Insulin Delivery Devices Market Is Expected To Reach a Revenue Of USD 75.4 Bn By 2033, At 8.8% CAGR | Dimension Market Research

New York, June 11, 2024 (GLOBE NEWSWIRE) -- The Global Insulin Delivery Devices Market size is expected to reach USD 35.2 billion by 2024 and is further anticipated to reach USD 75.4 billion by 2033 according to Dimension Market Research. The market is anticipated to register a CAGR of 8.8 % from 2024 to 2033.

This market is expanding to due growing conditions of obesity and diabetes around the globe. Devices like syringes, pens, pumps, and jet injectors are medical tools for insulin delivery used by consumers with diabetes to take insulin which controls blood sugar.

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Insulin pens avoid the need for manual use and are less daunting than syringes, they are anticipated to dominate the market based on product and hold the largest share. This is particularly true for active or traveling patients. Furthermore, because syringes are readily available and simple to use, the market is predicted to increase at a quick pace.

In the context of application, the homecare segment is projected to have the highest market share due to use of modern delivery devices which are highly portable and adopted for self-care diabetes control at home. Moreover, the hospital segment plays a significant role, using devices like pumps and pens for accurate insulin dose and continuous delivery to maintain patients’ insulin level.

Important Insights

• The Insulin Delivery Device Market is expected to grow by USD 75.4 billion by 2033 from 2024 with a CAGR of 8.8 % during the same forecasted period i.e. 2024 to 2033.

• Based on product, insulin pen segment is expected to lead the market and account for the 36.0% share due to its user-friendly design, convenience, particularly for active or traveling patients which remove manual dosing and are less intimidating than syringes.
• On the context of application, the homecare segment is projected to have the highest market share of 49.7% due to increased patient adoption for its convenience and cheap cost benefits.

• North America is expected to lead the global insulin delivery devices market with 38.6% revenue share in 2024 due to the growing population, the rising cases of diabetes, and their highly developed technology ecosystem.
•  Asia-Pacific is expected to see rapid growth due to increasing diabetes prevalence and awareness, particularly in countries like China and India.

Global Insulin Delivery Devices Market: Growth Drivers & Trends

• The increasing occurrence of diabetes globally particularly type 1 and type 2 diabetes, is major growth driver of this market.
• Advancements in insulin delivery device technologies have led to the development of more convenient, efficient, and user-friendly devices.
• Awareness among patients and healthcare professionals about the importance of proper insulin management and the availability of advanced insulin delivery devices is driving market growth.
• The old population globally is subjected to developing diabetes, leading to an increased demand for insulin and insulin delivery devices.
• The shift towards homecare patient management is driving the adoption of insulin delivery devices that are easy to use and can be self-administered by patients.

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Insulin Delivery Device Market: Competitive Landscape

Key market players aim to broaden portfolios via collaboration, mergers, and acquisitions, enhancing global presence. They also partner with local firms for expanded market reach. Innovation drives revenue; for example, Novo Nordisk's NoVo Pen Echo offers memory and half-unit dosage features. Foreign vendors expand, offering advanced diabetes care products.

Some of the major players in the market include Novo Nordisk, Eli Lilly, and Sanofi.

Some of the prominent market players:

• Novo Nordisk A/S
• Sanofi
• Eli Lilly and Company
• Biocon Ltd.
• Ypsomed AG
• Wockhardt Ltd.
• Medtronic
• Abbott Laboratories
• Hoffmann-La Roche, Ltd.
• Other Key Players

Insulin Delivery Devices Market Scope

Insulin Delivery Devices Market Segmentation

By Product

• Insulin syringes
• Insulin pens
• Insulin pumps
• Insulin injectors

 By Application

• Homecare
• Hospitals
• Others

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Regional Analysis

North America region is expected to dominate the market with the largest revenue of 38.6 % in 2024 due to growing occurrence of patient suffering from diabetes. Also, the market of this region is significantly growing due to the rising biotechnology industry and availability of equipped healthcare sector.

This market is anticipated to grow fast over upcoming year in Asia-Pacific region due to a high incidence of diabetes and growing awareness of the disease in developing countries like China and India.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments in the Insulin Delivery Device Market

• June 2023: Novo Nordisk acquired BIO JAG which aimed of delivering cutting edge devices and delivery solutions to improve care for consumer across the globe living with serious chronic diseases.
• February 2023: Eli Lilly partnered with IABL to supply its active pharmaceutical ingredient for human insulin at a reduced price in an effort to increase patient access and improve affordability for high-quality insulin.
• January 2023: Embecta announced to open its new headquarters at 300 Kimball Drive, Suite 300, in Parsippany, New Jersey.
• November 2022: Medtronic plc announced the launch of infusion set which is the first and only infusion set labelled for up to 7-day wear, used to delivers insulin from an insulin pump to the body and typically need a set change every two to three days.

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