The latest market report published by Credence Research, Inc. “Global Insulin Delivery Devices Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Insulin delivery devices market has witnessed steady growth in recent years and is expected to continue growing at a CAGR of 7.80% between 2023 and 2030. The market was valued at USD 13.8 billion in 2022 and is expected to reach USD 23.34588879 billion in 2030.
Insulin delivery devices play a crucial role in the management of diabetes, with insulin pens being the most popular product segment. Other significant segments include insulin syringes and insulin pumps. Homecare is the primary end-use segment, with Europe leading the market growth.
The global insulin delivery devices market faces challenges such as high costs hindering access to these devices and limited availability in underserved areas. However, the market also offers significant growth opportunities, including the integration of advanced technologies such as artificial intelligence (AI), machine learning, and the emergence of wearable devices and continuous glucose monitoring (CGM) systems.
The market is highly competitive, with key players including Novo Nordisk A/S, Sanofi, Eli Lilly and Company, Biocon Ltd., and more. These companies focus on product innovation, expanding their applications, and strategic partnerships to stay ahead in the market.
Insulin Delivery Devices Market Dynamics have witnessed a remarkable evolution over the years, guided by the continuous advancements in technology and rising prevalence of diabetes. These dynamics reflect the various factors that shape this market segment, including demand patterns, competitive landscape, regulatory framework, and technological innovations. With an increasing number of individuals being diagnosed with diabetes globally, there has been a growing need for efficient insulin delivery devices that can ensure accurate dosing while minimizing discomfort for patients. This has led to a surge in research and development activities aimed at developing novel delivery mechanisms such as insulin pens, insulin pumps, patch pumps, jet injectors, and inhalation devices.
Why to Buy This Report-
· The report provides a qualitative as well as quantitative analysis of the global Insulin Delivery Devices Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
· The report includes information on the competitive landscape, such as how the market's top competitors operate at the global, regional, and country levels.
· In-depth analysis of the global market segmentation on the Route of Administration and Application
· Major nations in each region with their import/export statistics
· The global Insulin Delivery Devices Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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Insulin Delivery Devices Market was valued US$ 13.45 Bn in 2019 and expected to reach US$ 18.76 Bn by 2024, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period 2016-2024.
On the basis of product type, the market is divided into Pumps (Tubed Pumps, Tubeless Pumps), Pens (Reusable, Disposable), Pen Needles (Standard, Safety), Syringes.
Based on distribution channel, a market is classified into Hospital Pharmacy, Retail Pharmacy, Online Sales, Diabetes Clinics/ Centers.
Owing to inappropriate eating habits and lack of physical work; diabetes incidences are rising at alarming rates in developing countries too.
More and more minimally invasive devices are gaining demand around the globe, especially in developed nations.
Minimally invasive nature of pumps will increasingly attract more consumers over the coming years, especially in an industrialized nation; however, their cost will prove to be a major restraining factor for the business growth.
Insulin Delivery Devices Market was valued US$ 13.45 Bn in 2019 and expected to reach US$ 18.76 Bn by 2024, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period 2016-2024.
Based on distribution channel, a market is classified into Hospital Pharmacy, Retail Pharmacy, Online Sales, Diabetes Clinics/ Centers.
Owing to inappropriate eating habits and lack of physical work; diabetes incidences are rising at alarming rates in developing countries too.
More and more minimally invasive devices are gaining demand around the globe, especially in developed nations.
Minimally invasive nature of pumps will increasingly attract more consumers over the coming years, especially in an industrialized nation; however, their cost will prove to be a major restraining factor for the business growth.Increasing demand for insulin-delivering devices and minimally invasive alternatives such as pumps, advancements in insulin devices in terms of design and functioning, an increasing prevalence of diabetes and ease offered by some insulin delivery devices to patients are some of the major market growth driving factors observed worldwide.North America Insulin Delivery Devices Market accounted for the highest revenue in 2017 and is projected to grow at a significant rate during the forecast period.
Increasing diabetes prevalence coupled with rising disposable income level will drive market growth over the forecast period.
Global Insulin Delivery Devices (Idd) Market Size, Application And Trends Analysis By Type (Insulin Syringes, Pen, Insulin Pumps, Insulin Jet Injectors, Pen Needles And Others), Distribution Channel (Hospital Pharmacy, Retail Pharmacy, Online Sales And Diabetes Clinics/ Centers), End User (Hospitals & Clinics, Homecare And Specialty Centres) And Region (Americas, Europe, Asia-Pacific And Middle East & Africa) - Forecast Till 2025Global Market - OverviewThe insulin delivery devices market is growing at a rapid pace; mainly due to the rapidly increasing number of diabetic populations.
Insulin delivery devices are adaptable & lifestyle friendly, and hence these are garnering huge popularity and advancement due to its programmable physiologic technique for the delivery of insulin.The current research and development activities that are coordinating the two technologies, "sensor-augmented" and "sensor-driven" to develop pumps with completely automated & independent sensing and delivery system are expected to escalate the market on the ascending global heights.Acknowledging the burnished growth, the market perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global insulin delivery devices market is expected to accrue exponentially by 2020, registering 7.9 % CAGR between 2014 and 2020.
Additional factors fostering the growth of this market include the rise in the obese population, the prevalence of diabetes that is rising significantly, and the spreading awareness towards diabetic care, worldwide.
Thus, if these trends linearly continue over the next couple of years, it will dramatically increase the number of populations diagnosed with diabetes which, in turn, will substantially foster the demand for insulin delivery devices.With the rising number of diabetic patients, the demand for insulin delivery devices is expected to surge, thus resulting in exploding the size of the global insulin pumps market.Global Insulin Delivery Devices Market - SegmentsThe MRFR analysis is segmented into two key dynamics for the convenience of understanding;By Type : Insulin Syringe, Insulin Pumps, Insulin Pens, Insulin Jet Injectors and others (jet injectors, transdermal patches, and inhalers).By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).Global Insulin Delivery Devices Market - Competitive LandscapeThe rapidly growing market of insulin delivery devices appears fiercely competitive and fragmented with many large and small-scale players alongside new entrants forming a competitive landscape.
The fierce competition in the anti-diabetic drug market has forced many players to developed delivery devices as an effective way to control the fall in revenues.Matured players are increasingly seeking market expansion through various strategic initiatives such as mergers and acquisitions, increasing investments, innovation, and R to develop cost-effective product portfolio.
The partnership formed are helping the companies to reduce the development costs associated with the insulin delivery devices.These players possess state-of-the-art developing labs and strong sales and distribution network that can help them to gain the leadership position in the market.
