Summary

Insulin, a blood sugar-regulating hormone, is essential in the treatment of diabetes. To obtain an insulin dose, patients must use one of the current insulin delivery devices. The global insulin delivery devices market is on the rise, with revenues expected to rise. Obesity and being overweight are risk factors that are strongly linked to the increased incidence of diabetes, which is reaching epidemic proportions, resulting in a high prevalence of diabetes. As a result, the high number of diabetics is pushing the market for insulin delivery devices. Furthermore, the growing demand for enhanced insulin delivery devices is encouraging the use of recently announced revolutionary pen devices and portable pumps, which are expected to drive market expansion. However, strict government laws and regulations governing the product clearance process, as well as the expensive cost of insulin analogs in diabetes care management, may stymie market expansion. The widespread availability of insulin delivery devices such as insulin pens, syringes, pumps, and jet injectors will help drive insulin delivery device demand over the projection period. Increasing diabetes awareness programs and campaigns about complications, long-term effects, and treatment will give a strong drive to demand for insulin delivering devices. Artificial pancreas and home infusion therapy are two prominent developments in the worldwide insulin delivery devices industry. However, the high cost of insulin analogs will continue to be a key impediment to industry growth. Furthermore, complications and dangers associated with insulin delivery are expected to limit demand for insulin delivery systems. There are many ways in order to administer insulin to a patient. It is a hormone that helps in regulating the blood sugar levels of the diabetic patients. This hormone can be administered by the way of pens, pumps, jet sprays and syringes. The growing prevalence of diabetes is an important factor for the growth of the market. It also happens to be a major reason for surging mortality rate. It's about 1.5 million deaths due to diabetes in 2019 according to the report of the World Health Organization. The diabetic patients use the available insulin delivery devices in order to access the insulin dose which helps in regulating the hormone by maintaining the blood sugar of the patient. Administering insulin in the form of up tablet is also not possible as it gets degenerated by the digestive enzymes. Therefore there are a wide range of devices that are used in order to deliver the insulin at the correct location. During the pandemic the patients with comorbidity contracted the disease earlier. About 40% of the hospitals have diabetic patients suffering with COVID-19. There were disruptions in the supply chain, shipping delays and shut down of various manufacturing units.

According to the research report, “Global Insulin Delivery Devices Market Overview, 2023-28” published by Bonafide Research, the market is anticipated to cross USD 26 Billion by 2028, increasing from USD 16.96 Billion in 2022. The market is expected to grow with more than 5.87% CAGR by 2023-28. Obesity, sedentary lifestyle, and improper diet are major in increasing diabetes worldwide. Physical activity is important to maintain the blood glucose level. Lack of exercise and an unhealthy diet, such as a diet high in fat and calories increase the risk of developing obesity and diabetes. Obesity is one of the major problems and the biggest concern in all communities across the globe. Over one in two adults and nearly one in six children are obese. Obesity is a major issue affecting people of all ages and incomes globally. According to World Health Organization (WHO), in 2016, over 1.9 billion adults aged 18 years and older were overweight. And out of these, over 650 million adults were obese. Lack of exercise, unhealthy diet, and rapid growth in the obese population are expected to increase the susceptibility to diabetes among the population globally. Hence, this is expected to increase the demand for insulin delivery devices in the coming years. Furthermore, the advancement in the field of the healthcare industry is driving more research and developments by market players for insulin delivery devices. There are many methods to deliver insulin into the body, such as needles, insulin pens, and insulin pumps. Insulin pumps are small computerized diabetes management devices connected with a cannula under the skin to deliver a slow continuous insulin level. The individual can control the program depending on the more or less requirement. Optimal diabetes management depends on accurate glucose monitoring devices. Various market developments boosted the demand for insulin delivery devices and fueled market growth. For instance, in September 2016, Medtronic announced its first automatic glucose monitoring device, Medtronic’s MiniMed 670G, a hybrid closed looped system that provides appropriate basal insulin doses in people 14 years of age and older with type 1 diabetes. In addition, in July 2018, Abbott announced FDA approval for the FreeStyle Libre 14-day Flash Glucose Monitoring system that allows people with diabetes to wear the sensor for up to 14 days with high accuracy.

The Asia-Pacific region is experiencing significant growth in the insulin delivery devices market due to a combination of demographic, economic, and healthcare factors. With a rising prevalence of diabetes in countries across the region, there is an increasing demand for effective and advanced insulin delivery solutions. The large and diverse population, coupled with changing lifestyles and dietary habits, contributes to a higher incidence of diabetes, necessitating improved diabetes management tools. Additionally, as economies in the Asia-Pacific region continue to grow, there is an expanding middle class with greater access to healthcare services. Increased awareness about diabetes and its complications is driving the adoption of insulin delivery devices, including insulin pens, pumps, and continuous glucose monitoring systems. Furthermore, advancements in technology, coupled with a growing focus on healthcare infrastructure development, are facilitating the penetration of innovative insulin delivery technologies. Collaborations between global and local healthcare companies are also playing a role in bringing sophisticated insulin delivery solutions to the Asia-Pacific market, meeting the evolving needs of individuals with diabetes and contributing to the overall growth of the insulin delivery devices market in the region. Insulin pen needles are witnessing significant growth within the insulin delivery devices market due to several key factors. The increasing prevalence of diabetes worldwide, coupled with a growing awareness of the importance of precise insulin administration, has fueled the demand for insulin pen devices. These devices offer a convenient and user-friendly alternative to traditional syringes, contributing to improved patient adherence to insulin therapy. Insulin pen needles provide a more discreet and less painful method of insulin delivery, addressing patient preferences for a more comfortable experience. Moreover, the rise of smart insulin pens, equipped with features like dose tracking and connectivity to mobile apps, has further propelled the adoption of insulin pen needles. As healthcare systems and providers prioritize patient-centric care, insulin pen needles play a crucial role in enhancing the overall quality of life for individuals with diabetes, contributing to their prominence and growth in the insulin delivery devices market.

The growth of insulin delivery devices in hospitals and clinics can be attributed to several factors that collectively enhance the overall management of diabetes within healthcare settings. Hospitals and clinics are increasingly adopting advanced insulin delivery devices as part of comprehensive diabetes care protocols. The precision and convenience offered by devices such as insulin pumps and pens are crucial in a clinical setting, enabling healthcare professionals to administer accurate doses and tailor treatment plans to individual patient needs. Additionally, the integration of continuous glucose monitoring systems with insulin delivery devices allows for real-time monitoring of blood glucose levels, facilitating prompt adjustments to insulin regimens. The streamlined data collection and connectivity features of modern insulin delivery devices contribute to efficient patient management and record-keeping within healthcare facilities. As hospitals and clinics strive for improved patient outcomes and operational efficiency, the adoption of innovative insulin delivery devices becomes a key strategy in enhancing the overall quality of diabetes care provided in these settings, thereby driving the growth of the insulin delivery devices market within healthcare institutions. The growing awareness of the interconnections between diabetes and wound care has contributed to the rise in the use of insulin delivery devices within the broader context of wound management. Diabetes is often associated with delayed wound healing, and precise insulin administration is crucial for managing blood glucose levels and facilitating the healing process. Insulin pumps and pens, as integral components of diabetes management, play a vital role in maintaining glycemic control, thereby indirectly influencing wound care outcomes. Healthcare providers are increasingly recognizing the importance of an integrated approach, where effective insulin delivery is seen as a supportive measure in promoting better wound healing. As a result, the adoption of insulin delivery devices within the realm of wound care is becoming a notable trend, reflecting the comprehensive nature of healthcare practices that address the multifaceted needs of individuals with diabetes.

Market Drivers:

• Government Initiatives and Policies: Supportive government initiatives and policies related to diabetes management and healthcare accessibility can significantly drive the insulin delivery devices market. Subsidies, reimbursement policies, and awareness campaigns contribute to increased adoption. Government backing fosters a more favorable environment for both manufacturers and patients, promoting the accessibility of insulin delivery devices and encouraging innovation.

• Increased Focus on Preventive Healthcare: The global shift towards preventive healthcare measures has heightened the emphasis on early diabetes detection and intervention. Increased awareness and proactive healthcare strategies contribute to a growing market for insulin delivery devices. Early diagnosis and intervention can lead to better outcomes, driving the demand for insulin and associated delivery devices for timely and effective diabetes management.

Market Challenges:

• Data Security and Privacy Concerns: The integration of insulin delivery devices with digital technologies raises concerns about data security and patient privacy. Ensuring the secure transmission and storage of sensitive health data poses a challenge for the industry. Addressing data security concerns is crucial for building and maintaining patient trust in connected insulin delivery devices and supporting the wider adoption of digital solutions.

• Limited Healthcare Infrastructure in Developing Regions: Limited healthcare infrastructure in certain developing regions poses a challenge to the widespread adoption of insulin delivery devices. Inadequate healthcare facilities and resources can hinder access to these technologies. Bridging the healthcare infrastructure gap is essential for ensuring that individuals in developing regions have access to insulin delivery devices and can benefit from advancements in diabetes management.

Market Trends:

• Artificial Intelligence for Personalized Treatment Plans: The integration of artificial intelligence (AI) in insulin delivery devices is gaining traction. AI algorithms analyze patient data, including glucose levels and insulin dosages, to generate personalized treatment plans. AI-driven personalized treatment plans have the potential to optimize insulin delivery, improve glycemic control, and reduce the risk of complications, leading to more effective diabetes management.

• Environmental Sustainability: A growing trend in the healthcare industry, including insulin delivery devices, is a focus on environmental sustainability. Manufacturers are exploring eco-friendly materials and designs to reduce the environmental impact of device production and disposal. Sustainable practices align with the broader societal shift towards environmentally conscious choices and contribute to the overall corporate responsibility of healthcare companies.

• Partnerships and Collaborations: Increasing partnerships and collaborations between pharmaceutical companies, device manufacturers, and technology firms are shaping the insulin delivery devices market. Collaborative efforts aim to combine expertise and resources to develop comprehensive solutions. Partnerships facilitate the integration of diverse technologies, streamline the development process, and result in innovative insulin delivery solutions that address multiple aspects of diabetes management.

Covid-19 Impact

The impact of COVID-19 pandemic was devastating for almost all the industries across the globe. However, the global insulin delivery devices market witnessed a positive impact of this pandemic. One of the major factors behind this affirmative impact was the growing population of diabetics and increasing obesity. The demand for protective equipment involving insulin delivery devices like insulin pumps, pens, syringes, among others suddenly got a boost due to the outbreak situation of this pandemic. This pandemic created a major threat among populace which is also the factor for the increasing demand of protective equipment, thus directing towards the growth of revenue trajectory of this market. In the expansion of insulin delivery devices, COVID-19 pandemic plays a very considerable role in the year 2020. In addition, prominent market players operating in this market have taken an advantage of this positive impact to streamline their revenues and expand their footprints in various parts of the globe.

Competitive Landscape

The market for insulin delivery devices is ruled by three major players, namely, Novo Nordisk, Eli Lilly, and Sanofi. These leaders are constantly adopting developmental strategies such as collaborations, acquisitions, partnerships, mergers, marketing agreements, and new product launches to strengthen their portfolios. For instance, Eli Lilly developed a biosimilar version of insulin glargine, Rezvoglar KwikPen that received FDA approval in December 2021. Also, in November 2021, Sanofi partnered with Roche, to increase the adoption of disposable insulin pens. Further, these players are collaborating with local players to improve their market reach. The insulin delivery devices market is consolidated due to only a few major companies operating globally and regionally. The competitive landscape includes an analysis of a few international and local companies that hold market shares and are well known, including Globus Tours, Topdeck Travel, World Expeditions, Recreational Equipment, Inc, Thomson Family Adventures, International Expedition, Make My Trip Pvt.Ltd., Austin Adventures, G Adventures, Cox & Kings Ltd., Intrepid Travel, ROW Adventures, Expedia, Inc., Lindblad Expeditions, Abercrombie & Kent, MT Sobek - Mountain Travel-Sobek, TUI Group, Logistur DMC, CVC Corp and Wild Frontiers, among others.

Considered in this report:

• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report:

• Global Insulin Delivery Devices market with its value and forecast along with its segments
• Region-wise Insulin Delivery Devices market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & Africa

By Product

• Insulin Pens
• Insulin Pumps
• Insulin Pen Needles
• Insulin Syringes
• Others Insulin Delivery Devices (Insulin transdermal patches, insulin inhalers, insulin jet injection)

By Indication

• Diabetes
• Pregnancy
• Cardiovascular Disorders & Hypertension
• Respiratory Diseases
• Hearing Disorders
• Cancer
• Movement Disorders
• Wound Care
• Other Indications (sleep disorders, kidney disorders, neurovascular diseases, and HIV)

By End User

• Home Care
• Hospitals & Clinics
• Others

The approach of the report:

This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Tea industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.






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