The size of the North American insulin delivery devices market is predicted to be worth USD 19.76 billion by 2028 from USD 14.1 billion in 2023. The market is growing at a CAGR of 6.99% from 2023 to 2028.
Insulin delivery devices are medical devices used to inject insulin into the human body. The growing number of patients who have diabetes in the North American region is growing significantly. The growing incidence of diabetes is increasing insulin usage among the North American population, which drives the insulin delivery devices market in North America. According to the National Diabetes Statistics Report by the Centers for Disease Control and Prevention, nearly 11.3% of people in the United States have diabetes, which is around 37.3 million. Obesity, weight gain, unhealthy diet, increasing stress, increasing consumption of alcohol, and smoking cigarettes can result in diabetes. Out of the population suffering from diabetes, the majority have type 2 diabetes, which occurs in any age group of people from birth. Type 2 diabetes is mainly seen in children due to increasing obesity rates. Nearly 70% of children get this diabetes due to genetics. Insulin is a hormone that will manage sugar levels in the blood and keep the person risk-free. However, high blood sugar may also lead to other diseases, such as heart problems, sickness, kidney problems, and vision loss. As a result, insulin delivery devices help to manage blood sugar levels which demands market growth.
YOY growth in the aging population due to increasing life expectancy is anticipated to boost the market’s growth rate. People aged 60 and above accounted for 15% of the total North American population. Diabetes disease is mainly seen in the geriatric population. Diabetes is one of the primary factors that cause mortality in most older people. Therefore, several organizations have developed diabetes-related guidelines for older adults. By using this insulin delivery device among the older population, they can take their medication correctly with a helper or on their own. As a result, the increasing use of insulin devices by the older population drives the market forward.
Technological advancements in insulin delivery devices for diabetes patients are another major factor fuelling the market's growth rate. The key market players focus on developing advanced insulin delivery devices year by year, and insulin pens have been primarily used devices in recent years. Manufacturers have taken suggestions from healthcare providers and patients who are using insulin delivery devices to manufacture an advanced device that helps people in a better way. Artificial pancreas (AP) is a new delivery system that manufacturers plan to launch with advanced features as soon as possible.
However, high costs associated with some of the insulin delivery devices, lack of product approvals by the government, and lack of awareness regarding the advanced insulin delivery devices are the factors restraining the market growth. The availability of alternative medication for insulin, such as oral medication, also hampers the market growth of insulin delivery devices in North America. Manufacturing of low-quality insulin delivery devices by some of the companies or third parties also hampering the growth of the Insulin delivery device market in North America.
This research report on the North American Insulin Delivery Devices Market has been segmented and sub-segmented into the following categories:
Geographically, North America had the most significant share of the global market in 2022; The domination is anticipated to continue throughout the forecast period owing to the growing demand for insulin delivery devices, increasing healthcare expenditure, YOY growth in diabetic patients, and increasing awareness.
The U.S. insulin delivery devices market had the largest share of the North American market in 2022. People who have diabetes in the U.S. feels home healthcare is the convenient way for their diabetes management, which is expected to result in the growing demand for insulin delivery devices in the United States. Furthermore, growing R&D activities and increasing product approvals are further boosting the market growth in the United States.
Canada is another promising region in North America. It is anticipated to register a healthy growth rate during the forecast period owing to the increasing development of various insulin delivery devices in recent years. For example, the U.S. FDA approved Medtronic's MiniMed 770G automated insulin delivery (AID) for people with type 1 diabetes. It is the combination of measuring real-time continuous glucose monitoring and the insulin pump to deliver the insulin dosage based on the reading. This system has Bluetooth connectivity and can be controlled by a smartphone. Increasing these types of innovative devices raises the market in Canada.
KEY MARKET PLAYERS:
Companies playing a dominant role in the North American insulin delivery devices market profiled in this report are 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.).
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