The global insulin delivery devices market is estimated to witness a compound annual growth rate of 6.21% and reach US$20.531 billion by 2029, up from US$13.471 billion in 2022.
The market of insulin delivery devices is continuously rising with the impact of advances in technology, persistent patient inclinations, and the advancing diabetes care aspects. The market's expansion is connected to the expanding prevalence of diabetes and endeavors to progress insulin delivery strategies and methods.
The rising predominance of diabetes resulting in fatalities all over the world, coupled with expanding occurrences of childhood diabetes subordinate to insulin for care, is expected to move the market extension within the years ahead. As per the World Health Organization (WHO), diabetes was the straightforward cause of about 1.5 million deaths, and 48% of deaths coming from diabetes happened before the age of 70. Furthermore, raised blood glucose caused around 20% of cardiovascular illnesses around the world in 2019.
Furthermore, as per the National Library of Medicine article of December 2021, the standardized incidence of type 1 diabetes in children was 24.7 per 100,000 in 2019, which is also expected to rise to 34.8 per 100,000 PY in 2030. This rise in the number of type-1 diabetes individuals is predicted to boost the requirement for insulin, which in turn expands the market size of insulin delivery devices globally. Technological developments coupled with affordable product availability along with lack of access to insulin are together anticipated to push the market growth for insulin delivery devices at a significant scale during the forecast period.
Additionally, in November 2021 a report was released by the International Diabetes Federation that stated about 537 million individuals are living with diabetes around the world, which is an increment of 16% from the 2019 numbers. The sources also inferred that populated nations such as China and India have the most noteworthy number of diabetic individuals, with an adult population of about 141 million and 74 million within the nation.
Besides, as per the IDF, around 53.1% of the diabetic Indian populace is undiscovered for diabetes, with an extra 40 million individuals living with impaired glucose tolerance (IGT). This could cause a higher risk of developing type 2 diabetes, in this manner expanding the demand for insulin, coming about within the market expansion of insulin delivery devices as well.
As per the 2021 WHO Global Diabetes Compact Report, there's a absence of insulin accessibility to 50% of the individuals with type 2 diabetes, and a need of human insulin in 39% of the healthcare facilities in low- and middle-income nations. Aspects such as these are projected to offer market players increased penetration by offering insulin devices in the needed countries.
Additionally, as per the source, 1.6 million Americans live with Type 1 diabetes, and more than 100 cases are diagnosed daily in the region. The development of technologies for battling type-1 diabetes and promoting insulin use is projected to offer the market players profitable market opportunities in the forecasted period.
The market of insulin delivery devices is continuously rising with the impact of advances in technology, persistent patient inclinations, and the advancing diabetes care aspects. The market's expansion is connected to the expanding prevalence of diabetes and endeavors to progress insulin delivery strategies and methods.
The rising predominance of diabetes resulting in fatalities all over the world, coupled with expanding occurrences of childhood diabetes subordinate to insulin for care, is expected to move the market extension within the years ahead. As per the World Health Organization (WHO), diabetes was the straightforward cause of about 1.5 million deaths, and 48% of deaths coming from diabetes happened before the age of 70. Furthermore, raised blood glucose caused around 20% of cardiovascular illnesses around the world in 2019.
Furthermore, as per the National Library of Medicine article of December 2021, the standardized incidence of type 1 diabetes in children was 24.7 per 100,000 in 2019, which is also expected to rise to 34.8 per 100,000 PY in 2030. This rise in the number of type-1 diabetes individuals is predicted to boost the requirement for insulin, which in turn expands the market size of insulin delivery devices globally. Technological developments coupled with affordable product availability along with lack of access to insulin are together anticipated to push the market growth for insulin delivery devices at a significant scale during the forecast period.
Market Drivers:
The growing diabetic population is expected to boost the demand for insulin delivery devices globally.
The predominance of global diabetes is increasing because of various causes specifically, due to stationary lifestyles, poor diet, and obesity. This will lead to a rising request for demand in insulin treatment and delivery devices. Innovative advancements like smart insulin pens and patch pumps make administrating of insulin more user-friendly and engaging to diabetic patients. The accentuation on patient-centric care is driving the selection of these devices, promoting and providing a progressed quality of life, decreased injection burden, and improved treatment adherence.Additionally, in November 2021 a report was released by the International Diabetes Federation that stated about 537 million individuals are living with diabetes around the world, which is an increment of 16% from the 2019 numbers. The sources also inferred that populated nations such as China and India have the most noteworthy number of diabetic individuals, with an adult population of about 141 million and 74 million within the nation.
Besides, as per the IDF, around 53.1% of the diabetic Indian populace is undiscovered for diabetes, with an extra 40 million individuals living with impaired glucose tolerance (IGT). This could cause a higher risk of developing type 2 diabetes, in this manner expanding the demand for insulin, coming about within the market expansion of insulin delivery devices as well.
As per the 2021 WHO Global Diabetes Compact Report, there's a absence of insulin accessibility to 50% of the individuals with type 2 diabetes, and a need of human insulin in 39% of the healthcare facilities in low- and middle-income nations. Aspects such as these are projected to offer market players increased penetration by offering insulin devices in the needed countries.
Rising technological advancement would bolster the demand for insulin delivery devices.
Technological advancements are driving the demand for advanced insulin delivery devices. These include smart insulin pens, connected continuous glucose monitoring systems, patch pumps with closed-loop systems, needle-free jet injectors, implantable pumps, artificial pancreas systems, dual-chamber devices, biocompatible materials, advanced infusion sets, data integration, cloud connectivity, and customizable dosing algorithms. These advancements enhance the effectiveness, convenience, and user experience of insulin administration.Additionally, as per the source, 1.6 million Americans live with Type 1 diabetes, and more than 100 cases are diagnosed daily in the region. The development of technologies for battling type-1 diabetes and promoting insulin use is projected to offer the market players profitable market opportunities in the forecasted period.
Key Developments:
- June 2023-Novo Nordisk negotiated with BIO JAG to acquire its entire stake in BIOCORP, which represents 45.3% of its share capital and 62.2% of its theoretical voting rights. The acquisition followed by a simplified tender offer on all remaining outstanding BIOCORP securities, and if legal requirements are met, a mandatory squeeze-out of remaining shareholders and delisting of BIOCORP. BIOCORP is a French company specializing in delivery systems and innovative medical devices, including the Bluetooth-enabled smart add-on device for pen injectors, Mallya.
- February 2023-Eli Lilly and Company stated the supply of its API for human insulin at a reduced price to International Agencies (Bangladesh) Ltd. (IABL) to improve affordability and access for nearly one million people with diabetes in Bangladesh by 2030. IABL plans to manufacture and finish human insulin vials and cartridges under its own brand name by 2025, exclusively for the Bangladesh market, in line with the World Health Organization's Global Diabetes Compact.
- November 2022-Medtronic developed a system to double the wear time of insulin pump infusion sets, which patients typically change every two to three days due to issues like itching and bruising. The system uses materials to reduce the loss of insulin preservatives and maintain drug flow and stability. The system was validated in clinical trials, with a survival rate of 77.8% at the end of day seven. The company believes the extended-wear system can reduce cost and plastic waste, with users changing their devices 75 fewer times, resulting in annual savings of over $1,000.
- April 2022-Insulet received FDA clearance for its Omnipod 5, the first tubeless, wearable, automated insulin delivery system for individuals aged six and older with type 1 diabetes. The system uses Dexcom's G6 continuous glucose monitoring (CGM) system and offers easier glucose management without multiple daily injections, tubes, or fingersticks. Patients can control the system with a handheld controller or a secure smartphone app. Improved time in range and lower levels of glycosylated hemoglobin were seen in a clinical investigation. Every five minutes, the Omnipod 5 transmits a Dexcom CGM value and forecasts the glucose levels for the next sixty minutes.
Product Offered:
- NovoPen® 4-NovoPen® 4 from Novo Nordisk A/S is a user-friendly insulin pump with a robust design that ensures accurate and reassuring dose delivery and features an audible end-of-dose click for ease of use and change when needed. The dosing option is a 3ml pen fill cartridge that can deliver up to 60 units of insulin at a maximum dose. Its robust design lasts up to 5 years.
- T:slim X2 insulin pump-The t:slim X2 insulin pump is a product from Tandem, it is a sophisticated, modern device that can hold up to 300 units of insulin. It features a color touchscreen, personalized settings, a rechargeable battery, and the ability to disconnect. It can pair with a compatible CGM sensor for an automated insulin delivery system. Control-IQ technology uses sensor values to predict glucose levels 30 minutes ahead and automatically adjust insulin if needed, making diabetes management easier.
Key Market Segmentation:
Global Insulin Delivery Devices Market is segmented and analyzed as below:By Type
- Syringes
- Insulin Pumps
- Inhalers
- Others
By Application
- Type I Diabetes
- Type II Diabetes
- Gestational Diabetes
By End-Users
- Hospitals and Clinics
- Ambulatory Care Centers
- Home Care Settings
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- UK
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Japan
- Other
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. GLOBAL INSULIN DELIVERY DEVICES MARKET BY TYPE
6. GLOBAL INSULIN DELIVERY DEVICES MARKET BY APPLICATION
7. GLOBAL INSULIN DELIVERY DEVICES MARKET BY END-USERS
8. GLOBAL INSULIN DELIVERY DEVICES MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- Novo Nordisk A/S
- Beckton, Dickinson and Company
- Medtronic
- Sanofi
- Eli Lilly and Company
- Ypsomed AG
- Biocon Limited
- Insulet Corporation
- Tandem Diabetes Care, Inc.
- F. Hoffman-La Roche Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | May 2024 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value ( USD | $ 13.47 Billion |
| Forecasted Market Value ( USD | $ 20.53 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
