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Jul-2019
Insulin Delivery Devices Market Size To Reach USD 18.48 Bn By 2026
Global Insulin Delivery Devices Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - By Type (Insulin Syringes, Insulin Pens, Insulin Pen Needles, Insulin Pumps, Insulin Jet Injectors), By Application (Type I Diabetes & Type II Diabetes) and Region – Industry Forecast (2021 to 2026)
Global Insulin Delivery Devices Market Size (2021 to 2026)
The size of the global insulin delivery devices market is estimated to be worth USD 18.48 billion by 2026, registering a CAGR of 6.9% from 2021 to 2026.
Impact of COVID-19 on the global insulin delivery devices market:
The COVID-19 pandemic has had a significant impact on the insulin delivery device market. Due to the outbreak, this is one of the few markets that has increased in popularity. Insulin delivery equipment like insulin pens, pumps, syringes, and other protective items have seen a significant rise in demand due to the situation. In 2020, the pandemic proved to be a significant driver in the growth of the insulin delivery device market.
KEY DRIVING FACTORS:
The increasing prevalence of diabetes majorly drives market growth. The growing geriatric population is considered one of the major growth contributors to the market, as the senior population is vulnerable to diabetes and obesity. Obesity and being overweight are closely linked to diabetes, which is increasing at alarming rates, resulting in a high prevalence of diabetes. As a result, the market for insulin delivery devices is being driven by the large population of people with diabetes.
The other factors such as changing lifestyles, improper intake of food lead to various chronic disorders such as diabetes which influence the market growth. The advancements in insulin delivery methods, which include minimal invasiveness in an improved way while decreasing patient burden, will positively impact market growth in the coming years.
On the other hand, the rising awareness about insulin delivery devices and increasing demand for human insulin significantly drive the market during the forecast period. In addition, initiatives taken by the government and non-government organizations for creating healthcare awareness programs are positively impacting the market growth.
Additionally, the technological advancements in insulin delivery, growing adoption of insulin pens, and increasing investments by the government and private organizations in the healthcare sector are expanding the market growth. Further, rising F.D.A. support, growing normality of hyperglycemia, and developing determination of self-injectable devices are expected to boost the market growth.
Insulin pens are more convenient to use than syringes for injecting insulin. As a result, while looking at the market, insulin pens are the most popular, with a higher market share. Due to the extremely growing number of diabetes patients and the ease of insulin pens, most patients choose them, making them the most popular insulin delivery method.
RESTRAINING FACTORS:
However, the global insulin delivery devices market is being hindered by strict regulatory regulations for product approval and the necessity of high production costs. Also, high insulin prices and growing healthcare costs may impede market growth.
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KEY MARKET INSIGHTS:
- Based on the type, the insulin syringes segment dominated the global market in 2020. While insulin syringes are convenient to use and manage, insulin pens are smaller and maybe prefilled or reused. Therefore, the reusable category held the biggest proportion of the market in 2020.
- Based on the Application, type 2 diabetes is expected to showcase a significant share during the forecast period. Changes in life expectancy combined with rapid socioeconomic change, increasing prevalence of obesity, and increased prevalence of cardiovascular (CV) illnesses are projected to fuel the segment growth.
- Geographically, the North American insulin delivery devices market dominated the global market and is anticipated to account for the largest share during the forecast period. The proliferation of diabetes, favorable reimbursement policies, and advanced healthcare infrastructure are boosting the market growth. The U.S. accounted significant share in the market. Increasing venture capital investments and initial public offerings (I.P.O.s) in the United States, as well as F.D.A. approvals to expand the commercial availability of insulin delivery devices in the United States. On the other hand, the Asian region held the second-largest share of the Insulin delivery devices Market. The market growth is attributed to a rapid increase in population, improving the healthcare sector, and supportive government policies. China and India are majorly contributing to the APAC regional market growth. Europe holds a steady and considerable position in Insulin delivery devices Market. The easy availability of advanced products, technological advancements in products, and favorable reimbursement scenarios in developed nations such as Germany and the U.K. are projected to fuel the market growth.
- Becton & Dickinson and Company (U.S.), Sanofi (France), and Novo Nordisk A/S (Denmark) are a few of the leaders in the global insulin delivery devices market.
The report can be customized as per requirements; ask for it @ https://www.marketdataforecast.com/market-reports/insulin-delivery-devices-market/customization
MARKET SEGMENTATION:
By Type:
- Insulin Syringes
- Insulin Pens
- Insulin Pen Needles
- Insulin Pumps
- Insulin Jet Injectors
By Application:
- Type I Diabetes
- Type II Diabetes
By Region:
- North America
- Europe
- APAC
- Latin America
- The Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Becton & Dickinson and Company (U.S.)
- Sanofi (France)
- Novo Nordisk A/S (Denmark)
- Julphar (U.A.E.)
- Eli Lilly and Company (U.S.)
- Biocon Ltd. (India)
- Ypsomed AG (Switzerland)
- Wockhardt Ltd. (India)
- B. Braun Meselgen AG (Switzerland)
- Biodel Inc. (U.S.)
BROWSE REGIONAL REPORTS:
WRITTEN BY: Prachi Singh
Prachi Singh is a management student at RIIM Pune. She worked as a Research Associate (intern) in Market Data Forecast, one of the world’s leading research and consulting for various business domains, individuals and corporate clients
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