Insulin Delivery Device Market 2022-2027
The Insulin Delivery Device Market is bound to grow vigorously in the next 10 years. IoT has already made a beeline to the healthcare vertical. This has, in turn, enabled tracking of real-time locations of the apparatus and medical devices like scales, wheelchairs, defibrillators, or nebulizers along with remote monitoring. The entire healthcare vertical is expected to run on the IoT wave going forward.
Surging prevalence of diabetes and growing awareness among patients regarding the treatment options available are the key factors propelling the global insulin delivery devices market. In a recent report titled “Global Market Study on Insulin Delivery Devices: Asia to Witness Highest Growth by 2027”, Persistence Market Research states that the market for insulin delivery devices is anticipated to expand at a healthy CAGR of 7.0% from 2022 to 2027. If this holds true, the value of the global market will rise from US$9,391.1 mn in 2022 to US$14,093.3 mn by 2027.
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Even with the increasing number of factors fueling the insulin delivery devices market, high cost of insulin analog and complications and risks associated with the delivery of insulin are anticipated to impede the growth of the global market. However, trends such as development of home infusion therapy and artificial pancreas are gaining popularity, which is sure to boost the insulin delivery devices market in the coming years.
Some of the major players operating in the market:
- Abbott Laboratories.
- Novo Nordisk A / S.
- Eli Lilly and Company.
- Medtronic, Inc.
- Sanofi, Becton.
- Dickinson and Company.
- F. Hoffmann-La Roche, Ltd.
- Other
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The insulin delivery devices market is segmented on the basis of device into insulin pens, insulin jet injectors, insulin syringes, and insulin pumps.
Different regional markets for insulin delivery devices are driven by various factors and the research report offers an in-depth analysis of the forces that govern the growth of each regional segment. The five regions covered in the global insulin delivery devices market are North America, Latin America, Asia, Europe, and Rest of the World.
North America accounts for the largest share of the overall insulin delivery devices market and is anticipated to retain its lead throughout the forecast period. The growth in this region can be attributed to rise in geriatric population, alarming prevalence of diabetes, and surging number of obese and overweight population. The Latin America insulin delivery devices market is fueled by the establishment of several manufacturing and research facilities in the region.
Asia, identified as having immense potential for future growth, is a market that is gaining prominence when it comes to insulin delivery devices. This development can be attributed to growing awareness about diabetes and the various treatment options, rise in aging population, support from government in the form of healthcare initiatives, and increasing prevalence of diabetes.
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The Europe insulin delivery devices market is driven by factors similar to those fueling the North America market: increase in aging population, technological advances in the delivery of insulin, growing prevalence of diabetes, and rising awareness among the patient population regarding treatment of diabetes.
Major Highlights of the Insulin Delivery Device Market Report:
- The Insulin Delivery Device Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Insulin Delivery Device Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
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