Fact.MR – A Market Research and Competitive Intelligence Provider: The global market for insulin delivery devices totalled US$ 14 Bn in the 2020.
Insulin Delivery Devices Demand Chiefly Centralized in North America with the Region Accounting 1/3rd of Global Sales
The insulin delivery devices market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey offers insulin delivery devices demand outlook and uncovers opportunities existing in key segments, including type and end user. It also highlights key strategies adopted by market players to increase insulin delivery devices sales.
Fact.MR – A Market Research and Competitive Intelligence Provider: The global market for insulin delivery devices totalled US$ 14 Bn in the 2020. As per an analysis by Fact.MR, the insulin delivery devices market demand outlook is fairly positive and the market is set to expand at a healthy CAGR of around 7% over the forecast period 2021-2031.
Growing prevalence of chronic diseases such as diabetes pertaining to unhealthy lifestyle, obesity and ageing is pushing demand for insulin. This in turn is creating lucrative opportunities for growth of the insulin delivery devices market. The demand continued to grow especially amidst the outbreak of COVID-19 pandemic, which steered the sales of pumps, syringes and insulin pens across the globe.
Among different types, insulin pens are gaining significant traction in the market due to their growing popularity among consumers and user-friendly design. Some of the leading market players are therefore focusing on diversifying their portfolio to accommodate specific requires of the industry.
For instance, in 2019, Novo Nordisk announced the launch of its new reusable NovoPen 6 and NovoPen Echo Plus. These newly designed pens are Conformité Européenne (CE) marked and also equipped with near field communication (NFC) technology.
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With advancements in e-commerce and new technologies, consumers are now transitioning towards online services of buying insulin delivery devices, which, in turn spurring sales prospects.
According to the study by Fact.MR, North America is dominating the market for insulin delivery devices, accounting for nearly 1/3 of the market revenue across the globe. Owing to factors such as rise in the number of diabetic patients and obesity, the market is anticipated to expand at a healthy CAGR over the upcoming years.
“Increasing investment in research and development activities for manufacturing devices with cutting-edge technologies, including insulins pens will drive sales of insulin delivery device. This in turn continue offering lucrative opportunities for growth of the market,” says a Fact.MR analyst.
Key Takeaways from Insulin Delivery Devices Market Survey
- North America will emerge as a dominant market owing to increase in the number of diabetic patients.
- Backed by robust growth in population size, the Asia market is expected to expand at a significant pace over the forecast period.
- Europe is anticipated to grow at a healthy CAGR over the assessment period 2021-2031.
Key Drivers
- Rising prevalence of chronic disorders is fuelling demand for insulin delivery devices.
- Technological innovations in insulin delivery devices is expected to positively impact the market growth.
Key Restraints
- Stringent government rules and regulations governing product approval is expected to limit the market growth.
- High cost associated with insulin delivery devices will hamper sales of the market.
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Competitive Landscape
Insulin delivery devices manufacturers are focusing on new product offering to enhance their product portfolio. Their key focus area also includes acquisitions and expansions to increase their global footprint.
For instance, in 2020, Tandem Diabetes Care, Inc., a leading insulin delivery and diabetes technology company, announced the launch of its new t:slim X2™ insulin pump with Control-IQ™ technology, an elaborate hybrid-closed loop feature manufactured to help increase time in range (70-180 mg/dL)1.
In 2020, Medtronic has planned to acquire Companion Medical, the manufacturer of InPen. This acquisition aims at integrating both companies’ assets to offer diabetic patients with a device to help them take appropriate dosing decisions.
Some of the leading players operating in the insulin delivery devices market profiled by Fact.MR are:
- Sanofi SA,
- Medtronic PLC,
- Novo Novardisk A/S
- Eli Lilly & Company.
- B. Braun Melsungen AG,
- Becton, Dickinson and Company,
- Biocon Ltd., Owen Mumford Ltd.,
- Cellnova Group SA,
- Yepsomed Holding AG,
- F. Hoffmann-La Roche Ltd.,
- Valeritas Inc.,
- Tandem Diabetes Care, Inc.,
- Insulet Corporation,
- SOOIL Development Co., Ltd,
- Mannkind Corporation.
More Valuable Insights on Insulin Delivery Devices Market
Fact.MR, in its new report, offers an unbiased analysis of the global insulin delivery devices market, analysing forecast statistics through 2021 and beyond. The survey reveals growth projections on insulin delivery devices market with detailed segmentation:
Type
- Insulin Pens
- Insulin Syringes
- Insulin Pumps
- Others
Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Diabetes Clinics/Centers
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Key Questions Covered in the Insulin Delivery Devices Market Report
- The market survey also highlights projected sales growth for insulin delivery devices market between 2021 and 2031
- The report offers insight into insulin delivery devices demand outlook for forecast period 2021-2031
- Insulin delivery devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Insulin delivery devices market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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