Insulin Pens to Dominate the Global Insulin Delivery Devices Market Share, Unveils Fact.MR

Dublin, Ireland, 2022-Aug-18 — /EPR Network/ —

In 2020, the global market for insulin delivery devices is expected to reach US$ 14 billion. According to Fact.MR, the insulin delivery devices market demand prognosis is fairly favourable, with the market expected to grow at a respectable CAGR of over 7% between 2020 and 2030.

Chronic disorders such as diabetes, which are linked to poor lifestyles, obesity, and ageing, are driving up demand for insulin. As a result, substantial growth possibilities for the insulin delivery device market are emerging. The demand for pumps, syringes, and insulin pens continued to rise, especially in the aftermath of the COVID-19 pandemic, which boosted sales of pumps, syringes, and insulin pens all around the world.

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Insulin pens, among other types, are gaining substantial market traction due to their growing appeal among customers and user-friendly design. As a result, several of the industry’s top players are focusing on diversifying their portfolios to meet the industry’s specific needs.

For instance, in 2019, Novo Nordisk announced the launch of its new reusable NovoPen 6 and NovoPen Echo Plus. These newly designed pens are Conformité Européenne (CE) marked and also equipped with near field communication (NFC) technology.

Consumers are now migrating to online services for purchasing insulin delivery devices, which is spurring sales possibilities, thanks to developments in e-commerce and new technologies.

According to a Fact.MR report, North America dominates the market for insulin delivery devices, accounting for over a third of global market sales. The market is expected to grow at a strong CAGR in the next years, owing to factors such as an increase in the number of diabetic patients and obesity.

“Increasing investment in research and development activities for manufacturing devices with cutting-edge technologies, including insulins pens will drive sales of insulin delivery device. This in turn continue offering lucrative opportunities for growth of the market,” says a Fact.MR analyst.

Key Takeaways:

• Due to an increase in the number of diabetic patients, North America will emerge as a dominating market
• The Asia market, backed by solid population growth is likely to expand at a significant rate throughout the projection period.
• Over the evaluation period 2020-2030, Europe is expected to grow at a strong CAGR.

Key Drivers:

• Technological improvements in insulin delivery devices are likely to positively impact market growth.
• The rising prevalence of chronic illnesses is fuelling demand for insulin delivery devices.

Key Restraints:

• The market is projected to be constrained by stringent government rules and regulations regulating product approval, as well as the high cost of insulin delivery devices.

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Competitive Landscape

Insulin delivery devices manufacturers are focusing on new product offering to enhance their product portfolio. Their key focus area also includes acquisitions and expansions to increase their global footprint.

For instance, in 2020, Tandem Diabetes Care, Inc., a leading insulin delivery and diabetes technology company, announced the launch of its new t:slim X2™ insulin pump with Control-IQ™ technology, an elaborate hybrid-closed loop feature manufactured to help increase time in range (70-180 mg/dL)¹.

In 2020, Medtronic has planned to acquire Companion Medical, the manufacturer of InPen. This acquisition aims at integrating both companies’ assets to offer diabetic patients with a device to help them take appropriate dosing decisions.

Some of the leading players operating in the insulin delivery devices market profiled by Fact.MR are:

• Sanofi SA,
• Medtronic PLC,
• Novo Novardisk A/S
• Eli Lilly & Company.
• B. Braun Melsungen AG,
• Becton, Dickinson and Company,
• Biocon Ltd., Owen Mumford Ltd.,
• Cellnova Group SA,
• Yepsomed Holding AG,
• F. Hoffmann-La Roche Ltd.,
• Valeritas Inc.,
• Tandem Diabetes Care, Inc.,
• Insulet Corporation,
• SOOIL Development Co., Ltd,
• Mannkind Corporation.

More Valuable Insights on Insulin Delivery Devices Market

Fact.MR, in its new report, offers an unbiased analysis of the global insulin delivery devices market, analysing forecast statistics through 2020 and beyond. The survey reveals growth projections on insulin delivery devices market with detailed segmentation:

Type

• Insulin Pens
• Insulin Syringes
• Insulin Pumps
• Others

Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Sales
• Diabetes Clinics/Centers

Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Key Questions Covered in the Insulin Delivery Devices Market Report 

• The market survey also highlights projected sales growth for insulin delivery devices market between 2020 and 2030
• The report offers insight into insulin delivery devices demand outlook for forecast period 2020-2030
• Insulin delivery devices market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Insulin delivery devices market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry

Explore Fact.MR’s Coverage on the Healthcare Domain –

Diabetes Diagnostics Market Forecast – The demand for diabetes diagnostics is predicted to increase as a result of the COVID-19 outbreak, which has resulted in an increase in hospitalizations. Diabetes test strips are in high demand as a result of studies that show diabetics are at a higher risk of becoming seriously ill if infected with the virus.

Diabetic Neuropathy Market Insights – The growing incidence of diabetes is mostly due to changing lifestyles and unbalanced diets. The FDA’s approval of innovative medications to treat diabetic neuropathic pain has resulted in a significant increase in the diabetic drug industry.

Self-care Medical Devices Market Analysis – Consumer awareness of the benefits of self-care medical devices and the advantages of keeping a regular eye on health anomalies is growing globally. These devices have seen a substantial increase in sales as they help to significantly reduce the chances of developing any severe disease.

Medical Device Reprocessing Market Scope – In comparison to brand new medical devices, adoption of low-cost reprocessed medical devices is rapidly expanding. In addition, increased efforts to reduce regulated medical waste (RMW) are boosting the medical device reprocessing market.

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