Insulin Delivery Devices Market
Number of pages: 100 | Report Format: PDF | Published date: June 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 13.75 billion |
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Revenue Forecast in 2031 |
US$ 25.70 billion |
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CAGR |
7.2% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global insulin delivery devices market was valued at US$ 13.75 billion in 2022 and is expected to register a revenue CAGR of 7.2% to reach US$ 25.70 billion by 2031.
Insulin Delivery Devices Market Fundamentals
Insulin delivery devices refer to the various tools and systems used to administer insulin to individuals with diabetes. Insulin is a hormone the pancreas produces that helps regulate blood sugar levels. People with diabetes either have insufficient insulin production or their bodies cannot effectively utilize insulin. These devices are available in various forms to cater to different preferences, insulin regimens, and lifestyles. The choice of insulin delivery device is typically based on individual needs, recommendations from healthcare professionals, and consideration of factors such as insulin requirements, lifestyle, convenience, and personal preference.
Insulin Delivery Devices Market Dynamics
The increasing prevalence of diabetes globally is a significant driver for the insulin delivery devices market. As the number of people diagnosed with diabetes continues to grow, the demand for insulin and the need for effective insulin delivery devices also increase. According to the WHO, approximately 422 million people worldwide have diabetes, the majority living in low-and middle-income countries, and 1.5 million deaths are directly attributed to diabetes each year. Advancements in technology have led to the development of more sophisticated and user-friendly insulin delivery devices. These devices offer improved accuracy, ease of use, and enhanced features such as dose calculation, data connectivity, and integration with other diabetes management technologies, increasing the demand for insulin delivery devices. Integrating insulin delivery devices with digital technology and connectivity is a growing trend in the industry. Smart insulin pens and insulin pumps are being developed with Bluetooth connectivity, smartphone apps, and data-tracking capabilities. Many individuals fear needles or experience discomfort with traditional insulin injections. The demand for non-invasive or needle-free insulin delivery devices, such as insulin pumps and jet injectors, is increasing as they provide an alternative to traditional injections, improving patient compliance and satisfaction.
The elderly population is more prone to diabetes; age-related factors can make insulin administration challenging. As the global population ages, the demand for insulin delivery devices that cater to the specific needs of older individuals is expected to increase. According to WHO, by 2030, one out of every six persons worldwide will be 60 or older. At this point, the population of people aged 60 and up will grow from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of persons aged 60 and up will have doubled (to 2.1 billion). Between 2000 and 2019, there was a 3% increase in age-standardized mortality rates from diabetes. Government initiatives aimed at improving diabetes management and providing affordable access to insulin and related devices play a significant role in the insulin delivery devices market growth.
However, insulin delivery devices are subject to regulatory oversight to ensure safety, efficacy, and quality standards. The process of obtaining regulatory approvals can be time-consuming and costly for manufacturers. Stringent regulations and complex approval processes may slow the introduction of new and innovative insulin delivery devices, hindering market growth. In some healthcare systems, reimbursement policies for insulin delivery devices are limited or restrictive. Insufficient coverage or reimbursement deter individuals from utilizing advanced insulin delivery devices, thus restricting the market growth of insulin delivery devices.
Insulin Delivery Devices Market Ecosystem
The global insulin delivery devices market is analyzed from the product, end user, and region.
Insulin Delivery Devices Market by Product
Based on the products, the global insulin delivery devices market is segmented into insulin pens, insulin pumps, insulin syringes, and insulin jet injectors.
The insulin pens segment accounted for the largest insulin delivery devices market share in 2022, with a 35.7% market share. Insulin pens are user-friendly and convenient, making them a preferred choice for many individuals with diabetes. They are designed to be simple and intuitive, with features like dose selection dials, easy-to-read scales, and one-button injection mechanisms. Insulin pens are compact, lightweight, and easily portable, allowing users to carry them anywhere. The pen-like design makes them discreet and less conspicuous than other insulin delivery devices, such as pumps or jet injectors. Insulin pens provide precise dosing with increments as small as half a unit, allowing more accurate insulin administration. The dial mechanism or push-button mechanism on insulin pens enables users to easily select the desired insulin dose, reducing the likelihood of dosing errors. Insulin pens are compatible with a wide range of insulin types and formulations, including rapid-acting, short-acting, intermediate-acting, and long-acting insulins. This versatility allows individuals to choose the most suitable insulin formulation for their specific needs and insulin regimen. Insulin pens offer cost advantages compared to other insulin delivery devices, particularly insulin pumps. They are generally more affordable upfront and have lower ongoing costs in terms of supplies, such as insulin cartridges and pen needles, which is also boosting segmental growth.
The insulin jet injectors segment is expected to register a lucrative growth rate during the forecast period from 2023 to 2031. Insulin jet injectors offer a needle-free method of insulin administration, which appeals to individuals who fear needles or experience discomfort with injections. Insulin jet injectors provide a painless or less painful injection experience than traditional needles. This factor greatly enhances patient comfort and satisfaction, increasing the adoption of jet injectors. Insulin jet injectors are designed for ease of use and portability. They offer a quick and convenient method of insulin administration, eliminating the need for vials, syringes, and manual injection processes. The simplicity and convenience of insulin jet injectors make them appealing to individuals who value accessibility and ease of use, contributing to their fast-growing market demand. Insulin jet injectors provide consistent and precise insulin dosing. They deliver insulin in a controlled manner, ensuring accurate delivery without requiring manual dose adjustment. Insulin jet injectors have seen technological advancements, improving performance and user experience. Modern jet injectors are designed with adjustable depth settings, dose memory, and variable delivery speeds. These technological advancements enhance the usability and functionality of jet injectors, attracting users and driving the market growth.
Insulin Delivery Devices Market by End User
Based on the end users, the global insulin delivery devices market is segmented into hospitals, homecare, and others.
The homecare segment accounted for the highest revenue share of the insulin delivery devices market in 2022, with a 47.9% market share. Homecare allows individuals with diabetes to manage their insulin therapy in the comfort of their own homes. It offers convenience and independence, allowing users to administer insulin at their preferred time and location without the need to visit healthcare facilities or clinics. There is a growing emphasis on self-management of chronic conditions, including diabetes. Homecare empowers individuals to take control of their insulin therapy and make informed decisions about their treatment. With the appropriate training and support from healthcare professionals, individuals can effectively manage their diabetes at home. Insulin delivery devices designed for home use, such as insulin pens, insulin pumps, and continuous glucose monitoring (CGM) systems, have become more user-friendly and accessible. These devices are designed with features that facilitate self-administration, including easy-to-read displays, automated dose calculation, and user-friendly interfaces.
Insulin Delivery Devices Market by Region
The global insulin delivery devices market has been segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The North America region has the largest insulin delivery devices market size in revenue generation, accounting for around 36.7% market share. North America has a high prevalence of diabetes, and the growing number of individuals with diabetes creates a substantial demand for insulin delivery devices. As the population affected by diabetes continues to rise, the need for effective and efficient insulin delivery devices in the region increases, driving regional growth. According to the 2022 National Diabetes Statistics Report released by the Centers for Disease Control and Prevention, it is estimated that more than 130 million adults are living with diabetes or prediabetes in the U.S. North America is known for its advanced healthcare infrastructure and a strong emphasis on research and development. The region is a hub for innovation in insulin delivery devices, with continuous technological, design, and functionality advancements. North America has well-established healthcare systems and reimbursement policies supporting insulin delivery device adoption. Many insurance providers cover the cost of insulin delivery devices, including insulin pumps and pens, making them more accessible and affordable for individuals with diabetes. There is a growing emphasis on diabetes education and awareness in North America. Healthcare organizations, patient advocacy groups, and government initiatives strive to educate individuals about diabetes management and proper insulin delivery.
Insulin Delivery Devices Market Competitive Landscape
The prominent players operating in the global insulin delivery devices market are:
Insulin Delivery Devices Market Strategic Developments
Insulin delivery devices refer to the various tools and systems used to administer insulin to individuals with diabetes.
Asia Pacific can be considered the key growth region due to the surge in insulin delivery devices industry trends in China, Japan, and the Indian subcontinent.
Novo Nordisk A/S, Eli Lilly and Company, Medtronic plc, Ypsomed AG, Sanofi S.A., and Abbott Laboratories are a few of the prominent players in the market.
The global insulin delivery devices market growth is estimated to grow at a revenue CAGR of 7.2% during the forecast period from 2023 to 2031.
The estimated size of the global insulin delivery devices market in 2031 is US$ 25.70 billion.
*Insights on financial performance are subject to the availability of information in the public domain