CHICAGO, July 31, 2023 /PRNewswire/ -- In the near future, the insulin delivery devices industry is poised for remarkable advancements that promise to revolutionize diabetes management. With growing prevalence of diabetes worldwide and an increasing emphasis on personalized healthcare, innovative technologies are expected to dominate the market. Smart insulin pumps equipped with advanced algorithms and artificial intelligence will offer more precise and automated insulin dosing, leading to improved glycemic control and reduced risk of complications. Additionally, non-invasive glucose monitoring devices utilizing cutting-edge sensors and wearable technology will become more prevalent, easing the burden of frequent fingerstick tests for patients. Furthermore, the integration of telemedicine and data-sharing capabilities will enhance patient-doctor interactions, enabling remote monitoring and personalized treatment plans. As the industry continues to innovate, the future of insulin delivery devices holds the promise of enhancing the quality of life for millions of people living with diabetes.
Insulin Delivery Devices Market in terms of revenue was estimated to be worth $30.8 Billion in 2023 and is poised to reach $46.2 Billion by 2028, growing at a CAGR of 8.5% from 2023 to 2028 according to a new report by MarketsandMarkets™. As diabetes prevalence has increased, there is an increasing demand for more efficient diabetes care solutions. Furthermore, government support and favourable reimbursement schemes as well as technological advanced insulin delivery devices are main factors driving market growth.
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Insulin Delivery Devices Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $30.8 Billion |
Estimated Value by 2028 | $46.2 Billion |
Growth Rate | Poised to grow at a CAGR of 8.5% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, End User and Region |
Geographies Covered |
|
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing healthcare expenditure on diabetes care |
Key Market Drivers | Growing prevalence of diabetic population |
"Insulin pen delivery device segment to grow at the highest CAGR during the forecast period."
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. This is primarily because patients can use the same pen multiple times by replacing the insulin cartridge are more economical compared to disposable insulin pens.
"The patients/homecare segment 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. Presence of a favorable reimbursement scenario, increasing preference for less invasive technologies to administer insulin, and user friendliness have contributed for the growth of this segment.
"North America accounted for the largest share of the Insulin delivery device market, followed by Europe in 2022"
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. This is driven on by a number of factors, such as the rising prevalence of diabetes, technological advancements in insulin delivery devices, reimbursement support, and increasing emphasis on raising the quality of patient care.
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Insulin Delivery Devices Market Dynamics:
Drivers:
- Growing prevalence of diabetic population
Restraints:
- High cost and lack of reimbursement in developing countries
Opportunities:
- Increasing healthcare expenditure on diabetes care
Challenges:
- Needlestick injuries and misuse of injection pens
Key Market 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), Sungshim Medical Co., Ltd. (South Korea), Vicentra B.V. (Netherland), Debiotech SA (Switzerland), Jiangsu Delfu Medical Device Co., Ltd (China), Haselmeier (Germany), Mannkind Corporation (US), HTL-Sterfa S.A. (Poland).
Recent Developments:
- 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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Insulin Delivery Devices Market Advantages:
- Enhanced Convenience: Insulin delivery devices provide a convenient and user-friendly way for patients to administer insulin. Whether it's insulin pens, pumps, or patches, these devices simplify the process of insulin delivery, reducing the reliance on traditional syringes and vials.
- Improved Glycemic Control: The advanced features of insulin delivery devices, such as smart pumps with continuous glucose monitoring (CGM) integration, allow for more precise and personalized insulin dosing. This results in better glycemic control, reducing the risk of hyperglycemia and hypoglycemia episodes, and ultimately lowering the risk of diabetes-related complications.
- Increased Treatment Compliance: Insulin delivery devices offer greater ease of use and convenience, leading to improved treatment compliance among patients. The reduction in the number of injections or the need for frequent adjustments in insulin dosing can positively impact patient adherence to their prescribed treatment plan.
- Precision and Accuracy: Insulin delivery devices are designed to deliver insulin with greater precision and accuracy, ensuring consistent dosing. This reduces the potential for dosing errors and ensures patients receive the correct amount of insulin they need.
- Flexibility in Lifestyle: Insulin pumps and patch-based systems offer more flexibility for patients in managing their diabetes. With programmable basal rates and bolus doses, patients can adjust their insulin delivery to match their lifestyle, exercise, and dietary habits.
- Reduced Pain and Discomfort: Insulin delivery devices often use finer needles or even needleless systems, which can lead to reduced pain and discomfort during insulin administration compared to traditional syringes.
- Continuous Glucose Monitoring (CGM) Integration: Many modern insulin pumps come with CGM integration, allowing real-time monitoring of glucose levels. This feature helps patients proactively adjust insulin dosing and provides insights into glucose trends, enabling more proactive diabetes management.
- Potential for Closed-Loop Systems: The insulin delivery device market is rapidly progressing toward closed-loop or artificial pancreas systems, where insulin delivery is fully automated based on continuous glucose monitoring data. This technology has the potential to revolutionize diabetes management by minimizing the need for constant manual intervention.
- Improved Data Tracking and Analysis: Insulin delivery devices often come with software or mobile apps that enable patients to track and analyze their blood glucose levels, insulin dosing, and other relevant data. This facilitates better self-management and empowers patients to make informed decisions about their diabetes care.
- Advancements in Telemedicine: The integration of insulin delivery devices with telemedicine platforms allows healthcare providers to remotely monitor patients' glucose levels, adjust insulin therapy, and provide timely feedback, fostering a more personalized and accessible approach to diabetes management.
In summary, the insulin delivery devices market offers a wide array of advantages, including improved convenience, enhanced glycemic control, increased treatment compliance, precision, flexibility, and a reduced burden of pain and discomfort. As technology continues to advance, these benefits are expected to further improve the lives of individuals living with diabetes.
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