Disposable Insulin-delivery Device Market Forecast to 2033.
The Global Disposable Insulin-Delivery Device Industry has showcased remarkable resilience, achieving a commendable valuation of US$14,585.6 million in 2022. The upward trajectory is set to continue, with market experts forecasting an impressive surge to US$15,780.6 million by 2023.
Buoyed by this impressive momentum, the industry is on the cusp of a transformative journey, with a robust Compound Annual Growth Rate (CAGR) of 7.6% projected over the next decade. This foresight points towards an extraordinary milestone as the market is poised to reach an unprecedented valuation of US$32,814 million by the end of this period.
The driving force behind this exceptional growth is the escalating healthcare expenditures associated with diabetes management, particularly in emerging economies. Diabetes, a pervasive and life-altering metabolic disorder, affects a significant portion of the global population. Whether due to the pancreas’ inability to produce insulin or the body’s inefficiency in utilizing insulin for glucose metabolism, the impact of diabetes necessitates innovative solutions.
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Pens are currently the most prevalent insulin delivery technology, accounting for more than 36% of the market when compared to syringes, pumps, and jet injectors. Pens’ design and ease of use have contributed to their widespread use. NovoPen is now the market leader, with a memory function as an extra bonus.
The principal end-user of Disposable Insulin-Delivery Devices is home care, which accounts for more than 45% of the market. The cost-effectiveness of home care over hospital treatment is a major contributor to this trend. Furthermore, the portability of these gadgets adds to their use for home care applications. Future Industry Insights did an in-depth analysis of the Disposable Insulin-Delivery Device industry, encompassing both micro and macro variables, in their latest market study titled ‘Disposable Insulin-Delivery Device Industry.’
Key Takeaways from Global Disposable Insulin-Delivery Device Industry
North America has a 33% market share. Rising diabetes rates, credible government programs, and the emergence of many disposable insulin delivery device manufacturers could all contribute to this. Diabetes affects more than 37 million people in the United States, according to the CDC.
As a result of advances in healthcare infrastructure throughout Europe, Europe today controls 29% of the market. Diabetes was diagnosed in about 32 million persons in the EU in 2019.
Rising diabetes awareness is one of the key forces driving the Disposable Insulin-Delivery Device market in the Asia-Pacific region, and this trend is expected to continue.
Global Disposable Insulin-Delivery Device Industry Key Players:
Animas Corporation
F. Hoffmann-La Roche AG
Insulet Corporation
Medtronic Plc.
Valeritas, Inc.,
Tandem Diabetes Care, Inc.
Johnson & Johnson
Beta Bionics Inc.
Abbott Laboratories
Becton Dickinson & Co.
EyeSense GmbH
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Global Disposable Insulin-Delivery Device Industry Competitive Landscape
In February 2022, Abbott announced a partnership with Fitterfly, HealthifyMe, Zyla Health, 1MG, GOQii, PharmEasy, Sugar.fit, and BeatO as a step towards holistic diabetes control treatment. Abbott provides glucose monitoring solutions to over 8 million diabetes patients through collaborations, with 6.5 million having access to 1MG and PharmEasy.
Insulet Corp. announced in January 2022 that the US FDA, introducing it into the field of AID (automated insulin delivery), had approved the new Omnipod 5 system.
In March 2022, Novo Nordisk announced the availability of two smart linked insulin pens called ‘NovoPen Echo Plus’ and ‘NovoPen 6’ for patients receiving Novo Nordisk insulin in the UK.
Sanofi and Roche will collaborate in November 2021 to increase the usage of disposable insulin pens. Local players are also being approached to expand market penetration.
“A large chunk of the population is contracting diabetes, which asks for Disposable Insulin-Delivery Devices”, thereby accelerating the market for the same”, says an analyst from Future Market Insights.
What does the Report have at its discretion?
In its latest analysis, Future Market Insights provides an exclusive perspective and numerous real-time data on the Disposable Insulin-Delivery Device industry, presenting historical demand assessments from 2016 to 2021 and predictions from 2022 to 2032.
The study is divided into three sections: product type (disposable insulin-delivery pumps, disposable insulin-delivery patches, disposable insulin-delivery pens, and disposable insulin-delivery syringes), illness indication (type I and type II diabetes), and distribution channel (hospital pharmacies, retail pharmacies, online sales, and diabetes clinics).
With an increase in the number of diabetic patients as a result of obesity, aging, and sedentary lifestyles, the global Disposable Insulin-Delivery Device industry is poised to make waves in the healthcare industry in the next years.
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In North America, the market is mature and dominated by established players such as Novo Nordisk and Eli Lilly. The increasing prevalence of diabetes, favorable reimbursement policies, and the availability of Advanced Insulin Delivery Technologies have been the key drivers of market growth in this region.
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Key Segments Profiled in the Global Disposable Insulin-Delivery Device Industry
Disposable Insulin-Delivery Device Industry by Product Type:
Disposable Insulin-Delivery Pumps
Disposable Insulin-Delivery Patches
Disposable Insulin-Delivery Pens
Disposable Insulin-Delivery Syringes
Disposable Insulin-Delivery Device Industry by Disease Indication:
Disposable Insulin-Delivery Devices for Type I Diabetes
Disposable Insulin-Delivery Devices for Type II Diabetes
Disposable Insulin-Delivery Device Industry by Distribution Channel:
Disposable Insulin-Delivery Devices Sales via Hospital Pharmacies
Disposable Insulin-Delivery Devices Sales via Retail Pharmacies
Disposable Insulin-Delivery Devices Sales via Online Sales
Disposable Insulin-Delivery Devices Sales via Diabetes Clinics
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