Rockville, March 03, 2023 (GLOBE NEWSWIRE) -- The global insulin delivery devices market is poised to expand at 7% CAGR during the forecast period (2023 to 2033). Worldwide insulin delivery device sales are expected to reach US$ 16.8 billion in 2023.
Demand for insulin delivery devices is anticipated to skyrocket by nearly 2x by the end of 2033. It is attributed to increasing prevalence of diabetes globally. Backed by this, overall sales in the market would surpass US$ 33.1 billion by the end of 2033.
A couple of key factors driving development in the market include increasing cases of obesity and adoption of sedentary lifestyles. Innovations in insulin delivery device technology and presence of favorable reimbursement policies would also fuel sales. Increasing awareness about diabetes management would further ensure development in the market.
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Report Attributes | Details |
| Forecast Period | 2023 - 2033 |
| Value Projection (2032) | US$ 33.1 Billion |
| Growth Rate (2022-2032) | 7% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 86 Tables |
| No. of Figures | 102 Figures |
Key Takeaways:
- The insulin delivery devices market would surge at a CAGR of 7% during the forecast period.
- Based on product type, insulin pens would witness an uptick with a 35% of market share by 2023.
- By 2033, the global insulin delivery devices market is expected to surpass US$ 33.1 billion.
- North America insulin delivery devices market share was 36% in 2022.
- China insulin delivery devices market would surge at a CAGR of 9.1% over the forecast period.
Growth Drivers:
- Increasing use of portable insulin delivery devices at home to save on clinic visiting costs, waiting time, and hospital fee would drive sales.
- Rising smoking habits and changing food consumption patterns might lead to type 2 diabetes, which would push demand for advanced devices.
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Key Companies Profiled by Fact.MR
- Becton, Dickinson, and Company
- SOOIL Development Co. Ltd.
- F. Hoffmann- La Roche Ltd.
- Owen Mumford Ltd.
- Insulet Corporation
- Sanofi S.A.
- Mannkind Corporation
- Ypsomed Holding AG
- B. Braun Melsungen AG
- Novo Nordisk A/S
- Valeritas Inc.
- Eli Lily and Company
- Biocon Ltd.
- CellNova Group SA
- Medtronic plc
- Tandem Diabetes Care Inc
Competitive Landscape:
Key manufacturers are acquiring local companies specializing in research and development activities. They are aiming to develop new technologies.
They are also aiming for mergers, acquisitions, partnerships, product developments, and launches. They are doing so to gain a competitive edge in the insulin delivery devices market.
For instance,
- In May 2022, Roche Diabetes Care announced the launch of ACCU-FINE. It is a high-quality pen needle. It makes insulin injections less painful and smooth for diabetics.
- In April 2022, Abbott collaborated with CamDiab and Ypsomed to bring an artificial pancreas system to Europe. Blood sugar levels will be put into a mobile app developed by CamDiab. It will also be available in a smart insulin pump launched by Ypsomed.
More Valuable Insights on Insulin Delivery Devices
In the up-to-date study, Fact.MR provides an unbiased analysis of the global insulin delivery devices market during the forecast period (2023 to 2033). The survey also offers a comprehensive analysis of the key trends, opportunities, and drivers propelling the sales of insulin delivery devices through detailed segmentation as follows:
Product Type:
- Insulin Pens
- Insulin Syringes
- Insulin Pumps
- Others
Distribution Channel:
- Online Sales
- Retail Pharmacies
- Hospital Pharmacies
- Diabetes Clinic/Centers
Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Key Questions Covered in Report
- How will the demand for insulin delivery devices surge during the forecast period?
- Which are the key trends propelling the sales of insulin delivery devices in the market?
- Which region will be the most lucrative in the insulin delivery devices market from 2023 to 2033?
- What is the projected market valuation of the insulin delivery devices market in 2033?
- What are the challenges insulin delivery device providers might face over the upcoming decade?
Explore Fact. MR’s Coverage in the Healthcare Domain
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Insulin Patch Pumps Market: The global insulin patch pumps market would register a moderate surge at a CAGR of 11% from 2022 to 2032.
Insulin Storage Devices Market: The global insulin storage devices market would surge to US$ 1.28 billion by 2027. It would elevate at a CAGR of 8.1% from 2022 to 2027.
Long-Acting Insulin Market: According to the latest research by Fact MR, long-acting insulin market will experience substantial growth with a CAGR of 9.4% during the forecast period 2021-2031.
Wireless Portable Medical Devices Market: Wireless portable medical devices industry analysis reveals that the global market was valued at US$ 15 Bn in 2020, and is projected to top US$ 33 Bn by 2031, expanding at a CAGR of 11%.
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