Disposable Insulin-Delivery Device Market is expected to grow at a 7.6% compound annual growth rate and reach US$32.8 Billion by 2033
Disposable Insulin-Delivery Device Market
The Disposable Insulin-Delivery Device Market is experiencing a significant surge, fueled by the rising prevalence of diabetes worldwide. According to industry estimates, the market value reached US$15.78 billion in 2023, reflecting a steady climb from US$14.59 billion in 2022. Looking ahead, the market is projected to maintain a robust Compound Annual Growth Rate (CAGR) of 7.6% over the next decade. By 2033, the market is expected to reach a staggering US$32.81 billion, highlighting the increasing demand for convenient and accessible insulin delivery solutions.
The driving force behind this exceptional growth is the escalating healthcare expenditures associated with diabetes management, particularly in emerging economies. Diabetes, a pervasive and life-altering metabolic disorder, affects a significant portion of the global population. Whether due to the pancreas’ inability to produce insulin or the body’s inefficiency in utilizing insulin for glucose metabolism, the impact of diabetes necessitates innovative solutions.
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Pens are currently the most prevalent insulin delivery technology, accounting for more than 36% of the market when compared to syringes, pumps, and jet injectors. Pens’ design and ease of use have contributed to their widespread use. NovoPen is now the market leader, with a memory function as an extra bonus.
The principal end-user of Disposable Insulin-Delivery Devices is home care, which accounts for more than 45% of the market. The cost-effectiveness of home care over hospital treatment is a major contributor to this trend. Furthermore, the portability of these gadgets adds to their use for home care applications. Future Industry Insights did an in-depth analysis of the Disposable Insulin-Delivery Device industry, encompassing both micro and macro variables, in their latest market study titled ‘Disposable Insulin-Delivery Device Industry.’
Key Takeaways from Disposable Insulin-Delivery Device Market
- North America has a 33% market share. Rising diabetes rates, credible government programs, and the emergence of many disposable insulin delivery device manufacturers could all contribute to this. Diabetes affects more than 37 million people in the United States, according to the CDC.
- As a result of advances in healthcare infrastructure throughout Europe, Europe today controls 29% of the market. Diabetes was diagnosed in about 32 million persons in the EU in 2019.
- Rising diabetes awareness is one of the key forces driving the Disposable Insulin-Delivery Device market in the Asia-Pacific region, and this trend is expected to continue.
Disposable Insulin-Delivery Device Market Key Players:
- Animas Corporation
- F. Hoffmann-La Roche AG
- Insulet Corporation
- Medtronic Plc.
- Valeritas, Inc.,
- Tandem Diabetes Care, Inc.
- Johnson & Johnson
- Beta Bionics Inc.
- Abbott Laboratories
- Becton Dickinson & Co.
- EyeSense GmbH
Disposable Insulin-Delivery Device Market Competitive Landscape
- In February 2022, Abbott announced a partnership with Fitterfly, HealthifyMe, Zyla Health, 1MG, GOQii, PharmEasy, and Sugar. fit, and BeatO as a step towards holistic diabetes control treatment. Abbott provides glucose monitoring solutions to over 8 million diabetes patients through collaborations, with 6.5 million having access to 1MG and PharmEasy.
- Insulet Corp. announced in January 2022 that the US FDA, introducing it into the field of AID (automated insulin delivery), had approved the new Omnipod 5 system.
- In March 2022, Novo Nordisk announced the availability of two smart linked insulin pens called ‘NovoPen Echo Plus’ and ‘NovoPen 6’ for patients receiving Novo Nordisk insulin in the UK.
- Sanofi and Roche will collaborate in November 2021 to increase the usage of disposable insulin pens. Local players are also being approached to expand market penetration.
“A large chunk of the population is contracting diabetes, which asks for Disposable Insulin-Delivery Devices”, thereby accelerating the market for the same”, says an analyst from Future Market Insights.
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In North America, the market is mature and dominated by established players such as Novo Nordisk and Eli Lilly. The increasing prevalence of diabetes, favorable reimbursement policies, and the availability of Advanced Insulin Delivery Technologies have been the key drivers of market growth in this region.
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Key Segments Profiled in the Disposable Insulin-Delivery Device Market
By Product Type:
By Disease Indication:
- Type I Diabetes
- Type II Diabetes
By Distribution Channel:
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Diabetes Clinics
By Region:
- North America Market
- Latin America Market
- Europe Market
- Asia Pacific Market
- The Middle East & Africa Market
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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