How Do the Technological Advancements Boost the Insulin Devices Market?

In 2021, the insulin delivery devices market was valued at $16,008.0 million, and growing with a CAGR of 10.5%, it is expected to reach $39,371.8 million by 2030. A surge in diabetic patients has been seen in both developed and developing countries. According to the data provided by IDF, 463 million people between the ages of 20 and 79 were reported diabetic in 2019, and by 2045, this population will reach 700.2 million.

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The insulin delivery devices market is highly influenced by at-home users, with its around 50% revenue share, within the end user segment. The increase in the geriatric population, rise in prevalence of diabetes and increased awareness of diabetes management are significant drivers of the end-user segment. Growing obesity in the adult population leads to higher chances of developing diabetes, resulting in increased demand for insulin delivery devices.

Insulin pens are expected to witness the highest growth rate in the insulin delivery devices market over this decade. The insulin pen manufacturing entities are focusing on increasing their production in countries with a large diabetic population, including China and India. The increasing trend of medical reimbursements in developed countries is driving the market. Similarly, technological advancements made in the Insulin pen are also an important factor behind its wide acceptance to manage diabetes.

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The technological advancements in insulin delivery devices are leading to its increased popularity in the diabetic-affected population. These devices include insulin pumps, pens, and inhalers capable of releasing accurate insulin dosage, facilitating the hormonal balance in the body, leading to the expansion of insulin delivery devices market. Insulin pens are more efficient than syringes with vials, streamlining quick processes and consuming less time. Similarly, new insulin pumps facilitate high safety, efficiency and easy usage.

In 2021, North America captured a significant share of the insulin delivery devices market, amounting to 40% of revenue. The surge in the regional demand is attributed to the increased prevalence of the lifestyle diseases such as obesity, and diabetes, increased awareness and advancements of managing blood sugar levels. More than one-third of the adult population in the U.S. suffers from obesity. Similarly, one in every six children is obese in the U.S., increasing the chances of getting diabetic.

Thus, the increase in the prevalence of diabetes is driving the market, as is the wide acceptance of these devices among the diabetic population, due to their accuracy, cost-effectiveness, and less time-consumption.

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