The global Insulin Delivery Devices Market size is expected to reach USD 27.7 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2022 to 2030. Obesity, sedentary lifestyles, and unhealthy food habits, primarily in the young population, lead to the occurrence of diabetes. In addition, the growing diabetic geriatric population is another factor supporting the growth of this vertical. According to the United Nations, Department of Economic and Social Affairs, around 901 million individuals were aged 60 or over in 2015 and this number is projected to increase to 1.4 billion by 2030. Thus, the enlarging elderly population is expected to boost the demand for insulin delivery devices.
Technological innovations and advancements are an
ongoing trend in this vertical. The high demand for advanced insulin delivery
devices is supporting the adoption of recently launched innovative pen devices
and portable pumps, which is estimated to boost the market growth. Also,
favorable reimbursement policies for these devices, mainly in developed
countries like the U.S. and Germany, are anticipated to fuel the market growth
during the study period. However, stringent regulatory requirements regulating
the approval of insulin delivery devices and the high cost of insulin analogs
in diabetes care management are major factors restraining the growth of this
industry.
The market's prominent competitors are taking
different initiatives such as acquisition, funding, and product development to
expand their product portfolio and enhance their manufacturing capacity. For
instance, in October 2021, Eli Lilly partnered with Cipla, to market its
Insulin products (Humalog and Trulicity) in India. Additionally, In June 2021,
the company acquired Protomer Technologies, to strengthen its market presence.
Further, Novo Nordisk, joined hands with Biocorp to develop a Bluetooth-enabled
smart add-on device for their pen insulin injector.
Related Press Release@ Insulin Delivery Devices Market Report
Insulin Delivery Devices Market
Report Highlights
- The insulin pens segment was the largest revenue-generating
category of this market in 2021. The pen is equipped with self-contained
cartridges and offers ease in handling and less pain while injecting
insulin. The advantages of these pen devices over other products are
resulting in their growing popularity, thus serving as a vital factor in
contributing to the sector’s highest share in this market
- The home care segment is estimated to be the fastest-growing
segment due to increased adoption of self-care diabetes management devices
and the availability of simplified and user-friendly product designs for
patients
- North America is the leading regional sector and accounted for the
largest revenue share in 2021 primarily due to the favorable reimbursement
scenario in this space. Also, the presence of major manufacturers in this
region is supporting market growth
- In Asia Pacific, the market is anticipated to grow fast during the
forecast period. The high prevalence rate of diabetes in countries, such
as China and India, is a major factor contributing to market expansion in
this region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment