According to Report Study, the global Insulin Delivery Devices market size is expected to be worth around US$ 29.8 billion by 2030.
According to Report Study, the global Insulin Delivery Devices market size is expected to be worth around US$ 29.8 billion by 2030.
The global Insulin Delivery Devices market size was valued at US$ 19.9 billion in 2020 and is anticipated to grow at a CAGR of 17.3% during forecast period 2021 to 2030.
Report Highlights
- The insulin pens segment held the largest revenue share of 36.6% in 2021 owing to its advantages over other products.
- The home care segment dominated the insulin delivery devices market and accounted for the largest revenue share of 48.95% in 2021.
- North America dominated the market for insulin delivery devices and accounted for the largest revenue share of 37.59% in 2021.
- In Asia Pacific, the market for insulin delivery devices is expected to grow fast over the forecast period.
- The insulin pens segment will reach at USD 12,752 million by 2030.
- The home care segment was valued at USD 8,325 million in 2021.
- U.S. insulin delivery devices market is expected to reach at USD 9,895 million by 2030.
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Growth Factors
The global industry is estimated to witness high growth during the forecast period from 2016 to 2025. The rapidly increasing number of diabetics coupled with the escalating attention around diabetes care is a major factor propelling the market.
Obesity, sedentary lifestyles, and unhealthy food habits, primarily in the young population, lead to the occurrence of diabetes. In addition, the growing diabetic geriatric population is another factor supporting the growth of this vertical. According to the United Nations, Department of Economic and Social Affairs, around 901 million individuals were aged 60 or over in 2015 and this number is projected to increase to 1.4 billion by 2030. Thus, the enlarging elderly population is expected to boost the demand for insulin delivery devices.
Technological innovations and advancements are an ongoing trend in this vertical. Also, favorable reimbursement policies for these devices, mainly in developed countries like the U.S. and Germany, are anticipated to fuel the market growth during the study period. However, stringent regulatory requirements regulating the approval of insulin delivery devices are a major factor restraining the growth of this industry.
Product Insights
The insulin pens segment held the largest revenue share of 36.6% in 2021 owing to its advantages over other products. Factors such as its high adoption rate, user-friendly design, and rising popularity among consumers contributed to the largest revenue share of this segment. The growing focus of manufacturers on promoting innovation and advancements is another major factor yielding the high share. For instance, in January 2014, Novo Nordisk launched a new device, NovoPen Echo in the U.S. This is the first device of its kind, available in the U.S., with a memory function and half-unit dosage features. Thus, product advancements are expected to propel the demand for insulin pens in the near future.
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End-use Insights
The home care segment dominated the insulin delivery devices market and accounted for the largest revenue share of 48.95% in 2021. It is anticipated that the home care segment will maintain its position in the market for insulin delivery devices during the forecast period. The key factors resulting in significant growth of the segment are increasing awareness of diabetes care and the growing adoption of insulin delivery devices amongst patients for home use.
The use of insulin devices at home saves on visiting costs, hospital or clinic fees, and waiting time. The advanced devices, including pumps, pens, and injectors, are small in size, highly portable, and can be used anywhere at any time. Thus, greater access to these devices and their higher user-friendliness has made insulin users opt for self-care diabetes management options.
Regional Insights
North America dominated the market for insulin delivery devices and accounted for the largest revenue share of 37.59% in 2021. The rising diabetic population and the accessibility of technologically advanced devices are the factors contributing to the high market growth in North America. According to statistics by the CDC in 2016, around 29 million people in the U.S. are still suffering from diabetes, among them 21.0 million patients were diagnosed, whereas 8.1 million patients remained undiagnosed. Also, according to the Canadian Diabetes Association, the prevalence of diabetes is growing in Canada and it is estimated to reach around 5 million by 2025. Thus, the large patient base suffering from diabetes and its growing prevalence is expected to boost the growth in this region.
In Asia Pacific, the market for insulin delivery devices is expected to grow fast over the forecast period. Developing economies, such as China and India, are expected to witness the highest growth during the study period due to the presence of a large population base suffering from diabetes and its rising awareness amongst individuals. In addition, global vendors are expanding their business in Asia Pacific and providing high-end products for diabetes care, which is the major factor contributing to the growth.
Key Players
Novo Nordisk A/S; Sanofi; Medtronic; Becton, Dickinson and Company; Eli Lilly and Company; Abbott; and F. Hoffmann-La Roche Ltd. There are several global and local manufacturers offering products for insulin delivery, resulting in intense competition among vendors.
Market Segmentation
- Product Outlook
- Insulin syringes
- Insulin pens
- Insulin pumps
- Insulin injectors
- End-use Outlook
- Hospitals
- Homecare
- Others
- Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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