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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