Insulin Delivery Devices Market is Expected to Reach $46.2 Billion | MarketsandMarkets.

Chicago, Aug. 07, 2023 (GLOBE NEWSWIRE) -- In the near future, the insulin delivery devices industry is poised to witness significant advancements and transformative innovations. Fueled by rapid developments in technology and increasing prevalence of diabetes, the sector is on track to revolutionize the management of diabetes for millions worldwide. Smart insulin pens, wearable insulin pumps, and implantable devices are expected to gain prominence, offering personalized and precise insulin delivery while optimizing patient convenience and adherence. These cutting-edge devices will incorporate real-time data monitoring and sophisticated algorithms to analyze glucose levels, predict insulin requirements, and provide timely dosage recommendations. Moreover, the integration of artificial intelligence and Internet of Things (IoT) capabilities will enhance the seamless communication between devices and healthcare professionals, enabling better remote patient monitoring and proactive interventions. With a strong focus on patient-centric design and improved accessibility, the insulin delivery devices industry is set to empower individuals with diabetes to lead healthier, more manageable lives in the foreseeable future.

Insulin Delivery Devices market in terms of revenue was estimated to be worth $30.8 Billion in 2023 and is poised to reach $46.2 Billion by 2028, growing at a CAGR of 8.5% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growing number of people with diabetes has led to an increased focus on developing and adopting better insulin delivery devices. Advances in technology have made it possible to create more flexible and sophisticated delivery devices. Government support and favourable reimbursement schemes are also driving market growth. However, high device costs, lack of reimbursement in developing countries, inability for interoperable devices, and the device patent protection are expected to slow market growth.

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Insulin Delivery Devices Market Scope:

Insulin Delivery Devices market major players covered in the report, such as:

• Embecta Corp. (US)
• Novo Nordisk A/S (Denmark)
• Ypsomed Holding AG (Switzerland)
• Medtronic (Ireland)
• Tandem Diabetes Care Inc. (US)
• Sanofi (France)
• Biocon (India)
• Lilly (US)
• Insulet Corporation (US)
• Roche Diabetes Care (US)
• Owen Mumford (UK)
• Medtrum Technologies Inc. (China)
• Terumo Corporation (Japan)
• Wockhardt (India)
• CeQur Corporation (Switzerland)
• Eoflow Co. Ltd (South Korea)
• Hindustan Syringes & Medical Devices Ltd (India)
• SOOIL Developments Co. Ltd (South Korea)
• Sungshim Medical Co. Ltd. (South Korea)
• Jiangsu Delfu Medical Device Co. Ltd (China)
• ViCentra B.V. (The Netherlands)
• Debiotech SA (Switzerland)
• Haselmeier (Germany)
• MannKind Corporation (US)
• HTL-STREFA S.A. (Poland)
• and Among Others

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The study categorizes the Insulin Delivery Devices market based on By Type, End User, and Region.

By Type

• Insulin Pens
• Reusable Insulin Pens
• Disposable Insulin Pens
• Insulin Pumps
• Tethered Insulin Pumps
• Tubeless Insulin Pumps
• Insulin Pen Needles
• Standard Insulin Pen Needles
• Safety Insulin Pen Needles
• Insulin Syringes
• Other Insulin Delivery Devices (insulin transdermal patches, insulin inhalers, insulin jet injectors, etc.)

By End User

• Patients/Home Care
• Hospitals & Clinics

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe (RoE)
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of APAC (RoAPAC)
• Rest of World

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The key stakeholders in the Insulin Delivery Devices market include:

• Insulin delivery device manufacturers, vendors, and distributors
• Group purchasing organizations (GPOs)
• Original equipment manufacturers (OEMs)
• Physicians/Diabetologists
• Homecare providers
• Hospitals and clinics
• Contract research organizations (CROs)
• Research institutes and government organizations
• Market research and consulting firms
• Contract manufacturing organizations (CMOs)
• Venture capitalists
• Senior Management
• Purchase & Finance Departments
• Patients

Recent Developments:

• In 2023, Embecta Corp. opened a new global headquarters office at 300 Kimball Drive, Suite 300, IN Parsippany, N.J. The site is expected to be home to members of the leadership team, global support functions and North American commercial organization to develop and provide solutions that make life better for people coping with diabetes.
• In 2023, Eli Lilly announced price reductions of 70% for its most prescribed insulins and an expansion of its Insulin Value Program that caps patients out-of-pocket cost at USD 35 or less per month.
• In 2023, Novo Nordisk launched the first smart insulin pens NovoPen 6 and NovoPen Echo Plus available in the UK.
• In 2022, Medtronic entered into a set of definitive agreements to acquire EOFlow Co. Ltd., a manufacturer of the EOPatch device- a tubeless, wearable and fully disposable insulin delivery device.

Frequently Asked Questions (FAQs) of Insulin Delivery Devices Market:

Which are the top industry players in the global insulin delivery devices market?
Ans. The top market players in the global Insulin delivery devices market include Embecta Corp. (Formely Becton, Dickinson and Company Diabetes Care Business (US), Novo Nordisk A/S (Denmark), Medtronic (Ireland), Sanofi (France), Eli Lilly and Company (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), Insulet Corporation (US), Biocon Limited (India), Roche Diabetes Care (Switzerland), Owen Mumford (England), Mrdtrum Technologies Inc. (China), Terumo Corporation (Japan), Wockhardt (India), Cerur Corporation (Switzerland), EoFlow CO., Ltd. (South Korea), Hindustan Syringes & Medical Devices Ltd (India), Sooil Developments CO., Ltd (Korea), Sungshim Medical Co., Ltd. (South Korea), Vicentra B.V. (Netherland), Debiotech SA (Switzerland), Jiangsu Delfu Medical Device Co., Ltd (China), Haselmeier (Germany), Mannkind Corporation (US), HTL-Sterfa S.A. (Poland).

What are the top trends in the insulin delivery devices market?
Ans. Trends in insulin delivery devices market:

• Growing demand for hybrid closed-loop systems/artificial pancreas device systems
• Growing number of collaborations between stakeholders

Which geographical region is the second largest market in the global insulin delivery devices market?
Ans. The global insulin delivery devices market is segmented into North America, Europe, Asia Pacific, and Rest of World. Europe is the second largest market for insulin delivery devices. Factors such as the growing geriatric population, rising prevalence of diabetic population, increasing diabetic healthcare expenditure, the presence of technology advanced insulin delivery devices, and the favorable reimbursement in the region are driving the growth of the market in this region.

What are the opportunity areas for insulin delivery devices market?
Ans. Emerging countries (such as China, Brazil and India) are expected to offer significant growth opportunities for players in the insulin delivery devices market. The economic boom over the last few years in these countries is expected to boost the growth of the healthcare sector and create growth opportunities for players operating in the inulin delivery devices market.

Ans. Which is the leading end user of the insulin delivery devices market?
In 2022, the patient/home care segment held the largest market share for insulin delivery devices market, with 79.9% of the total market. Technology advances and a shift towards home care and diabetes self-management are primarily accountable for the large share of this market.

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Report Objectives:

• To define, measure, and describe the global insulin delivery devices market on the basis of type, end user, and region
• To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, challenges, and opportunities)
• To analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market
• To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of market segments with respect to four main regions, namely, North America, Europe, Asia Pacific, and RoW
• To strategically analyze the market structure and profile key players in the global insulin delivery devices market and comprehensively analyze their core competencies
• To track and analyze company developments such as partnerships, agreements, and collaborations; expansions; joint ventures; and product launches in the insulin delivery devices market

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