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Key Trends Reshaping the Insulin Pens, Syringes, Pumps And Injectors Market: Advancements In Insulin Delivery Systems For Improved Diabetes Management Industry Transformation
Insulin Pens, Syringes, Pumps And Injectors
Insulin Pens, Syringes, Pumps And Injectors Market Size Growth Forecast: What to Expect by 2025?
The market for insulin pens, syringes, pumps and injectors has witnessed a fast-paced expansion in the past few years. It is projected to increase from $21.15 billion in 2024 to $23.52 billion in 2025, experiencing a compound annual growth rate (CAGR) of 11.2%. The impressive growth during the historical period can be accredited to factors such as urbanization and infrastructure development, rural electrification, industrialization, and the incorporation of renewable energy.
How Will the Insulin Pens, Syringes, Pumps And Injectors Market Size Evolve and Grow by 2029?
The market for insulin pens, syringes, pumps, and injectors is projected to experience a rapid expansion in the coming years, anticipated to reach $36.24 billion by 2029 with a compound annual growth rate (CAGR) of 11.4%. The predicted growth during the forecast period can be associated with elevated energy transitions, the electrification of transport systems, the incorporation of smarter grids and internet of things (IoT), the extension of 5G technology, as well as the replacement of aging infrastructures. The forecast period is also likely to witness major trends like high-voltage direct current (HVDC) cables, fire-resistant insulating materials, the assimilation of fiber optics, eco-friendly materials, along with greater customization and specialization.
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What Drivers Are Propelling the Growth of Insulin Pens, Syringes, Pumps And Injectors Market Forward?
The rise in global diabetes rates drives the expansion of the market for insulin pens, syringes, pumps, and injectors. Diabetes is a chronic disease characterized by the body's struggles to manage blood sugar, emanating from either deficient insulin production or inefficient use of insulin. This results in increased blood sugar levels. The growth of people with obesity, poor dietary choices, sedentary lifestyles, and a growing elderly population contributes to the global rise in diabetes. This surge in diabetes patients bolsters the insulin delivery devices market, with more people needing insulin pens, syringes, pumps, and injectors for easy and effective treatment. As per the report from the International Diabetes Federation, an organization with over 240 national diabetes associations and based in Belgium, around 537 million adults worldwide had diabetes in 2021. This figure is expected to escalate to 783 million by 2045. Thus, the rising prevalence of diabetes worldwide is propelling the insulin pens, syringes, pumps, and injectors market.
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What Long-Term Trends Will Define the Future of the Insulin Pens, Syringes, Pumps And Injectors Market?
Firms in the insulin pens, syringes, pumps, and injectors market are zeroing in on the progress of technology in insulin delivery mechanisms to administer insulin efficiently and safely. These systems, which include tools such as pens, syringes, pumps, and injectors, are designed to offer insulin to patients with diabetes, facilitating precise and successful blood sugar control. For example, Insulet Corporation, a medical equipment manufacturer from the US, introduced Omnipod 5 in June 2024. This tubeless automated insulin delivery system, designed for individuals aged two and older with type 1 diabetes, is the first of its kind to sync with both Dexcom G6 and Abbott FreeStyle Libre 2 Plus continuous glucose monitors. This unique feature allows for enhanced diabetes management by being compatible with these leading CGM brands.
What Are the Key Segments in the Insulin Pens, Syringes, Pumps And Injectors Market?
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
Subsegments:
1) By Pens: Disposable Insulin Pens, Reusable Insulin Pens
2) By Injectors And Pumps: Insulin Injectors, Insulin Pumps, Traditional Insulin Pumps, Patch Insulin Pumps
3) By Syringes: Disposable Syringes, Reusable Syringes
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Who Are the Key Players Shaping the Insulin Pens, Syringes, Pumps And Injectors Market's Competitive Landscape?
Major companies operating in the insulin pens, syringes, pumps and injectors market include Novo Nordisk A/S, Eli Lilly and Company, Medtronic plc, Abbott Laboratories, Insulet Corporation, Sanofi Aventis, F. Hoffmann-La Roche Ltd, Becton Dickinson and Company, Animas Corporation, Ypsomed Holding AG, Dickinson and Company, Valeritas Inc., MannKind Corporation, Tandem Diabetes Care Inc., Biocon Ltd., B. Braun Melsungen AG, Terumo Corporation, Teleflex Incorporated, Nipro Corporation, Smiths Medical Inc., Owen Mumford, UltiMed Inc., Ypsomed Holding, Ascensia Diabetes Care, Trividia Health, ARKRAY Inc., AgaMatrix Inc., Medline Industries LP, Gerresheimer AG, West Pharmaceutical Services Inc., SHL Medical AG, Zhejiang POCTech Medical Co.Ltd., Jiangsu Wanhai Medical Instruments Co. Ltd.
What Geographic Markets Are Powering Growth in the Insulin Pens, Syringes, Pumps And Injectors Market?
North America was the largest region in the global insulin pens, syringes, pumps, and injectors devices and equipment market in 2024. Asia-Pacific was the second-largest region in insulin pens, syringes, pumps, and injectors devices and equipment market. The regions covered in the insulin pens, syringes, pumps and injectors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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