Diabetes is a chronic medical condition affecting millions of lives worldwide. Managing diabetes requires a delicate balance of monitoring blood sugar levels and administering insulin as needed. Insulin delivery devices have emerged as crucial tools in this endeavour, revolutionizing the way individuals with diabetes manage their condition.
The report Insulin Delivery Devices Market is expected to grow at a CAGR of 8.5% from USD 30.8 Billion in 2023 to USD 46.2 billion in 2028.
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Driving Growth Factors in the Insulin Delivery Devices Market
The insulin delivery devices market is experiencing significant growth, driven by several key factors.
1. Rising Prevalence of Diabetes
The global increase in diabetes cases, particularly type 1 and type 2 diabetes, is a major driver. As of 2023, over 463 million adults were living with diabetes, a number projected to rise to 700 million by 2045. This growing patient population necessitates effective insulin delivery solutions.
2. Technological Advancements in Insulin Delivery Devices
Innovations in insulin delivery technologies, such as smart insulin pens, continuous glucose monitoring (CGM) integrated pumps, and closed-loop systems (artificial pancreas), are enhancing the efficacy, convenience, and user-friendliness of these devices.
3. Increasing Adoption of Insulin Pens and Pumps
Insulin pens and pumps are increasingly preferred over traditional syringes due to their accuracy, ease of use, and ability to offer precise dosing. The shift towards these devices is boosting market growth.
4. Growing Awareness and Education on Diabetes Management
Enhanced awareness and educational campaigns about diabetes management and the benefits of advanced insulin delivery systems are driving patient and healthcare provider adoption.
5. Favorable Reimbursement Policies and Government Support
Supportive reimbursement policies and government initiatives aimed at managing the diabetes epidemic are facilitating easier access to advanced insulin delivery devices, thereby propelling market growth.
Market Segmentation:
Segments of the devices taken into consideration in the insulin delivery device market include insulin pens, insulin pumps, insulin syringes, and pen needles. The insulin subsegment includes reusable pens and disposable pens. The market for reusable insulin pens is anticipated to continue to grow at the highest CAGR during the forecast period.
The end users in the insulin delivery device market are hospitals &clinics and patients/homecare. The patients/homecare segment is anticipated to grow at the highest CAGR during the forecast period.
Regional Analysis: -
North America, followed by Europe, held the largest market share in 2022. The market for insulin delivery device in North America was further dominated by the US.
Recent Developments of Insulin Delivery Devices Industry
In 2023, Embecta Corp. opened a new global headquarters office at 300 Kimball Drive, Suite 300, IN Parsippany, N.J. The site is expected to be home to members of the leadership team, global support functions and North American commercial organization to develop and provide solutions that make life better for people coping with diabetes.
In 2023, Eli Lilly announced price reductions of 70% for its most prescribed insulins and an expansion of its Insulin Value Program that caps patients out-of-pocket cost at USD 35 or less per month.
In 2023, Novo Nordisk launched the first smart insulin pens NovoPen 6 and NovoPen Echo Plus available in the UK.
In 2022, Medtronic entered into a set of definitive agreements to acquire EOFlow Co. Ltd., a manufacturer of the EOPatch device- a tubeless, wearable and fully disposable insulin delivery device.
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Top Key players: -
The prominent players operating in the global insulin delivery devices market are Embecta Corp. (Formely Becton, Dickinson and Company Diabetes Care Business (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), Insulet Corporation (US), Biocon Limited (India), Novo Nordisk A/S (Denmark), Medtronic (Ireland), Sanofi (France), Eli Lilly and Company (US), Roche Diabetes Care (Switzerland), Owen Mumford (England), Mrdtrum Technologies Inc. (China), Terumo Corporation (Japan), Wockhardt (India), Cerur Corporation (Switzerland), EoFlow CO., Ltd. (South Korea), Hindustan Syringes & Medical Devices Ltd (India), Sooil Developments CO., Ltd (Korea), Haselmeier (Germany), Mannkind Corporation (US), HTL-Sterfa S.A. (Poland).
Insulin delivery devices are changing the landscape of diabetes management by addressing the challenges that individuals with diabetes face on a daily basis. These devices offer precision, convenience, and improved quality of life, enhancing patient adherence and reducing the risk of complications. As technology continues to advance, we can expect even more innovative solutions that empower individuals to take control of their diabetes and lead healthier, more fulfilling lives.
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