Insulin Delivery Devices Market Soars to USD 30.2 Billion in 2032; Bolstered by Growing Geriatric Population | Market.us
The market has experienced growth thanks to the advancement of insulin delivery systems, including smart insulin pens and pumps, which enable more accurate insulin administration and improved diabetes management for patients.
New York, Oct. 05, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The global Insulin Delivery Devices Market revenue reached *USD 14.5 billion in 2022*. Sales of insulin delivery devices are estimated to *total USD 15.6 billion in 2023*. Between 2023 and 2033, the market is poised to grow at *7.8% CAGR*. Revenue will likely reach *USD 30.2 billion by 2032.*
Insulin is administered to diabetic patients using pens, syringes, and pumps. The increasing number of diabetics is one of the main factors that influence the market. This can be attributed to obesity, aging & unhealthy lifestyles. Obesity has been attributed to diabetes. Diabetes is a condition that is rapidly increasing. Two of the main risk factors are obesity and overweight. The market for insulin-delivery devices has been driven by the large diabetic population. The growing demand for advanced insulin delivery systems is expected to support the wide use of pen devices, portable pumps, and other innovative pen devices.
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*Key Takeaway:*
· By type, the *insulin pens segment* accounted for the *largest revenue share of 36.5% in 2022.*
· By distribution channel, the *retail pharmacy segment* has dominated the market, and it accounted for the most prominent global revenue in 2022.
· By end-user, the *homecare segment* was dominant in the market, with the *largest market revenue share of 48.9% in 2022.*
· In 2022, *North America* held the *highest revenue share of 37.5%.*
· The *Asia Pacific region* is expected to grow at a significant CAGR from 2023 to 2032.
*Factors Affecting the **Growth* *of the Insulin Delivery Devices Market*
There are several factors that can affect the growth of the insulin delivery devices market. Some of these factors include:
· *Diabetes prevalence is increasing:* The rising prevalence of diabetes around the world has driven the market for insulin delivery devices. According to the International Diabetes Federation, there were 463 million adults aged 20-79 years old with diabetes in 2019.
· *Technological advances:* The growth of the market has been boosted by the development of advanced insulin delivery systems, such as smart insulin pens & insulin pumps. These devices allow for more precise insulin delivery and help patients better manage their diabetes.
· *Favorable government initiatives:* Initiatives by the government to promote diabetes prevention & management have contributed to the growth in the market for insulin delivery devices. Several countries, for example, have developed programs that improve access to diabetes treatment and care. The government has also implemented regulations to ensure that insulin delivery systems are safe & effective.
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*Market Growth*
This growth is due to a number of factors, such as an increasing prevalence of diabetes, technological advances in insulin delivery devices & a growing awareness about diabetes. Other factors include favorable government initiatives & increased R&D. Due to a number of variables, the market for insulin delivery devices is anticipated to rise steadily throughout the predicted period. Insulin pumps are anticipated to dominate the market, with North America being the largest market.
*Regional Analysis*
North America dominates the market, with a market share of 37.5% over the forecast period, and is expected to be the most lucrative in the global insulin delivery device market. North America's significant market growth is because of an increase in diabetic patients and technologically advanced devices in this region. The Canadian Diabetes Association estimates that there will be 5 million diabetics in Canada by 2025. The vast number of patients suffering from diabetes and its rising prevalence is expected to drive growth. The market for insulin-delivery devices is expected to grow rapidly in Asia Pacific. The highest growth is predicted for developing economies such as China and India due to the prevalence of diabetes and growing public awareness. The expansion of international vendors in the Asia Pacific, and their delivery of premium diabetic products are the main drivers of the growth.
*Competitive Landscape*
Major companies in this market are Novo Nordisk, Sanofi, Becton, Dickinson and Company, Ypsomed, and Eli Lilly. These companies invest continuously in R&D to create new products and innovations, improve their product portfolio and maintain their position in the market. These companies are also focused on strategic partnerships, collaborations, and acquisitions to increase their market reach and accelerate growth.
*Key Market Players*
· Novo Nordisk A/S
· Sanofi
· Eli Lilly and Company
· Biocon Ltd.
· Ypsomed AG
· Wockhardt Ltd.
· Medtronic
· Abbott Laboratories
· Hoffmann-La Roche, Ltd.
· Becton, Dickinson, and Company
· Other Market Players
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*Scope of the Report*
*Report Attributes* *Details*
Market Value (2022) US$ 14.5 Billion
Forecast Revenue 2032 US$ 30.2 Billion
CAGR (2023 to 2032) 7.8%
North America Revenue Share 37.5%
Base Year 2022
Historic Period 2016 to 2022
Forecast Year 2023 to 2032
*Market Drivers*
· *Technological Advancements: *The market for insulin delivery devices is expanding due to technological developments. Wearable insulin pumps, smart insulin pens, and other technologies are helping patients to control diabetes more easily and precisely.
· *Improving patient outcomes and reducing healthcare costs: *Medical professionals can use insulin delivery devices to better manage diabetes, reduce complications and improve patient outcomes. As a result, the price of treating diabetes at a healthcare facility might reduce. The use of insulin delivery devices is being driven by a focus on improving patient outcomes and reducing healthcare costs.
*Market Restraints*
· *High cost of insulin delivery devices: *Insulin pumps & continuous glucose monitoring systems are expensive. This is a major barrier to adoption. The high price of these devices is prohibitive for many patients, especially in developing nations. The high cost of these devices has slowed down the market's expansion & decreased adoption rates.
· *Competition from Alternative Therapies: *Alternative medicines such as oral hypoglycaemic drugs, which are used to manage diabetes, may limit the use of insulin delivery systems. Some patients may prefer this alternative therapy because it is more convenient & cheaper. This competition may limit the market growth of insulin delivery devices.
*Market Opportunities*
· *Growing adoption of telemedicine and digital health technologies: *Telemedicine and digital health technologies are being used more frequently. As telemedicine and digital healthcare technologies become more popular in the healthcare industry, this trend is expected to continue. These technologies allow remote blood glucose monitoring and insulin delivery which is driving the market.
· *Increasing awareness of diabetes management: *As diabetes management becomes more popular, patients are becoming more involved in their care. They also adopt insulin delivery devices for managing their disease. This trend is expected to lead to a market expansion, particularly in developing nations where there is a lack of information regarding diabetes care.
*Report Segmentation of the Insulin Delivery Devices Market*
*Type Insight*
The market can be segmented by type into Insulin Pens, Insulin Pumps, Insulin Pen Needles, Insulin Syringes, and Insulin Jet Injectors. The insulin pen segment, which is the largest type of insulin delivery device in the market, will be the most lucrative during the forecast period. Its revenue share will be 36.5%. This segment's high revenue share was influenced by a number of factors, including its user-friendly design and increasing popularity with customers. Manufacturers' increasing attention to innovation and advancement is another important factor that contributes to this high share. In Jan 2014, Novo Nordisk introduced the NovoPen Echo in the United States. This is the first product of its kind with a memory feature and half-unit application features that are readily available in the United States. It is expected that the demand for insulin pens will increase as a result.
*Distribution Channel Insight*
Retail pharmacies dominate the market for insulin delivery systems. Retail pharmacies offer a wide range of insulin delivery devices, including insulin pens and insulin pumps, and Syringes. Retail pharmacies often have pharmacists on hand to provide training and instruction in the correct use of these devices. Online sales are also growing rapidly due to the convenience and affordability of online shopping. Patients may avoid clinics and pharmacies due to the COVID-19 pandemic. Online sales have increased demand.
*End-User Insight*
The market can be segmented by end-users into three categories include Hospitals, homecare, and other end-users. Homecare is the segment that will be most profitable in the global market for insulin delivery devices, with a revenue share of 48.9%. The segment's growth is primarily driven by the growing awareness of diabetes and the adoption of insulin devices at home. Using insulin delivery systems at home can reduce waiting times, clinic or hospital fees, and visits. Modern technology is available in pens, pumps, and injectors. They are all compact, portable, and can be used anywhere and anytime. Insulin users choose self-care solutions for diabetes control because these devices are more accessible and easier to use.
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*Market Segmentation*
*By Type *
· *Insulin Pumps*
· Tubed/Tethered
· Tubeless
· *Insulin Pens*
· Reusable
· Disposable
· *Insulin Pen needles*
· Standard
· Safety
· *Insulin Jet Injectors*
· *Insulin Syringes*
· *Other Types*
*By Distribution Channel*
· Hospital Pharmacy
· Retail Pharmacy
· Online Sales
· Diabetes Clinics/Centers
· Other Distribution Channels
*By End-User*
· Hospitals
· Homecare
· Other End-Users
*By Geography*
· *North America*
· The US
· Canada
· *Europe*
· Germany
· France
· The UK
· Spain
· Italy
· Russia
· Netherland
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· South Korea
· India
· New Zealand
· Singapore
· Thailand
· Vietnam
· Rest of Asia Pacific
· *Latin America*
· Brazil
· Mexico
· Rest of Latin America
· *Middle East & Africa*
· South Africa
· Saudi Arabia
· UAE
· Rest of MEA
*Recent Development of the Insulin Delivery Devices Market*
· In March 2022, Novo Nordisk introduced two smart-attached insulin pens, the NovoPen Echo Plus, & the NovoPen 6 and it will be available on prescription in the UK for people suffering from diabetes using Novo Nordisk Insulin.
· In January 2022, Insulet Corp., based in Boston, entered the market for automated insulin delivery after the FDA approves the Omnipod 5 system.
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