Insulin Delivery Devices Market Latest Trends and Future Growth Study 2022-2030
June 23, 2022
In 2021, North America captured a significant share of the insulin delivery devices market, amounting to 40% of revenue.NEW YORK, UNITED STATES, June 23, 2022 /EINPresswire.com/ -- In 2021, the insulin delivery devices market was valued at $16,008.0 million, and growing with a CAGR of 10.5%, it is expected to reach $39,371.8 million by 2030. A surge in diabetic patients has been seen in both developed and developing countries. According to the data provided by IDF, 463 million people between the ages of 20 and 79 were reported diabetic in 2019, and by 2045, this population will reach 700.2 million.
The highest revenue was contributed by pharmacies in 2021, amounting to 59.7% of the insulin delivery devices market revenue, based on distribution channel. It is because patients prefer pharmacies, to purchase insulin delivery devices. There has been a significant increase in patients requiring daily insulin administration, attributing the penetration of patient-friendly self-administration devices, including pens and pumps in the market. The fastest-growing category is e-commerce, attributed to online delivery facilitating customers’ convenience.
Request for sample pages of this report: https://www.psmarketresearch.com/market-analysis/insulin-delivery-devices/report-sample
The insulin delivery devices market is highly influenced by at-home users, with its around 50% revenue share, within the end user segment. The increase in the geriatric population, rise in prevalence of diabetes and increased awareness of diabetes management are significant drivers of the end-user segment. Growing obesity in the adult population leads to higher chances of developing diabetes, resulting in increased demand for insulin delivery devices.
Insulin pens are expected to witness the highest growth rate in the insulin delivery devices market over this decade. The insulin pen manufacturing entities are focusing on increasing their production in countries with a large diabetic population, including China and India. The increasing trend of medical reimbursements in developed countries is driving the market. Similarly, technological advancements made in the Insulin pen are also an important factor behind its wide acceptance to manage diabetes.
There has been a significant increase in people shifting from expensive sites, including hospital departments and emergency, to cost-effective areas. Diabetes centers, clinics and homes offer more convenience to patients than hospitals, facilitating the surge in insulin delivery devices market. The popularity of home infusion therapy is increasing as advanced insulin delivery devices are easily accessible, especially insulin pumps. Infusion pumps are built with a mechanism that enables it to provide accurate insulin dosage. Insulin inhalers are also widely accepted by diabetic patients.
Inquiry before purchase of this report: https://www.psmarketresearch.com/send-enquiry?enquiry-url=insulin-delivery-devices
The technological advancements in insulin delivery devices are leading to its increased popularity in the diabetic-affected population. These devices include insulin pumps, pens, and inhalers capable of releasing accurate insulin dosage, facilitating the hormonal balance in the body, leading to the expansion of insulin delivery devices market. Insulin pens are more efficient than syringes with vials, streamlining quick processes and consuming less time. Similarly, new insulin pumps facilitate high safety, efficiency and easy usage.
Thus, the increase in the prevalence of diabetes is driving the market, as is the wide acceptance of these devices among the diabetic population, due to their accuracy, cost-effectiveness, and less time-consumption.
Insulin Delivery Devices Market Size Breakdown by Segment
• Insulin Pen
o Reusable pens
o Disposable pens
• Insulin Pump
o External/Tethered pumps
o Patch pumps
• Insulin Syringe
By Distribution Channel
• Diabetes Clinics/Centers
By End Use
• North America
• Latin America
• Middle East and Africa
o Saudi Arabia
o South Africa
Browse Other Related Reports
Home-Use Insulin Delivery Devices Market Growth Forecast Report 2030
Needle-Free Injection Systems Market Growth Forecast Report 2030
About P&S Intelligence
P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.