Insulin Delivery Devices Market is projected to hit USD 22.3 billion in 2029, from USD 12.5 billion in 2021, expanding at a CAGR of 7.5% | Size & Growth Report

Insulin Delivery Devices Market was valued at USD 12.5 billion in 2021 and is expected to grow at a CAGR of 7.5% over the forecast period, reaching USD 22.3 billion in 2029.

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The factors driving the growth of the Insulin Delivery Devices Market includes rising prevalence of diabetes and obesity around the world, growing demand for insulin pens, increasing accessibility of insulin delivery systems, expansion of the pharmaceutical industry and improvements in the living standards. Moreover, technological advancements in insulin delivery devices, rise in the launch of innovative products, surge in Government's expenditure on the Healthcare sector, increasing investments by major corporations on research and development and rapid urbanization, are some of the additional factors augmenting the market growth. As per the Economic Survey released by the Finance Ministry, Government of India, the Indian Government's expenditure on the public healthcare during 2021-22 risen by 73%, as compared to previous year to reach ₹4.72 lakh crore, which will propel the Insulin Delivery Devices Market share in the coming years.

However, the Insulin Delivery Devices Market size is hindered attributed to high cost of insulin pumps.

The major players operating in the market are F. Hoffmann-La Roche Ltd, Terumo Corporation, Insulet Corporation, Dickinson, and Company, Dexcom, Inc., Sanofi, Abbott Laboratories, Ypsomad Holding AG, Medtronic, Animas Corporation and Becton, among others.

Based on Product Type, the Insulin Pens segment is predicted to capture the largest market share during the forecast period

Insulin pens are easy to use, portable, discreet and reduces fear and pain, are some for the features pushing growth of the segment.

Based on End User, the Patients/Homecare segment is projected to hold the highest mterarket share over the forecast period

Rising focus on reducing healthcare expenses and easy availability of insulin delivery devices at distribution channels, are pushing growth of the segment.

Based on Region, the North American region is anticipated to expand at a remarkable CAGR during the forecast period

As per the Insulin Delivery Devices Market Trends, rising prevalence of diabetes across United States and Canada, increasing demand for insulin pens, rapid industrialization, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in the North American region.

Key Developments

In 2022, Novo Nordisk developed its smart insulin in the UK, which helped people treat the NHS for diabetes access to devices. This latest product will offer competitive advantage and strengthen its industrial position in the UK region.
In 2022, FDA (Food and Drug Administration) cleared Boston-based Insulet Corp. new Omnipod 5 system, which helped the company to enter the automated insulin delivery (AID) universe.

Market Segmentation

Segmentation by Product Type

Insulin Pens
Reusable Insulin Pens
Disposable Insulin Pens
Insulin Pumps
External/Tethered Pumps
Patch Pumps
Pen Needles
Standard Pen Needles
Safety Pen Needles
Insulin Syringes
Others

Segmentation by End User

Patients/Homecare
Hospitals & Clinics

Segmentation by Region

Asia Pacific
China
Japan
India
Rest of APAC

North America
United States of America
Canada

Europe
United Kingdom
Germany
France
Spain
Rest of Europe

RoW
Brazil
South Africa
Saudi Arabia
UAE

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This release was published on openPR.