(PharmaNewsWire.Com, February 08, 2024 ) The report "Insulin Delivery Devices Market by Type (Insulin Pens [Reusable, Disposable], Insulin Pumps (Tethered, Tubeless), Insulin Syringes, Insulin Pen Needles (Standard, Safety)), End User (Hospitals & Clinics, Patients/Homecare) - Global Forecast to 2028", is expected to grow at a CAGR of 8.5% from USD 30.8 Billion in 2023 to USD 46.2 billion in 2028. As diabetes prevalence has increased, there is an increasing demand for more efficient diabetes care solutions. Furthermore, government support and favourable reimbursement schemes as well as technological advanced insulin delivery devices are main factors driving market growth.
“Insulin pen delivery device segment to grow at the highest CAGR during the forecast period.”
Segments of the devices taken into consideration in the insulin delivery device market include insulin pens, insulin pumps, insulin syringes, and pen needles. The insulin subsegment includes reusable pens and disposable pens. The market for reusable insulin pens is anticipated to continue to grow at the highest CAGR during the forecast period. This is primarily because patients can use the same pen multiple times by replacing the insulin cartridge are more economical compared to disposable insulin pens.
“The patients/homecare segment to grow at the highest CAGR during the forecast period”
The end users in the insulin delivery device market are hospitals&clinics and patients/homecare. The patients/homecare segment is anticipated to grow at the highest CAGR during the forecast period. Presence of a favorable reimbursement scenario, increasing preference for less invasive technologies to administer insulin, and user friendliness have contributed for the growth of this segment.
“North America accounted for the largest share of the Insulin delivery device market, followed by Europe in 2022”
North America, followed by Europe, held the largest market share in 2022. The market for insulin delivery device in North America was further dominated by the US. This is driven on by a number of factors, such as the rising prevalence of diabetes, technological advancements in insulin delivery devices, reimbursement support, and increasing emphasis on raising the quality of patient care.
The prominent players operating in the global insulin delivery devices market are Embecta Corp. (Formely Becton, Dickinson and Company Diabetes Care Business (US), Ypsomed Holding AG (Switzerland), Tandem Diabetes Care (US), Insulet Corporation (US), Biocon Limited (India), Novo Nordisk A/S (Denmark), Medtronic (Ireland), Sanofi (France), Eli Lilly and Company (US), Roche Diabetes Care (Switzerland), Owen Mumford (England), Mrdtrum Technologies Inc. (China), Terumo Corporation (Japan), Wockhardt (India), Cerur Corporation (Switzerland), EoFlow CO., Ltd. (South Korea), Hindustan Syringes & Medical Devices Ltd (India), Sooil Developments CO., Ltd (Korea), Sungshim Medical Co., Ltd. (South Korea), Vicentra B.V. (Netherland), Debiotech SA (Switzerland), Jiangsu Delfu Medical Device Co., Ltd (China), Haselmeier (Germany), Mannkind Corporation (US), HTL-Sterfa S.A. (Poland).
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