Disposable Insulin-Delivery Device Market expected to expand at a 7.7% value CAGR by 2032
The global disposable insulin-delivery device market is expected to be worth US$ 14,585.6 million in 2022, rising at a 7.7% CAGR to US$ 32,887.5 million between 2022 and 2032. The increase is attributable to an increase in diabetes-related health spending in emerging nations.
Diabetes is one of the most chronic and life-threatening diseases afflicting a substantial portion of the world’s population. Diabetes, commonly known as diabetes mellitus, is a metabolic condition in which either the pancreas or the body is unable to use insulin to metabolise glucose.
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Out of syringes, pumps, pens, and jet injectors, pens hold the largest market share. They, in fact, account for more than 36% of the overall revenue. This could be reasoned with factors like higher rate of adoption and comprehendible design. On these grounds, NovoPen has been dominating the market. It has memory function as well.
With disposable insulin-delivery devices, home care has turned out to be a dominant end-user. It holds more than 45% of the market share. This could be credited to the fact that home care saves on hospital fees. The portability on their part is there to add. Future Market Insights, with its team of analysts and consultants, walked through the nitty-gritties of disposable insulin-delivery device market along with insights in its latest market study entitled ‘Disposable Insulin-Delivery Device Market’. Both – micros and macros have been worked upon over here.
Key Takeaways from Disposable Insulin-Delivery Device Market
- North America holds ~33% of the market share. This could be attributed to increasing incidences of diabetes, feasible government initiatives, and presence of various disposable insulin delivery device manufacturers. As per the CDC, there are more than 37 Mn people affected with diabetes all across the US.
- Europe holds ~29% of the market share with increase in healthcare infrastructure in several parts of Europe. As of the year 2019, there are more than 32 Mn adults diagnosed with diabetes in the EU.
- Coming to the Asia-Pacific, growing awareness about diabetes is one of the key factors driving the disposable insulin-delivery device market and the status quo is expected to remain the same even going forward.
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- Abbott, in February 2022, did announce collaboration with Fitterfly, Healthifyme, Zyla Health, 1MG, GOQii, PharmEasy, Sugar.fit, and BeatO as a step toward holistic diabetes management care. Abbott, with the help of the collaborations, offers glucose monitoring solutions to almost 8 Mn diabetic patients, 6.5 Mn users out of which could access through 1MG and PharmEasy.
- Insulet Corp., in January 2022, announced that the US FDA approved the new-fangled Omnipod 5 system, thereby marking its entry into the universe of AID (automated insulin delivery).
- Novo Nordisk, in March 2022, announced launching of two smart connected insulin pens called ‘NovoPen Echo Plus’ and ‘NovoPen 6’, which are being made available for patients getting treated with Novo Nordisk insulin in the UK, but on prescription.
- Sanofi, in November 2021, entered into partnership with Roche for increasing adoption of the disposable insulin pens. Local players are also being approached for improving the market reach.
“A large chunk of population is contracting diabetes, which asks for disposable insulin-delivery devices”, thereby accelerating the market for the same”, says an analyst from Future Market Insights.
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What does the Report have at its discretion?
- Future Market Insights offers an exclusive perspective and various real-time insights on the disposable insulin-delivery device market in its latest study, presenting historical demand assessment of 2016 to 2021 and projections for 2022 to 2032.
- The research study is based on product type (disposable insulin-delivery pumps, disposable insulin-delivery patches, disposable insulin-delivery pens, and disposable insulin-delivery syringes), by disease indication (type I diabetes and type II diabetes), and by distribution channel (hospital pharmacies, retail pharmacies, online sales, and diabetes clinics).
- With increase in the number of diabetic patients in wake of obesity, aging, and sedentary lifestyles, the global disposable insulin-delivery device market is all set to create ripples in the healthcare vertical in the years to come.
Key Segments Profiled in the Disposable Insulin-Delivery Device Market
Disposable Insulin-Delivery Device Market by Product Type:
Device Market by Disease Indication:
- Devices for Type I Diabetes
- Devices for Type II Diabetes
Device Market by Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Diabetes Clinics
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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