The global market for insulin delivery devices is projected to grow from USD 30.8 billion in 2023 to USD 46.2 billion by 2028, registering a CAGR of 8.5% during the forecast period. The increasing prevalence of diabetes worldwide has heightened the demand for more efficient diabetes care solutions, propelling market growth.
The report, titled "Insulin Delivery Devices Market by Type (Insulin Pens [Reusable, Disposable], Insulin Pumps [Tethered, Tubeless], Insulin Syringes, Insulin Pen Needles [Standard, Safety]), End User (Hospitals & Clinics, Patients/Homecare) - Global Forecast to 2028," highlights key factors driving this expansion. Among these, government support, favorable reimbursement schemes, and advancements in technology are critical contributors to the growth of the insulin delivery devices market.
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Market Growth Drivers:
Increasing Diabetes Prevalence: As the global incidence of diabetes continues to rise, the need for reliable and efficient insulin delivery devices becomes paramount.
Technological Advancements: Innovations in insulin delivery technologies, including advanced insulin pens and pumps, are improving the quality of care for diabetic patients.
Government Support and Reimbursement: Favorable government policies and reimbursement schemes are further boosting the market for insulin delivery devices.
Key Market Segments: The report categorizes the insulin delivery devices market by type and end user:
Type: Insulin pens (reusable, disposable), insulin pumps (tethered, tubeless), insulin syringes, and insulin pen needles (standard, safety).
End User: Hospitals & clinics, and patients/homecare settings.
Insulin Delivery Devices Market Dynamics:
Drivers:
· Growing prevalence of diabetic population
Restraints:
· High cost and lack of reimbursement in developing countries
Opportunities:
· Increasing healthcare expenditure on diabetes care
Challenges:
· Needlestick injuries and misuse of injection pens
Key Market Players:
The prominent players operating in the global insulin delivery devices market are Embecta Corp. (Formely Becton, Dickinson and Company Diabetes Care Business (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), Insulet Corporation (US), Biocon Limited (India), Novo Nordisk A/S (Denmark), Medtronic (Ireland), Sanofi (France), Eli Lilly and Company (US), Roche Diabetes Care (Switzerland), Owen Mumford (England), Mrdtrum Technologies Inc. (China), Terumo Corporation (Japan), Wockhardt (India), Cerur Corporation (Switzerland), EoFlow CO., Ltd. (South Korea), Hindustan Syringes & Medical Devices Ltd (India), Sooil Developments CO., Ltd (Korea), Sungshim Medical Co., Ltd. (South Korea), Vicentra B.V. (Netherland), Debiotech SA (Switzerland), Jiangsu Delfu Medical Device Co., Ltd (China), Haselmeier (Germany), Mannkind Corporation (US), HTL-Sterfa S.A. (Poland).
With the rising demand for innovative and user-friendly insulin delivery solutions, the insulin delivery devices market is poised for robust growth in the coming years.
Content Source:
https://www.marketsandmarkets.com/ResearchInsight/insulin-delivery-device-market.asp
https://www.marketsandmarkets.com/PressReleases/insulin-delivery-device.asp
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