Insulin Delivery Devices Market to Reach USD 34.10 Billion by 2028 – Reports and Data
Rising prevalence of diabetes, increasing awareness of insulin delivery devices, and ongoing research and development activities in the field, are some of the factors driving market growth
The global insulin delivery devices market to reach USD 34.10 billion by 2028 at a CAGR of 9.3%, according to the latest report by Reports and Data. Increasing incidences of diabetes, advancement in healthcare infrastructure, and increasing adoption and demand of insulin delivery devices for diabetic care, are some key factors expected to drive market revenue growth over the forecast period. Rapidly increasing geriatric population in developing countries, is further drive the market growth.
According to recent survey, about 463 million people across the world are suffering from diabetes. Approximately 4.2 million deaths are due to this chronic disorder every year impacting heart, kidneys and liver. Improper secretion of naturally occurring hormone, insulin leads to development of diabetes. Insulin delivery devices allow insulin to enter into the bloodstream of diabetic patients non-invasively. Insulin delivery devices becomes necessity of patients suffering through type-1 diabetes. There are various types of delivery devices like insulin pens, syringes, inhalers, pumps, injectors, etc. Ongoing research to design and manufacture advanced products has projected the market growth.
Rising diabetic population in developing countries, and awareness of using innovative insulin delivery devices are some key factors expected to boost market revenue growth over the forecast period. There are lucrative opportunities for the market contributors operating in the global insulin delivery devices market. Increasing government spending on healthcare infrastructure, and favourable reimbursement policies are contributing to market growth going ahead. However, high costs, lack of awareness, and stringent government regulations regarding insulin delivery devices, are the major factors expected to hamper the global insulin delivery devices market growth to a certain extent over the forecast period.
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Some Key Highlights from the Report:
- Insulin pens segment is expected to account for a largest revenue share in the global market. Increasing adoption and popularity of insulin pens is due to its convenience, user-friendliness, and accuracy. Key market manufacturers are focusing on production of advanced products such as, smart insulin pens to meet the increasing demand from diabetic patients.
- Homecare segment is expected to register robust revenue in the global market over the forecast period due to increasing awareness of using portable insulin delivery devices at home. Diabetes care at home using these use-friendly insulin devices is extremely beneficial for elderly people, reducing trouble of going to hospitals and clinics.
- North America region is expected to account for a largest revenue share in the global insulin delivery market during the forecast period. The factor responsible for the market growth is increasing prevalence of diabetes due to obesity, unhealthy eating habits, and lack of physical exercise. Moreover, advanced healthcare infrastructure, Increasing knowledge about insulin devices, and favorable reimbursement policies are also contributing to the market growth.
- Asia Pacific market revenue is expected to expand significantly over the forecast period due to growing geriatric population, rising number of diabetic population, growing awareness about insulin delivery devices. In addition, presence of key manufacturers of insulin delivery devices, is the factor responsible for the market growth.
- Key companies in the insulin delivery devices market include Sanofi Diabetes, Novo Nordisk, Omnipod Insulin Management, Eli Lilly and Company, Gerresheimer, Johnson and Johnson, Becton Dickinson, and Company, F. Hoffmann-La Roche AG, B.Braun, Tandem Diabetes Care, Biocon Limited, and Medtronic Plc.
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For the purpose of this report, Reports and Data has segmented the global insulin delivery devices market has been segmented into type, distribution channel, end use, and region:
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Insulin Syringe
- Insulin Pens
- Insulin Jet Injectors
- Insulin Pumps
- Insulin Needles
- Insulin Inhalers
- External Insulin
- Implantable Insulin
Distribution Channels Outlook (Revenue, USD Billion; 2018 – 2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
End Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Ambulatory Care Centers
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Region Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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