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The insulin delivery device market is expected to reach approx

Posted on by darion

New York, June 11, 2024 (GLOBE NEWSWIRE) – The Global Insulin delivery device market size is expected to be achieved $35.2 billion by 2024 and is expected to reach further levels $75.4 billion by 2033, according to Dimension Market Research. The market is expected to register a CAGR of 8.8% from 2024 to 2033.

This market is growing due to the increasing conditions of obesity and diabetes around the world. Devices such as syringes, pens, pumps, and jet injectors are medical insulin delivery tools used by people with diabetes to take insulin to control their blood sugar levels.

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Insulin pens do not require manual use and are less daunting than syringes. They are expected to dominate the market by product and hold the largest share. This especially applies to physically active or traveling patients. Moreover, since the syringes are readily available and easy to use, the market is expected to grow at a rapid pace.

In terms of applications, the home care segment is expected to hold the highest market share due to the use of modern drug delivery devices that are highly portable and suitable for self-management of diabetes at home. Moreover, the hospital segment plays a significant role by using devices such as pumps and injectors to accurately dose insulin and continuously administer it to maintain insulin levels in patients.

Important observations

  • The insulin delivery device market is expected to expand $75.4 billion by 2033 from 2024 at a CAGR of 8.8% in the same forecast period, i.e. 2024–2033.
  • Depending on the product, the insulin pen segment is expected to lead and account for the market 36.0% made available for its user-friendly design and convenience, especially for active or traveling patients, which eliminates the need for manual dosing and is less intimidating than syringes.
  • In terms of applications, the home care segment is expected to hold the highest market share 49.7% due to increased patient adoption due to convenience and low cost.
  • North America is expected to lead the global insulin delivery device market 38.6% revenue share in 2024 due to growing population, rising diabetes cases and a highly developed technology ecosystem.
  • The Asia-Pacific region is expected to experience rapid growth due to the increasing prevalence and awareness of diabetes, especially in countries such as China and India.

Global Insulin Delivery Devices Market: Growth Drivers and Trends

  • The rising prevalence of diabetes worldwide, especially type 1 and type 2 diabetes, is a major growth factor for this market.
  • Advances in insulin delivery device technology have led to the development of more convenient, efficient and user-friendly devices.
  • Awareness among patients and healthcare professionals about the importance of proper insulin management and availability of advanced insulin delivery devices is driving the market growth.
  • Older adults around the world are at risk of developing diabetes, leading to an increased need for insulin and insulin delivery devices.
  • The transition to home-based patient care is leading to the adoption of insulin delivery devices that are easy to use and can be self-administered by patients.

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Insulin Delivery Devices Market: Competitive Landscape

Key market players are seeking to expand their portfolio through collaborations, mergers and acquisitions, thereby increasing their presence in the global market. They also partner with local companies to expand their market reach. Innovation drives revenue; for example, Novo Nordisk’s NoVo Pen Echo offers memory and half-dosing functionality. Foreign suppliers are expanding to offer advanced diabetes treatment products.

The most important players on the market include Novo Nordisk, Eli Lilly and Sanofi.

Some of the top players in the market:

  • Novo Nordisk A/S
  • Sanofi
  • Eli Lilly and company
  • Biocon limited liability company
  • Ypsomed AG
  • Wockhardt limited liability company
  • Medtronic
  • Abbott Laboratories
  • Hoffmann-La Roche, Ltd.
  • Other key players

Insulin Delivery Devices Market Scope

The most important information in the report Details
Market size (2024) $35.2 billion
Forecast value (2033) $75.4 billion
CAGR (2024-2033) 8.8%
Historical data 2017 – 2022
Forecast data 2025 – 2033
Base year 2023
Estimated year 2024
Segments covered By product, by application
Regional coverage North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA)

Segmentation of the insulin delivery device market

By product

  • Insulin syringes
  • Insulin pens
  • Insulin pumps
  • Insulin pens

By application

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Regional analysis

The North America region is expected to dominate the market with the highest revenues 38.6% in 2024 due to the increasing number of diabetic patients. The market in this region is also growing significantly due to the growing biotechnology industry and the availability of an equipped healthcare sector.

This market is expected to grow rapidly in the Asia-Pacific region in the coming year due to the high prevalence of diabetes and rising awareness about the disease in developing countries such as China and India.

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Through the region

North America

Europe

  • Germany
  • Great Britain
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe

Asia and the Pacific

  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • The rest of Asia and the Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Columbia
  • Rest of Latin America

Middle East and Africa

  • Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Israel
  • Egypt
  • The rest of the MEA

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The latest changes on the insulin delivery device market

  • June 2023: Novo Nordisk has acquired BIO JAG, which was focused on providing cutting-edge devices and delivery solutions to improve care for consumers around the world with serious chronic diseases.
  • February 2023: Eli Lilly has partnered with IABL to provide the active pharmaceutical ingredient human insulin at a discounted price in an effort to increase patient access and improve affordability of high-quality insulin.
  • January 2023: Embecta announced the opening of its new headquarters at 300 Kimball Drive, Suite 300 in Parsippany, New Jersey.
  • November 2022: Medtronic plc announced the launch of an infusion set that is the first and only infusion set labeled for up to 7 days of wear, used to deliver insulin from an insulin pump to the body and typically requiring the set to be replaced every two to three days.

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