Insulin Delivery Devices Market

The global insulin delivery devices market was valued at USD 15.51 billion in 2022, growing at a CAGR of 9.28% during the forecast period from 2023 to 2028, to reach USD 26.35 billion by 2028. The rise in demand for insulin delivery devices is predominantly attributed to the rising prevalence of diabetes among the geriatric population, favorable reimbursement scenarios, rising awareness about proper diabetes management and insulin delivery devices, and technological advancement in the product line, among others.

Some of the key market players operating in the Insulin Delivery Devices market include Becton, Dickinson and Company (NYSE: BDX), Medtronic (NYSE: MDT), Novo Nordisk A/S (NVO), Ypsomed Holding AG, Tandem Diabetes Care, Inc. (NASDAQ: TNDM), Biocon Ltd., Eli Lilly and Company, Insulet Corporation ( NASDAQ:PODD), Abbott, Terumo, CeQur, EOFLOW CO., LTD,  European Pharma Group BV, Roche, Sanofi, Hindustan Syringes & Medical Devices Ltd, Ocean (Hangzhou) Medical Technology Co Ltd, Owen Mumford, SOOIL Developments Co., Ltd,  SUNGSHIM MEDICAL CO., LTD., and others.

DelveInsight’s “Insulin Delivery Devices Market Insight & Forecast” report will offer an in-depth understanding of the Insulin Delivery Devices market, further benefiting the competitors or stakeholders operating in the Insulin Delivery Devices arena.

Insulin Delivery Devices Overview

Insulin delivery devices are used to inject insulin into the body. Different types of insulin delivery devices are available, including syringes, pens, jet injectors, and insulin pumps.

Insulin Delivery Devices Market Insights

Among all the countries, North America is expected to dominate the overall Insulin Delivery Devices market during the forecast period. This domination is due to the increase in venture capital for the issuance of initial public offerings, favorable reimbursement policies, and the presence of improved healthcare infrastructure in the region.

Further, the rising prevalence of diabetes among the population in the US and Canada is also likely to fuel the insulin delivery devices market in the region. For instance, according to National Diabetes Statistics Report, 2020, 34.2 million Americans have diabetes, and newly diagnosed cases of type 1 and type 2 diabetes have significantly increased among US youth. In addition, according to the 2018 report of Diabetes Canada, also known as the Canadian Diabetes Association, the estimated prevalence of diabetes was 3.4 million or 9.3% of the population which was predicted to rise to 5 million or 12.1% of the population by 2025. 

In addition, the presence of key manufacturers such as Medtronic, Becton, Dickinson and Company, Tandem Diabetes Care, Inc., among others is also a driving factor for the regional growth of the insulin delivery devices market.

Furthermore, recent commercialization activities among the key manufacturers in the region also contribute to the growth of the insulin delivery devices market in the region. For instance, in June 2020, Abbott and Tandem Diabetes Care agreed to develop and commercialize integrated diabetes solutions that combine Abbott’s continuous glucose monitoring (CGM) technology with Tandem’s innovative insulin delivery systems to provide more options for people to manage their diabetes. 

Europe and Asia-Pacific region have the future potential growth for the Global Insulin Delivery Devices. This is due to rigorous research and development (R&D) activities in the field of diabetes, high healthcare funding, and the increasing use of innovative technologies in healthcare. The insulin delivery device market in the region has also benefited because of the rise in diabetes awareness programs and the massive adoption of modern medical equipment. In addition, the presence of local market players such as Biocon, Wockhardt, among others in the region, will also boost the insulin delivery devices market.

To read more about why North America is leading the market growth in the Insulin Delivery Devices market, get a snapshot of the Insulin Delivery Devices market report.

Insulin Delivery Devices Market Dynamics

The factor which play a major role in increasing the global insulin delivery device market is increasing prevalence of diabetes among the masses. Diabetes is a chronic condition that occurs either when the body cannot use the insulin produced effectively or when the pancreas does not produce enough insulin. According to International Diabetes Federation (IDF) Diabetes Atlas Ninth edition 2019, approximately 463 million adults with age between 20 and 79 years were living with diabetes and the count will rise to 700 million by the year 2045. Also, the report states that 79% of adults with diabetes live in low- and middle-income countries. Moreover, as per WHO 2021 report, an estimated 1.5 million deaths were directly caused by diabetes in 2019. Therefore, the rising prevalence of diabetes among the population worldwide is likely to increase the demand for insulin delivery devices for proper diabetes management. 

In addition, the development and approval of advanced insulin delivery devices for the treatment of type I diabetes which has an incidence of 15 per 100,000 people and a prevalence of 9.5% in the world as per NCBI 2020 article Prevalence and incidence of type 1 diabetes in the world: a systematic review and meta-analysis by Mobasseri M. et al., also projected to fuel the global insulin delivery devices market. For instance, in 2020, the US Food and Drug Administration (FDA) approved the MiniMed 770G System, a hybrid closed-loop diabetes management device that is intended to automatically monitor glucose (sugar) and provide appropriate basal insulin doses with little or no input from the users or their caregivers for use by individuals aged 2 to 6 with type 1 diabetes.

Certain factors such as the availability of oral insulin medications and the high cost of insulin delivery devices are likely to impede the insulin delivery devices market growth.

Recent Breakthroughs in Insulin Delivery Devices Market:

• In November 2020, the French company Diabeloop, a pioneer in therapeutic AI, and Terumo Corporation signed an agreement for the joint development with exclusive distribution rights in Japan of an automated insulin delivery (AID) solution. The Diabeloop-developed system will integrate Terumo’s innovative insulin patch pump.
• In June 2020, Medtronic received CE (Conformité Européenne) Marking for its MiniMed™ 780G system, a next-generation closed-loop insulin pump system for the treatment of type 1 diabetes in people aged 7 to 80 years.
• In February 2020, Abbott and Insulet Corporation entered into a partnership agreement to integrate Abbott’s glucose-sensing technology with Insulet’s next-generation tubeless system, the Omnipod Horizon™ Automated Insulin Delivery (AID) System (Omnipod Horizon System), to offer personalized automated insulin delivery and care for people living with diabetes.

Key Players Proactively Working In the Insulin Delivery Devices Market

Key Insulin Delivery Devices companies involved in manufacturing and production are making significant growth in advancing these devices. To boost their market position, they also engage in mergers and acquisitions. Some of the key Insulin Delivery Devices companies operating actively in the Insulin Delivery Devices market include Koninklijke Philips N.V., Omron Healthcare, Inc., Aerogen, PARI GmbH, GF Health Products, Inc., BMC Medical Co., Ltd., Medtronic PLC, Invacare Corporation, Trudell Medical International, Nouvag AG, Timesco Healthcare Ltd., LAICA S.p.A., Vega Technologies Inc., Besco Medical Limited, DeVilbiss Healthcare LLC, Feellife Health Inc., Wellinks, Rossmax International Ltd., Novartis AG, AstraZeneca, GlaxoSmithKline plc, Lupin, Zydus Cadila, Teva Pharmaceutical Industries Ltd., Boehringer Ingelheim International GmbH, Glenmark Pharmaceuticals Limited, LepuMedical Technology(Beijing)Co.,Ltd., Promed Technology Co. Limited, HELTMAN Medikal A.S., Pneuma Respiratory, Cipla Inc., Microlife Corporation, Honsun, and others.

Scope of the Insulin Delivery Devices Market Report:

• Geography Covered: Global
• Key Insulin Delivery Devices Companies: Becton, Dickinson and Company, Medtronic, Novo Nordisk A/S, Ypsomed Holding AG, Tandem Diabetes Care, Inc., Biocon Ltd., Eli Lilly and Company, Insulet Corporation, Abbott, Terumo, CeQur, EOFLOW CO., LTD,  European Pharma Group BV , Roche, Sanofi, Hindustan Syringes & Medical Devices Ltd, Ocean (Hangzhou) Medical Technology Co Ltd, Owen Mumford, SOOIL Developments Co., Ltd,  SUNGSHIM MEDICAL CO., LTD, and others.
• Market Segmentation by Product Type: Insulin Syringes, Insulin Pens [Reusable, Disposable], Insulin Pumps [Tethered/External Pumps, Patch Pumps], Insulin Injectors, and Others
• Market Segmentation By End-User: Homecare Settings, Diabetes Centers, Hospitals, and Others
• Market Segmentation by Geography: North America, Europe, Asia-Pacific, Rest of the World (Middle East, Africa, and South America)
• Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View

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