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Insulin Pens, Syringes, Pumps And Injectors Market Poised for Robust Growth, Projected to Reach $34.41 Billion by 2028
Insulin Delivery Market Overview
The insulin pens, syringes, pumps, and injectors market has demonstrated robust growth, with a surge from $23.3 billion in 2023 to an estimated $25.36 billion in 2024, reflecting an impressive Compound Annual Growth Rate (CAGR) of 8.8%. Anticipated to maintain its growth trajectory, the insulin pens, syringes, pumps and injectors market is poised to reach $34.41 billion by 2028, at a CAGR of 7.9%.
Rising Global Diabetes Prevalence Drives Growth In Insulin Delivery Solutions
The surge in global diabetes prevalence, attributed to factors such as obesity, unhealthy eating habits, physical inactivity, and an increasing geriatric population, is a key driver for the insulin pens, syringes, pumps, and injectors market. Reports from the US Centers for Disease Control and Prevention (CDC) and the International Diabetes Federation underscore the alarming rise in diabetes cases, with approximately 537 million adults living with diabetes globally in 2021. This number is expected to reach 783 million by 2045. The escalating prevalence of diabetes globally propels the demand for advanced insulin delivery solutions.
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Aging Population Fueling Growth In The Insulin Delivery Market
The growing geriatric population, individuals aged 65 and older, is expected to fuel the expansion of the insulin pens, syringes, pumps, and injectors market. A report by the World Health Organization (WHO) predicts that by 2030, one in six people globally will be 60 or older, reaching 2.1 billion people aged 60 and above by 2050. This demographic shift underscores the need for specialized insulin delivery solutions to cater to the unique requirements of older adults living with diabetes. The market is poised to play a vital role in enhancing adherence, reducing complications, and improving the overall quality of life for this demographic.
Technological Advancements Transform Insulin Delivery
Companies in the insulin pens, syringes, pumps, and injectors market are actively investing in technological advancements to ensure safe and effective insulin delivery. A notable development includes the FDA approval of Omnipod 5, a tubeless automated insulin delivery system, in September 2022. This innovative solution marks a significant step forward, particularly for children over 2 years with type 1 diabetes, providing a convenient and efficient insulin delivery option.
Strategic Partnerships Enhance Accessibility in Low-Income Countries
The insulin delivery market witnesses a growing trend of strategic partnerships aimed at expanding access to affordable insulin solutions in low- and middle-income countries (LMICs). A recent partnership between Eli Lilly and Company and Eva Pharma focuses on making insulin more accessible and affordable in LMICs, primarily in Africa, addressing critical healthcare needs in these regions.
Regional Insights and Market Segmentation
North America leads as the largest region in the global insulin pens, syringes, pumps, and injectors market, followed by Asia-Pacific as the second-largest region.
The insulin pens, syringes, pumps and injectors market covered in this report is segmented -
1) By Type: Pens, Injectors And Pumps, Syringes
2) By Pens: Reusable, Disposable
3) By Pumps: Tubed Pumps, Tubeless Pumps
4) By End Users: Hospitals, Homecare, Other End Users
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Insulin Pens, Syringes, Pumps And Injectors Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Insulin Pens, Syringes, Pumps And Injectors Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on insulin pens, syringes, pumps and injectors market size, insulin pens, syringes, pumps and injectors market drivers and trends, insulin pens, syringes, pumps and injectors market major players, insulin pens, syringes, pumps and injectors market competitors' revenues, insulin pens, syringes, pumps and injectors market positioning, and insulin pens, syringes, pumps and injectors market growth across geographies. The insulin pens, syringes, pumps and injectors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the insulin pens, syringes, pumps, and injectors market report and tap into segments with the highest growth potential.
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