Insulin Delivery Devices Market Size to Exceed US$29.1 Billion

Ottawa, June 16, 2022 (GLOBE NEWSWIRE) — Precedence Research, recently announced report on “Insulin Delivery Devices Market – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook and Forecast 2022-2030”.

Regional overviews

The North American region dominated the insulin delivery devices market. It accounted for the largest revenue share of approximately 37.5% in 2021. Rising diabetic population and availability of technologically advanced devices are the reasons leading to high growth of the market in North America. Approximately 29 million people in the United States are affected by diabetes. In terms of revenue, the North American region accounts for more than a third of the insulin delivery devices market share. In addition, the prevalence of diabetes is growing in Canada. While an increasing number of patients suffering from diabetes and its increasing prevalence in many other countries is driving the market for insulin delivery devices.

Get the Sample Report Pages @ https://www.precedenceresearch.com/sample/1802

The insulin delivery devices market is expected to grow rapidly in the Asia-Pacific region over the forecast period. In countries like India and China, the growth is expected to be the highest due to the presence of a growing population with diabetes.

The Asia-Pacific market is expected to grow as many global vendors are entering the Asia-Pacific market. These companies provide high-end products that contribute to the growth of the insulin delivery devices market. Europe has a considerable and stable position in the market for insulin delivery devices.

Report scope

Report attributes Details
Market size in 2021 $16.41 billion
Revenue forecasts by 2030 $29.1 billion
CAGR 6.57% from 2022 to 2030
base year 2021
forecast year 2022 to 2030
Key players Novo Nordisk A/S, Wockhardt Ltd., Medtronic, F. Hoffmann-La Roche, Ltd., Abbott Laboratories, Sanofi, Eli Lilly and Company, Biocon Ltd., Ypsomed AG, Becton, Dickinson and Company, Key Market Developments

Report Highlights

  • Based on the product, the insulin pen segment is expected to witness good growth during the forecast period. Likewise, growing preference for insulin pens and awareness of the benefits offered by insulin pens is driving the growth of the market. As incident pins utilize technological advancements and at the same time they are affordable, the segment is expected to grow over the forecast period.
  • Based on end user, the home care segment is expected to witness the highest growth in the market over the forecast period. There is no longer a stock option of insulin delivery devices in home care settings. As diabetes is a long-term and chronic disease, there is pressure to reduce healthcare costs. And to do this, many people use devices that could be used to administer the hormone at home. The availability of such devices which are extremely beneficial in diabetes management will drive the market growth.
  • The North American The region is expected to hold the largest market share in the insulin delivery devices market. Likewise, an increase in the amount of money spent on healthcare and an acceptance of advanced insulin delivery devices or equipment in the North American region is driving the growth of this market.

Ask here for more customization study @ https://www.precedenceresearch.com/customization/1802

Market dynamics

Drivers

The increasing prevalence of diabetes is this important factor for the growth of insulin delivery devices. As the population of diabetic patients is increasing day by day, the industry is expected to witness significant growth owing to the preference for insulin delivery devices as it is a reliable option and provides satisfaction patients. The number of diabetic patients is expected to reach 700 million in the coming years, which will lead to the growth of the market. The insulin delivery devices market is expected to benefit from the increase in type 1 diabetes. Type 1 diabetes requires insulin therapy to survive, which is extremely intensive insulin therapy. Type 1 diabetes is characterized by the body’s inability to produce insulin. The favorable reimbursement policies supported by the government of various countries are the ones that celebrate the growth of the market. As there is an increase in healthcare expenditure related to diabetes in many emerging economies, the market for insulin delivery devices is expected to grow during the forecast period. The market will expand further as ships become aware of insulin delivery devices.

Constraints

In developing countries, issues with reusing pen needles or infusion sets will hamper the market growth. The reimbursement structure in developing economies is also expected to hamper the market growth. Insulin happens to be an alternative method of drug delivery but is challenging the growth of insulin delivery devices market due to needle anxiety among patients.

Opportunitythat’s to say

The increase in research and development activities will prove beneficial for the growth of the market. Continuous research and development activities are labeled to provide opportunities for market growth.

Challenges

The high cost of insulin pumps poses a great challenge for the growth of the delivery device market. In developing countries, although the demand for insulin delivery devices is good, the high cost of these options is a challenge for the growth of this market here. In developing countries, as refund policies are not enough, there are out-of-pocket expenses to purchase the devices. Continuous research and development activities in both developed and developing countries are proving to be a boon in the insulin delivery devices market. Strict government regulations around the world hinder the introduction of new products. Strict government policies add an impact on the growth of the market, as the process of introducing a new product or an innovative product in the market can be lengthy.

Receive our latest press releases @ https://www.precedenceresearch.com/press-releases

Recent Ddevelopments

  • Novo Nordisk launched smart insulin in the UK in March 2022. The launch of this new product will help strengthen this company’s industrial position in the new K region.

Market segmentation

By type

  • Insulin pumps
  • insulin pens
  • Insulin pen needles
  • Insulin jet injectors
  • Insulin syringes
  • Others

By app

  • Type I diabetes
  • Type II diabetes

Per end user

  • Home Care
  • Hospitals & clinics
  • Others

By distribution channels

  • Online sales
  • Hospital pharmacies
  • Retail pharmacies
  • Other clinics

By geography

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa (MEA)

Immediate delivery available | Buy this Premium Research Report @ https://www.precedenceresearch.com/checkout/1802

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

About Us

Precedence Research is a global market research and consulting organization. We provide an unparalleled nature of offering to our customers located all over the world across industry verticals. Precedence Research has expertise in providing in-depth market intelligence as well as market insights to our clients spread across various businesses. We are obligated to serve our diverse customer base in medical services, healthcare, innovation, next-generation technology, semiconductor, chemical, automotive, aerospace and of defence, among the various companies present in the world.

For the latest update, follow us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R