Worldwide sales of insulin delivery devices have reached US$ 16.8 billion in 2023 and are anticipated to increase at 7% CAGR over the next ten years. By 2033-end, the global insulin delivery devices market is expected to secure a valuation of US$ 33.1 billion.
Insulin is a hormone created by the pancreas to control the glucose levels in the human bloodstream and store blood sugar for later use. Diabetes is a chronic health condition that affects the way the human body turns food into energy and this is majorly caused due to build-up of sugar levels in the bloodstream as the body is unable to produce enough insulin. Hence, diabetic patients are given insulin externally to maintain proper body function, which is expected to primarily boost demand for insulin delivery devices in the future.
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Insulin Delivery Devices Market: Segmentation
Fact.MR has studied the insulin delivery devices market with detailed segmentation on the basis of type, distribution channel, and key regions.
- By Type :
- Insulin Pens
- Insulin Syringes
- Insulin Pumps
- By Distribution Channel :
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Diabetes Clinics/Centers
The examiners have utilized various vast conspicuous business knowledge devices to unite realities, figures, and market information into income assessments and projections in the Market.
Key partners in Market including industry players, policymakers, and financial backers in different nations have been persistently realigning their systems and ways to deal with carry out them to take advantage of new open doors. Numerous lately have updated their procedures to stay coordinated in the setting of overall disturbances brought about by the COVID-19 pandemic.
Key Companies Profiled
- Becton, Dickinson and Company
- SOOIL Development Co. Ltd.
- F. Hoffmann-La Roche Ltd.
- Owen Mumford Ltd.
- Insulet Corporation
- Sanofi S.A.
- Mannkind Corporation
- Yepsomed Holding AG
- B. Braun Melsungen AG
- Novo Nordisk A/S
- Valeritas Inc.
- Eli Lilly and Company
- Biocon Ltd.
- Cellnova Group SA
- Medtronic plc
- Tandem Diabetes Care Inc.
Leading insulin delivery device companies are focusing on expanding their product portfolio through collaborations, mergers, and acquisitions that also help them bolster their market presence on a global level.
- In May 2022, MannKind Corporation, a leading biopharmaceutical organization, agreed to purchase V-Go insulin delivery device technology from Zealand Pharma for US$ 10 million along with other sales-based milestone capital. This acquisition of new insulin delivery technology strengthened Mannkind’s position in the marketplace and expanded its product portfolio.
- Tandem Diabetes Care, an American medical device manufacturer, announced the acquisition of Switzerland-based AMF Medical in December 2022. The deal was valued at US$ 216 million along with other payouts based on milestones.
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
Germany, Portugal, Malta, & Spain to Account for High Insulin Delivery Device Demand”
Germany leads the European region in terms of diabetic population with around 15% of people being affected by the disease and this makes it the most attractive market for insulin delivery devices suppliers in this region. The rising prevalence of obesity in European countries owing to poor lifestyle choices is a prime factor that is resulting in a high incidence of diabetic patients and thus promulgating sales of insulin delivery devices in the region.
Increasing healthcare expenditure, the growing availability of novel medical devices, rising awareness regarding diabetes, and the presence of key insulin delivery device vendors are other factors that could magnify insulin delivery device shipments in countries such as Malta, Spain, France, and Portugal across the forecast period.
- In March 2022, Novo Nordisk, a leading Danish pharmaceutical organization, announced the launch of smart insulin-connected pens in the United Kingdom. NovoPen Echo Plus and NovoPen 6 were made available for patients getting treated with Novo Nordisk insulin in the United Kingdom on a prescription basis.