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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Growth Driver: Growing prevalence of diabetic population
Diabetes is one of the most common non-communicable
diseases across the globe. According to the World Health Organization, 422
million people worldwide have diabetes, and 1.5 million deaths are directly
attributes to diabetes each year. Among the seven IDF regions, North America
and Caribbean has the highest prevalence of diabetes (13.3%), followed by the
Middle East and North Africa. Moreover, modern lifestyle characterized by
reduced physical activities, rapid urbanization associated with changes in dietary
patterns, reduced physical activities, increased consumption of processed
foods, and genetic factors have contributes to the increased prevalence of
diabetes.
Growth Opportunity: Increasing healthcare
expenditure on diabetes care
The increase in global health expenditure due to
diabetes has been considerable, growing from USD 232 billion in 2007 to USD 966
billion in 2021 for adults aged 20–79 years. This represents a 316% increase
over 15 years. Part of this increase can be attributed to improved data
quality. The direct costs of diabetes are expected to continue to grow. The IDF
estimates that total diabetes-related health expenditure will reach USD 1.03
trillion by 2030 and USD 1.05 trillion by 2045 (Source: IDF Atlas 2021). The North
America and Caribbean region has the highest diabetes-related health
expenditure per adult with diabetes (USD 8,209), followed by the Europe region
(USD 3,086), South and Central America region (USD 2,190), and WP region (USD
1,204). This figure is USD 465 per person with diabetes in the Middle East and
North Africa region, USD 547 in the Africa region, and USD 112 in the Southeast
Asia region.
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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