The global insulin delivery devices market to reach USD 34.10 billion by 2028 at a CAGR of 9.3%, according to the latest report by Reports and Data. Increasing incidences of diabetes, advancement in healthcare infrastructure, and increasing adoption and demand of insulin delivery devices for diabetic care, are some key factors expected to drive market revenue growth over the forecast period. Rapidly increasing geriatric population in developing countries, is further drive the market growth.
According to recent survey, about 463 million people across the world are suffering from diabetes. Approximately 4.2 million deaths are due to this chronic disorder every year impacting heart, kidneys and liver. Improper secretion of naturally occurring hormone, insulin leads to development of diabetes. Insulin delivery devices allow insulin to enter into the bloodstream of diabetic patients non-invasively. Insulin delivery devices becomes necessity of patients suffering through type-1 diabetes. There are various types of delivery devices like insulin pens, syringes, inhalers, pumps, injectors, etc. Ongoing research to design and manufacture advanced products has projected the market growth.
Top Companies Profiled in the Report Include:
Sanofi Diabetes, Novo Nordisk, Omnipod Insulin Management, Eli Lilly and Company, Gerresheimer, Johnson and Johnson, Becton Dickinson, and Company, F. Hoffmann-La Roche AG, B.Braun, Tandem Diabetes Care, Biocon Limited, and Medtronic Plc.
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The pharma and healthcare industry has undergone a revolutionary change owing to the COVID-19 pandemic with individuals increasing their focus on health and wellness. Companies operating in the industry have invested heavily in clinical trials and research studies to develop medications to cater to the growing unmet clinical demand on a global level. Implementation of cutting-edge technology in healthcare sector and increasing investment in research and development have contributed significantly to revenue growth of the market in the recent past. In addition, availability of favorable health insurance and reimbursement policies have also positively impacted the healthcare sector with more and more individuals opting to get treatment at hospital and clinical facilities. Rapid development of novel drugs and pharmaceuticals, increasing incidence of lifestyle and chronic diseases, establishment of state-of-the-art healthcare facilities, and rising availability of over-the-counter medications have significantly contributed to the revenue growth of the market.
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Some Key Highlights from the Report:
- Insulin pens segment is expected to account for a largest revenue share in the global market. Increasing adoption and popularity of insulin pens is due to its convenience, user-friendliness, and accuracy. Key market manufacturers are focusing on production of advanced products such as, smart insulin pens to meet the increasing demand from diabetic patients.
- Homecare segment is expected to register robust revenue in the global market over the forecast period due to increasing awareness of using portable insulin delivery devices at home. Diabetes care at home using these use-friendly insulin devices is extremely beneficial for elderly people, reducing trouble of going to hospitals and clinics.
- North America region is expected to account for a largest revenue share in the global insulin delivery market during the forecast period. The factor responsible for the market growth is increasing prevalence of diabetes due to obesity, unhealthy eating habits, and lack of physical exercise. Moreover, advanced healthcare infrastructure, Increasing knowledge about insulin devices, and favorable reimbursement policies are also contributing to the market growth.
- Asia Pacific market revenue is expected to expand significantly over the forecast period due to growing geriatric population, rising number of diabetic population, growing awareness about insulin delivery devices. In addition, presence of key manufacturers of insulin delivery devices, is the factor responsible for the market growth.
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Additionally, the report consists a detailed analysis of the segmentation of the Insulin Delivery Devices market based on product types and end-use/application offered in the Insulin Delivery Devices market.
Type Outlook (Revenue, USD Billion; 2018 – 2028)
- Insulin Syringe
- Insulin Pens
- Insulin Jet Injectors
- Insulin Pumps
- Insulin Needles
- Insulin Inhalers
- External Insulin
- Implantable Insulin
Distribution Channels Outlook (Revenue, USD Billion; 2018 – 2028)
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
End Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Ambulatory Care Centers
The report offers a comprehensive overview of the regional bifurcation of the market with respect to market share, market size, revenue growth, import/export, production and consumption patterns, macro and micro economic growth factors, regulatory framework, investment and funding opportunities, and presence of key players in each region including North America, Asia Pacific, Latin America, Europe, and Middle East & Africa. The report offers a country-wise analysis to further discuss the revenue growth and lucrative growth opportunities for the Insulin Delivery Devices market in these key regions.
Country-wise regional analysis covers:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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