Insulin Delivery Devices Market Growth & Trends
The global insulin delivery devices market size is expected to reach USD 27.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. Obesity, sedentary lifestyles, and unhealthy food habits, primarily in the young population, lead to the occurrence of diabetes. In addition, the growing diabetic geriatric population is another factor supporting the growth of this vertical. According to the United Nations, Department of Economic and Social Affairs, around 901 million individuals were aged 60 or over in 2015 and this number is projected to increase to 1.4 billion by 2030. Thus, the enlarging elderly population is expected to boost the demand for insulin delivery devices.
Technological innovations and advancements are an ongoing trend in this vertical. The high demand for advanced insulin delivery devices is supporting the adoption of recently launched innovative pen devices and portable pumps, which is estimated to boost the market growth. Also, favorable reimbursement policies for these devices, mainly in developed countries like the U.S. and Germany, are anticipated to fuel the market growth during the study period. However, stringent regulatory requirements regulating the approval of insulin delivery devices and the high cost of insulin analogs in diabetes care management are major factors restraining the growth of this industry.
The market’s prominent competitors are taking different initiatives such as acquisition, funding, and product development to expand their product portfolio and enhance their manufacturing capacity. For instance, in October 2021, Eli Lilly partnered with Cipla, to market its Insulin products (Humalog and Trulicity) in India. Additionally, In June 2021, the company acquired Protomer Technologies, to strengthen its market presence. Further, Novo Nordisk, joined hands with Biocorp to develop a Bluetooth-enabled smart add-on device for their pen insulin injector.
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Insulin Delivery Devices Market Report
Report Attribute Details
Market size value in 2022 — USD 15.6 billion
Revenue forecast in 2030 — USD 27.7 billion
Growth Rate — CAGR of 7.4% from 2022 to 2030
Base year for estimation — 2021
Historical data — 2018–2020
Forecast period — 2022–2030
Insulin Delivery Devices Market Report Highlights
- The insulin pens segment was the largest revenue-generating category of this market in 2021. The pen is equipped with self-contained cartridges and offers ease in handling and less pain while injecting insulin. The advantages of these pen devices over other products are resulting in their growing popularity, thus serving as a vital factor in contributing to the sector’s highest share in this market
- The home care segment is estimated to be the fastest-growing segment due to increased adoption of self-care diabetes management devices and the availability of simplified and user-friendly product designs for patients
- North America is the leading regional sector and accounted for the largest revenue share in 2021 primarily due to the favorable reimbursement scenario in this space. Also, the presence of major manufacturers in this region is supporting market growth
- In Asia Pacific, the market is anticipated to grow fast during the forecast period. The high prevalence rate of diabetes in countries, such as China and India, is a major factor contributing to market expansion in this region
