Market Overview
Insulin Delivery devices Market size was valued at around USD YY million in 2022 and is expected to reach USD YY million by 2031, growing at a CAGR of 7.1% during the forecast period (2024-2031).
Diabetes is a disease where the blood glucose levels in the body are too high. Insulin is a hormone that helps in converting energy from glucose for bodily functions. Type 1 diabetes can be defined as a medical condition where the body itself body does not produce insulin. Insulin delivery devices are used to transfer insulin from external sources into the bloodstream when there is a decrease in insulin levels. The methods include syringes, pumps, sprays, and insulin pens.
Insulin Delivery devices Market study analysis offers an in-depth outlook on the market containing quantitative and qualitative data. It gives an outlook and forecast of the global market based on market segmentation. It also provides global Insulin Delivery Devices Market size, and growth, along with the latest trends, opportunities, and forecast till 2029 for the global market with esteem to major countries such as the United States, Canada, Brazil, Germany, Italy, Spain, United Kingdom, Russia, European countries, United Arab Emirates, Saudi Arabia, South Africa, Japan, China, India, South Korea, Australia, and rest of the countries over the globe.
Among all regions, the North American Insulin Delivery devices Market is expected to hold the largest share of the global market over the forecast period. Whereas the European intraoperative neuromonitoring market is projected to continue its presence globally during the period of 2024-2031.
Market Summary
| Metrics | Details |
| Market CAGR | 7.1% |
| Segments Covered | By Product Type, By Application, By Distribution Channel, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
The increasing prevalence of the diabetic population, innovations in techniques of insulin delivery systems, favorable reimbursement policies, rising awareness among the population about diabetes control and the accessibility to insulin delivery systems and advancements in human insulin delivery systems are the other factors to drive the market in the forecast period.
The increasing prevalence of diabetes worldwide is expected to drive market growth.
Diabetes mellitus (diabetes) has become a global health issue with far-reaching consequences. It has a huge impact not only on individuals, families but also on a country's economy. According to the IDF (International Diabetes Federation) Diabetes Atlas, in 2021, approximately 537 million adults between the ages of 20 and 79 years have diabetes, accounting for one out of every ten people worldwide, with the number expected to rise to 643 million by 2030, with 61 million in Europe and approximately 50 million in North America and the Caribbean. Aside from lowering the quality of life, problems caused by uncontrolled diabetes frequently result in morbidity and fatality. Therefore, it has increased the demand for insulin delivery devices. Thus, from the above factors, the market is expected to drive in the forecast period.
Complications associated with subcutaneous insulin administration are expected to hamper the market growth.
Subcutaneous insulin administration has several disadvantages, including injection pain, inconvenience, unpredictable compliance, and difficulties achieving postprandial blood glucose control. Furthermore, in contrast to normal distribution to the portal vein, subcutaneous insulin injection causes peripheral hyperinsulinemia. Thus, from the above factors, the market is expected to get hampered in the forecast period.
COVID-19 Impact Analysis
The COVID-19 epidemic had a significant impact on the insulin delivery device industry. COVID-19 has a greater influence on type 1 diabetes patients. People with diabetes have a weakened immune system, exacerbated by COVID-19. Patients with diabetes may be at a higher risk of significant consequences than the general population. During COVID-19, insulin delivery device manufacturers worked with local governments to deliver insulin delivery devices to diabetic patients. Doctors worldwide advise diabetes patients to check their blood sugar levels more frequently to be safe. Therefore, insulin delivery devices have expanded as pharmaceutical use has increased. Additionally, major market players have used this favorable influence to streamline revenues and extend their footprints in other regions.
Market Segmentation Analysis
Insulin Pens segment is expected to hold the largest market share in insulin delivery devices .
The insulin pens segment is accounted for the largest market share in 2021. The segment benefits because insulin pens are available at affordable cost and are technologically advanced among all the other devices. For instance, a smart insulin pen is a reusable injector pen with an easy-to-use smartphone application that assist people with diabetes in better managing insulin delivery. This intelligent system calculates and tracks dosing while providing useful reminders, notifications, and reports. They can be an add-on to your current insulin pen or a reusable version that uses prefilled cartridges rather than vials or disposable pens.
Moreover, many individuals worldwide prefer insulin pens since they are simple to use and reduce the patient's financial burden because they are inexpensive. Therefore, it has increased the adoption of insulin pens. Thus, from the above factors, the market segment accounted for the largest market share in the forecast period.
Market Geographical Share
North America region holds the largest market share in the global insulin delivery devices
North America accounted for the largest market share in 2021. The rising diabetic population, availability of technologically advanced devices, product launches and collaborations by the region's key market players are the factors driving the market in the forecast period. For instance, according to the National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK), around 34.2 million people will have diabetes in 2020. (10.5% of the U.S. population). Diabetes affects 210,000 children and adolescents under 20, with 187,000 suffering from type 1 diabetes. Also, it is projected that 7.3 million persons aged 18 and up have diabetes but are undiagnosed (21.4 percent of adults with diabetes).
Moreover, on November 12, 2020, Medtronic released the InPen smart insulin pen, which is integrated with real-time Guardian Connect CGM data and provides real-time glucose readings and insulin dose data, making it easier to make wiser dosing decisions. This product launch aided the company in increasing sales and income in the insulin delivery devices sector. Thus, from the above factors, the North American region accounted for the largest market share in the forecast period.
Companies and Competitive Landscape
Major key players in the insulin delivery devices are Novo Nordisk, GlaxoSmithKline, Bristol-Myers Squibb, Becton Dickinson, Eli Lilly and Company, Merck & Co., AstraZeneca, Sanofi, Roche Holding AG, Amgen, Johnson & Johnson, Abbott Laboratories and Tandem diabetes care.
In June 2020, Medtronic received CE (Conformité Européenne) approval for their MiniMed 780G system, a next-generation closed-loop insulin pump system for treating type 1 diabetes in patients aged 7 to 80 years.
Novo Nordisk A/S:
Overview:
Novo Nordisk is a Danish multinational pharmaceutical company and a full European Federation of Pharmaceutical Industries and Associations member. The company manufactures and markets pharmaceutical products and services, especially diabetic medications and devices. Novo Nordisk is also involved with hemostasis management, growth hormone therapy and hormone replacement therapy. The company makes several drugs under various brand names, including Levemir, Tresiba, NovoLog, Novolin R, NovoSeven, NovoEight and Victoza. Moreover, the company markets its products in around more than 165 countries.
Product Portfolio:
NovoPen: NovoPen 6 & NovoPen Echo Plus are new, smart insulin pens that automatically record insulin dosing information about each injection.
Key Developments:
In March 2022, Novo Nordisk launched its smart insulin in the United Kingdom, providing devices to patients receiving diabetes treatment through the NHS. This unique product launch will give the company a competitive advantage and strengthen its industrial position in the UK
The global insulin delivery devices report would provide an access to an approx. 45+market data table, 40+figures and 180pages.
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