Insulin Delivery Devices Market Growth Report 2021 to 2031
The insulin delivery devices market size is projected to reach US$ 41126.08 million by 2031 from US$ 21068.90 million in 2023. The market is expected to register a CAGR of 8.7% during 2023–2031. The growing advancements in insulin delivery devices are likely to serve as key trends in the market.
Insulin Delivery Devices Market Analysis
The growth of the market is mainly fueled by the surging number of diabetic population due to aging, obesity, and unhealthy lifestyles. Syringes and pen needles are the most widely used devices for injecting insulin into diabetic patients. Numerous manufacturers are coming up with innovative products to sustain themselves in this highly fragmented market. Furthermore, the easy regulatory approvals in Asian countries have helped mid-sized companies enter the market and compete with the local and established market players.
Insulin Delivery Devices Market Overview
Obesity is one of the major issues and the biggest concern among global communities. According to a report published by Forbes in June 2023, more than 1 billion people worldwide have obesity—650 million adults, 340 million adolescents, and 39 million children. According to the World Health Organization (WHO), ~1.9 billion adults aged 18 and older were overweight in 2020. Of these, about 650 million adults were obese. Obesity is linked to 30–53% of new diabetes cases in the US every year, as per the research presented in the Journal of the American Heart Association. Unhealthy diet, lack of exercise, and rapid growth in the obese population are anticipated to increase the susceptibility to diabetes among people globally. This is expected to increase the demand for insulin delivery devices in the coming years. Factors such as the rising geriatric population, favorable reimbursement policies, and increasing need for faster and safer diagnosis and treatment of diabetes are stimulating the growth of the market.
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Insulin Delivery Devices Market: Strategic Insights
Market Size Value in US$ 13,631.6 million in 2019 Market Size Value by US$ 22,830.0 million by 2025 Growth rate CAGR of 8.7% from 2019 to 2025 Forecast Period 2019-2025 Base Year 2019
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Insulin Delivery Devices Market: Strategic Insights
| Market Size Value in | US$ 13,631.6 million in 2019 |
| Market Size Value by | US$ 22,830.0 million by 2025 |
| Growth rate | CAGR of 8.7% from 2019 to 2025 |
| Forecast Period | 2019-2025 |
| Base Year | 2019 |
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Insulin Delivery Devices Market Drivers and Opportunities
Rising Incidence of Diabetes to Favor Market Growth
Diabetes is a life-threatening chronic disease with no specific cure. It is mainly caused by the body's lack of ability to produce or effectively utilize the hormone insulin. This inability prevents the body from properly regulating blood glucose levels. Diabetes is of two types, namely diabetes type-I (diabetes insipidus) and diabetes type-II (diabetes mellitus). In high-income countries, about 91% of adults have type 2 diabetes. According to the International Diabetes Federation (IDF), ~537 million people will be living with diabetes in 2021, and the number is expected to reach 738 million by 2045 worldwide. Patients suffering from diabetes require frequent monitoring and external administration of insulin. The growing prevalence of diabetes worldwide is driving the growth of the insulin delivery devices market.
Growing Medical Tourism In Developing Countries
Most of the market players focus on emerging nations due to an increase in the prevalence of diabetes and the increasing popularity of insulin pumps among the population. In India, medical science has advanced rapidly over the past few decades. Numerous international patients visit India in the pursuit of highly affordable medical care. Health travelers who visit developing countries for medical reasons save 65–80% on health costs compared to the US. Due to existing exchange rates and various other factors, diabetes treatment in the country has become exceptionally affordable compared to other countries. According to the Malaysia Healthcare Travel Council, more than 850,000 travelers visited Malaysia for healthcare purposes in 2022.
The growth of medical tourism in emerging nations is anticipated to provide significant growth opportunities for the players operating in the insulin delivery devices market during the forecast period. In November 2022, Roche featured two new glucose meter products—ACCU-CHEK Instant Glucometer and ACCU-CHEK Guide Me Glucometer—and a new digital diabetes management platform at the China International Import Expo (CIIE) to provide patients with professional and easier diabetes management solutions.
Insulin Delivery Devices Market Report Segmentation Analysis
Key segments that contributed to the derivation of the insulin delivery devices market analysis are product and end user.
- Based on product, the insulin delivery devices market is divided into insulin pens, insulin pumps, insulin syringes, pen needles, and others. The insulin pens segment held the largest market share in 2023. The insulin pump segment is anticipated to register the highest CAGR during the forecast period.
- By end user, the market is segmented into patients/homecare and hospitals & clinics. The patients/homecare segment held a larger share of the market in 2023 and is projected to register a higher CAGR during the forecast period.
Insulin Delivery Devices Market Share Analysis by Geography
The geographic scope of the insulin delivery devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the insulin delivery devices market. The growth of the market in this region is attributed to the rising prevalence of diabetes, the growing prevalence of obesity globally, the rising geriatric population, and the rising number of product innovations among the market players. Market players are launching new products to the market. In addition, increasing awareness programs and campaigns about diabetes and technological advancements are likely to have a positive impact on the growth of the insulin delivery devices market in the coming years.
In 2021, the Government of Canada announced US$ 35 million for investment in diabetes, of which US$ 25 million specifically for diabetes research, surveillance, and prevention and for the development of a national framework for diabetes. This involves a recommitment to the Juvenile Diabetes Research Foundation (JDRF) and the Canadian Institutes of Health Research (CIHR) Partnership to Defeat Diabetes by investing up to US$ 15 million to be matched by the JDRF Canada and its donors for type 1 diabetes research. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
Insulin Delivery Devices Market Report Scope
Insulin Delivery Devices Market News and Recent Developments
The insulin delivery devices market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the insulin delivery devices market are listed below:
- Novo Nordisk introduced two smart connected insulin pens, NovoPen 6 and NovoPen Echo Plus, which are available on prescription for people living with diabetes treated with Novo Nordisk insulin in the UK. NovoPen 6 and NovoPen Echo Plus are insulin injection pens that record dosing information, including when and how much insulin was administered. (Source: Novo Nordisk, Press Release, March 2022)
- Eli Lilly and Company launched its insulin glargine biosimilar, Rezvoglar (insulin glargine-agar), on the US market, making it the second interchangeable insulin biosimilar to become commercially available to American patients with diabetes. (Source: Eli Lilly and Company, Press Release, April 2023)
Insulin Delivery Devices Market Report Coverage and Deliverables
The “Insulin Delivery Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Insulin delivery devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Insulin delivery devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST and SWOT analysis
- Insulin delivery devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the insulin delivery devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
North America region dominated the insulin delivery devices market in 2023.
Increasing incidence of diabetes, rise in obesity associated with the increasingly sedentary lifestyle and improper diet, and increasing technological advancement in insulin delivery devices are the most influential factors responsible for market growth.
BD; Novo Nordisk A/S; Insulet Corporation; B. Braun Melsungen AG; Medtronic; Eli Lilly and Company; Tandem Diabetes Care, Inc.; Biocon; Owen Mumford, Ltd.; and Sanofi are the market players in the insulin delivery devices market.
The estimated value of the insulin delivery devices market accounted for US$ 41126.08 million in 2031.
The global insulin delivery devices market is estimated to register a CAGR of 8.7% during the forecast period 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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