Insulin Delivery Devices Market is Projected to Grow at a CAGR of 9.23% and is also Expected to Extend Upto USD 24.13 Billion by 2026, Asserts DelveInsight

LAS VEGAS, Dec. 1, 2021 /PRNewswire/ -- DelveInsight's Insulin Delivery Devices Market Insights and Forecast report provides the current and forecast Insulin Delivery Devices Market, upcoming innovation in the devices, individual market shares, challenges, drivers and barriers, market trends, and key competitors in the Insulin Delivery Devices Market. 

Some of the salient features from the Insulin Delivery Devices Market report: 

• As per DelveInsight analysis, in terms of revenue share, APAC is predicted to register the fastest growth in the Insulin Delivery Devices market because of the high prevalence of diabetes.
• Major pharma players working proactively in the Insulin Delivery Devices Market include Becton, Dickinson and Company, Medtronic, Novo Nordisk A/S, Ypsomed Holding AG, Tandem Diabetes Care, Inc., Biocon Ltd., Eli Lilly and Company, Insulet Corporation, Abbott, Terumo, CeQur, EOFLOW CO., LTD, European Pharma Group BV, Roche, Sanofi, Hindustan Syringes & Medical Devices Ltd, Ocean (Hangzhou) Medical Technology Co Ltd, Owen Mumford, SOOIL Developments Co., Ltd, SUNGSHIM MEDICAL CO., LTD, and others.
• DelveInsight estimates that Global Insulin Delivery Devices Market is expected to grow at an escalated CAGR of 9.23% during the forecast period from 2021 to 2026 and is anticipated to reach USD 24.13 billion by 2026.
• In May 2021, Medtronic plc received the CE (Conformité Européenne) Mark approval for their InPen smart insulin pen for expanded functionality as multiple daily injections (MDI).
• In May 2021, Eli Lilly entered into agreements with four companies DexCom, Inc., Glooko Inc., myDiabby Healthcare and Roche - to advance connected solutions and streamline care for diabetic people living outside of the United States. These companies offer unique diabetes management platforms which will be compatible with Lilly's Tempo Pen™ (approved in several global markets) and Tempo Smart Button™ (currently in late-stage development).

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Insulin Delivery Devices Overview 

Diabetes is a chronic disease that occurs either when the pancreas does not produce enough insulin, a hormone that regulates blood sugar, or when the body cannot effectively use the insulin it produces. It can be classified into three main types namely, Type 1 Diabetes, Type 2 Diabetes, and Gestational Diabetes. Among all the most common is type 2, usually affecting adults as a result when the body becomes resistant to insulin or produce insufficient insulin.

Over the years, there has been a continuous increase in the prevalence of diabetes that has been attributed to changing lifestyles in cities and rural regions, globalization, bad eating habits, particularly among teens and adults, an increase in the obese and geriatric population, and a lack of daily physical activities.

To pick on the latest highlights related to Insulin Delivery Devices, get the snapshot of the key highlights entailed in the Insulin Delivery Devices Market report.

Insulin Delivery Devices Market Insight 

In 2021, the discovery of insulin will mark 100 years, as the origin of diabetes therapy dates back to the 1920s with the discovery of insulin and its applications. The Insulin Delivery Devices started with the syringe and moved to insulin pens, insulin pumps, and sensor-augmented pumps. 

Geographically, the global Insulin Delivery Devices market is studied for North America, Europe, Asia-Pacific, and the Rest of the World. In terms of revenue share, APAC is predicted to register the fastest growth in the Insulin Delivery Devices market because of the high prevalence of diabetes, increase in awareness regarding diabetes and its management, improving disposable income, among other factors in the region.

According to DelveInsight estimates, in the product type segment of the Insulin Delivery Devices market, insulin pens which are further sub-segmented into reusable and disposable are projected to hold the largest market among other insulin delivery devices. This is due to its long-term benefit, the reusable insulin pens appear to be more economical compared to conventional Insulin Delivery Devices.

The launch of new innovative products will lead to an increased demand for Insulin Delivery Devices, for instance, in November 2020, the French company Diabeloop, a pioneer in therapeutic AI, and Terumo Corporation signed an agreement for the joint development with exclusive distribution rights in Japan of an automated insulin delivery (AID) solution. The Diabeloop-developed system will integrate Terumo's innovative insulin patch pump.

To know more why the Asia Pacific is leading the market growth in the Insulin Delivery Devices market, get a snapshot of the report Insulin Delivery Devices market

Insulin Delivery Devices Market Drivers and Barriers

Many players in the medical device and healthcare industries are working together to create an ecosystem through technology that allows patients to manage their diabetes and receive input from doctors remotely, saving both money and time. Therefore, advancements in Insulin Delivery Devices is anticipated to boost the global Insulin Delivery Devices market. Various other factors such as the immensely high prevalence of Diabetes, user-friendly design of Insulin Delivery Devices, rising popularity, adoption rate among the patient population, and the launch of new innovative products will lead to an increased demand for Insulin Delivery Devices contributing to a massive surge in Insulin Delivery Devices market.

The demand for Insulin Delivery Devices is primarily affected by the outbreak of the COVID-19 pandemic because of the delay in the supply and manufacturing of the products. However, Type 2 diabetes, hypertension, and cardiovascular diseases have been identified as the most common comorbidities for SARS-CoV-2 infection and have been associated with worse outcomes and a more severe course of COVID-19. 

To discuss more about the short/long-term impact of COVID-19 get a snapshot of the report Insulin Delivery Devices market

Scope of the Insulin Delivery Devices Market Report

Study Period: 2018-2026

Key Companies: Becton, Dickinson and Company, Medtronic, Novo Nordisk A/S, Ypsomed Holding AG, Tandem Diabetes Care, Inc., Biocon Ltd., Eli Lilly and Company, Insulet Corporation, Abbott, Terumo, CeQur, EOFLOW CO., LTD, European Pharma Group BV, Roche, Sanofi, Hindustan Syringes & Medical Devices Ltd, Ocean (Hangzhou) Medical Technology Co Ltd, Owen Mumford, SOOIL Developments Co., Ltd, SUNGSHIM MEDICAL CO., LTD

Insulin Delivery Devices Market Segmentation

By Product Type

• Insulin Syringes
• Insulin Pens
• Reusable
• Disposable
• Insulin Pumps
• Tethered/External Pumps
• Patch Pumps
• Insulin Injectors
• Others

By End-User

• Hospitals
• Homecare Settings
• Diabetes Centres
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Rest of World

Delveinsight Analysis: The Insulin Delivery Devices market is expected to grow at a CAGR of 9.23% during the forecast period from 2021 to 2026, to reach USD 24.13 billion by 2026.

Table of Contents 

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• Medical Devices Market Blooms as the Key MedTech Companies Continue to Bring-In Innovation
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SOURCE DelveInsight Business Research, LLP