Insulin Delivery Devices Market: Emerging Trends and Developments

Diabetes is a chronic medical condition affecting millions of lives worldwide. Managing diabetes requires a delicate balance of monitoring blood sugar levels and administering insulin as needed. Insulin delivery devices have emerged as crucial tools in this endeavour, revolutionizing the way individuals with diabetes manage their condition.

The report Insulin Delivery Devices Market is expected to grow at a CAGR of 8.5% from USD 30.8 Billion in 2023 to USD 46.2 billion in 2028.

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Growth Driver: Growing prevalence of diabetic population

Diabetes is one of the most common non-communicable diseases across the globe. According to the World Health Organization, 422 million people worldwide have diabetes, and 1.5 million deaths are directly attributes to diabetes each year. Among the seven IDF regions, North America and Caribbean has the highest prevalence of diabetes (13.3%), followed by the Middle East and North Africa. Moreover, modern lifestyle characterized by reduced physical activities, rapid urbanization associated with changes in dietary patterns, reduced physical activities, increased consumption of processed foods, and genetic factors have contributes to the increased prevalence of diabetes.

Growth Opportunity: Increasing healthcare expenditure on diabetes care

The increase in global health expenditure due to diabetes has been considerable, growing from USD 232 billion in 2007 to USD 966 billion in 2021 for adults aged 20–79 years. This represents a 316% increase over 15 years. Part of this increase can be attributed to improved data quality. The direct costs of diabetes are expected to continue to grow. The IDF estimates that total diabetes-related health expenditure will reach USD 1.03 trillion by 2030 and USD 1.05 trillion by 2045 (Source: IDF Atlas 2021). The North America and Caribbean region has the highest diabetes-related health expenditure per adult with diabetes (USD 8,209), followed by the Europe region (USD 3,086), South and Central America region (USD 2,190), and WP region (USD 1,204). This figure is USD 465 per person with diabetes in the Middle East and North Africa region, USD 547 in the Africa region, and USD 112 in the Southeast Asia region.

Market Segmentation:

Segments of the devices taken into consideration in the insulin delivery device market include insulin pens, insulin pumps, insulin syringes, and pen needles. The insulin subsegment includes reusable pens and disposable pens. The market for reusable insulin pens is anticipated to continue to grow at the highest CAGR during the forecast period.

The end users in the insulin delivery device market are hospitals &clinics and patients/homecare. The patients/homecare segment is anticipated to grow at the highest CAGR during the forecast period.

Regional Analysis: –

North America, followed by Europe, held the largest market share in 2022. The market for insulin delivery device in North America was further dominated by the US.

Recent Developments of Insulin Delivery Devices Industry

  • In 2023, Embecta Corp. opened a new global headquarters office at 300 Kimball Drive, Suite 300, IN Parsippany, N.J. The site is expected to be home to members of the leadership team, global support functions and North American commercial organization to develop and provide solutions that make life better for people coping with diabetes.
  • In 2023, Eli Lilly announced price reductions of 70% for its most prescribed insulins and an expansion of its Insulin Value Program that caps patients out-of-pocket cost at USD 35 or less per month.
  • In 2023, Novo Nordisk launched the first smart insulin pens NovoPen 6 and NovoPen Echo Plus available in the UK.
  • In 2022, Medtronic entered into a set of definitive agreements to acquire EOFlow Co. Ltd., a manufacturer of the EOPatch device- a tubeless, wearable and fully disposable insulin delivery device.

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Top Key players: – The prominent players operating in the global insulin delivery devices market are Embecta Corp. (Formely Becton, Dickinson and Company Diabetes Care Business (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), Insulet Corporation (US), Biocon Limited (India), Novo Nordisk A/S (Denmark), Medtronic (Ireland), Sanofi (France), Eli Lilly and Company (US), Roche Diabetes Care (Switzerland), Owen Mumford (England), Mrdtrum Technologies Inc. (China), Terumo Corporation (Japan), Wockhardt (India), Cerur Corporation (Switzerland), EoFlow CO., Ltd. (South Korea), Hindustan Syringes & Medical