market. The insulin pens segment is estimated to grow at a healthy CAGR during the forecast period.

The insulin syringes segment accounted for a substantial share of the global insulin delivery devices market in 2021. While insulin syringes are easy-to-use and managed devices. However, insulin syringes are relatively less expensive than insulin pens, which is one of the factors promoting the adoption of insulin syringes and resulting in segment growth.  

Insulin Delivery Devices Market - By Application:

• Type I Diabetes
• Type II Diabetes

Based on the application, the Type II diabetes segment dominated the insulin delivery devices market in 2021. The lead of the type II diabetes segment is anticipated to continue during the forecast period. Due to the numerous treatment options available for type 2 diabetic patients, there are varied applications for the condition leading to the segment's growth. 

However, type 1 diabetes patients also use devices like insulin pumps, syringes, pens, and others to deliver a steady amount of insulin to the body. Additionally, the rise in type 1 diabetes diagnoses is expected to support the rise in the segment. The International Diabetes Federation (2017) estimates that each year in Europe, 28,000 children under the age of 19 are given a type 1 diabetes diagnosis. In addition, this market sector is expected d to be driven by increased access to insulin for type 1 diabetes in developed nations. 

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 C.D.C. in 2016, around 29 million people in the U.S. 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. The patient population count with diabetes is increasing considerably in the European region and is propelling regional market growth. The growing aging population, increasing number of people suffering from obesity, and rising adoption of sedentary lifestyles are expected to favor the market growth in Europe. Obesity is one of the leading causes that could lead to diabetes. 

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 c, 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, the medicine produced by Novo Nordisk was given the go-ahead for pediatric use by the U.S. Food and Drug Administration (F.D.A.). Fiasp is the "first and only fast-acting lunchtime insulin injection without a pre-meal dosage advice," according to the manufacturer. With the most recent approval, Fiasp has three dosing options for ion announced for children and adults: multiple daily injections (MDI), continuous subcutaneous insulin infusion pumps, and intravenous infusion under medical supervision.
• 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. Antibiotic, biotech, cardiovascular, derm to logical, insulin, metabolic, over-the-counter, pulmonary, women's health, and paramedical drugs are among the pharmaceuticals that Julphar has created.
• In November 2022, Due to a problem with the charging port and cord for the Omnipod 5 Controller, Insulet Corporation (NASDAQ: PODD) (Insulet or the Company) announced a medical device correction for the Omnipod® 5 Automated Insulin Delivery System. However, this does not affect compatible Android smartphone devices that have the Omnipod 5 App loaded, the Omnipod 5 Pod, the Omnipod® DASH Insulin Management System, or the Omnipod® Insulin Management System.
• In November 2022, the Tempo® Personalized Diabetes Management Platform, the first connected platform from Eli Lilly and Company (NYSE: L.L.Y.), will launch in the United States later this year. The system seeks to support doctors in ma aging treatments with Lilly insulins by assisting patients with type 1 or type 2 diabetes and their decision-making. The platform comprises three essential elements that work in concert to provide adults with diabetes with tailored guidance: the Tempo Smart Button®, a connected software called TempoSmartTM, and a prefilled insulin pen called Tempo Pen®. On September 16, the U.S. Food and Drug Administration approved the Smart Button.
• 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.