Insulin Delivery Devices Helping Diabetics Live with Dignity
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.
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.