Dublin, Sept. 08, 2023 (GLOBE NEWSWIRE) -- The "Global Insulin Delivery Devices Market by Type (Insulin Pens [Reusable, Disposable], Insulin Pumps (Tethered, Tubeless), Insulin Syringes, Insulin Pen Needles (Standard, Safety)), End User (Hospitals & Clinics, Patients/Homecare) - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global insulin delivery devices market is projected to reach USD 46.2 billion by 2028 from USD 30.8 billion in 2023, at a CAGR of 8.5% during the forecast period.
Growth in the insulin delivery devices market is mainly driven by factors such as the growing prevalence of diabetic population, government support and favorable reimbursement schemes, technological advancements in insulin delivery devices. On the other hand, the high costs and lack of reimbursements in developing countries of insulin delivery devices systems are expected to restrain market growth to a certain extent.
Insulin pumps segment is projected to grow at the highest CAGR during the forecast period By type, the global insulin delivery devices market is segmented into insulin pens, insulin pumps, insulin pen needles, insulin syringes and other insulin delivery devices which includes, transdermal insulin patch, insulin jet injectors, insulin inhalers. The insulin pump segment is further sub-segmented into tethered insulin pumps and tubeless insulin pumps.
As newer and more refined technology has now revolutionized insulin pumps in terms of their quality of care, and ease of use resulting in improved glycemic control, in addition favourable reimbursement in developed countries is contributing towards the adoption of these devices as a result this segment is projected to have the highest CAGR in the forecast period.
Patients/Homecare end user segment is projected to grow at the highest CAGR during the forecast period By end users, the insulin delivery devices market is segmented into patients/ homecare and hospitals & clinics. The patients/home care segment is expected to grow at the highest CAGR during the forecast period. This is primarily attributed to the rising patient acceptance of home care as a result of growing awareness of diabetes care devices, increasing diabetic healthcare expenditure and favourable reimbursements.
By region, North America is projected to account for the largest share of the insulin delivery devices market.
Premium Insights:
- Increasing Technological Advancements in Insulin Delivery Devices to Drive Market
- Insulin Pens Segment Accounted for Largest Share of Asia-Pacific Market in 2022
- China to Register Highest CAGR During Forecast Period
- Asia-Pacific to Register Highest Growth Rate During Forecast Period (2023-2028)
- Developing Markets to Register Higher Growth Rates During Forecast Period
Market Dynamics:
Drivers:
- Growing Prevalence of Diabetic Population
- Technological Advancements in Insulin Delivery Devices
- Government Support and Favorable Reimbursement Schemes to Favor Market Growth
Restraints:
- High Costs and Lack of Reimbursement in Developing Countries
- Needle Anxiety in Patients to Affect Growth of Pen Needles and Syringes Market
- Oral Insulin as Alternative Drug Delivery Method
Opportunities:
- Increasing R&D Activities and Strategic Partnerships
- Increasing Healthcare Expenditure on Diabetes Care
- Advances in Syringe and Needle Technology
- Mandates Pertaining to Safety-Engineered Medical Needles to Encourage Market Growth
Challenges:
- Needlestick Injuries and Misuse of Injection Pens
- Lack of Interoperability Among Insulin Delivery Devices
Companies Mentioned:
- Biocon Limited
- Cequr Corporation
- Debiotech Sa
- Embecta Corp. (Formerly Becton, Dickinson and Company Diabetes Care Business)
- Eoflow Co., Ltd.
- Haselmeier
- Hindustan Syringes & Medical Devices Ltd
- Htl-Strefa S.A.
- Insulet Corporation
- Jiangsu Delfu Medical Device Co., Ltd
- Lilly
- Mannkind Corporation
- Medtronic plc
- Medtrum Technologies Inc.
- Novo Nordisk A/S
- Owen Mumford
- Roche Diabetes Care
- Sanofi
- Sooil Developments Co., Ltd
- Sungshim Medical Co., Ltd.
- Tandem Diabetes Care, Inc.
- Terumo Corporation
- Vicentra B.V.
- Wockhardt
- Ypsomed Holding Ag
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 230 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $30.8 Billion |
| Forecasted Market Value (USD) by 2028 | $46.2 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/nb3me8
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