Insulin pen product type is expected to grow at the fastest rate in global insulin delivery devices market from 2021 to 2029, owing to the user-friendly procedure and cost effectiveness – GMI Research

Insulin Delivery Devices Market size reached USD 12.5 billion in 2021 and is expected to grow at CAGR of 7.5% over the forecast period (2022-2029) and is projected to reach USD 22.3 billion in 2029. The key factors boosting the market growth are increasing incidence of diabetic patients, growing awareness among the patients about the disease, growing prevalence of obesity, change in lifestyle and widespread availability of various insulin delivery devices.

Moreover, increasing adoption of insulin delivery devices by patients, growing incidence of metabolic disorder, rising technological advancement and improved healthcare facilities across the globe have led to the burgeoning market growth of insulin delivery devices.

Insulin pump product type dominated the market in 2021 with one-third of market share and is expected to dominate the global insulin delivery devices market during the forecast period. However, insulin pens are anticipated to witness the fastest growth in the coming years on account of growing adoption among healthcare professionals and patients due to its characteristics of high accuracy and advanced properties.

Rising awareness of technologically advanced devices among patients, increasing research & developments activities by market players coupled with technologically advancements in insulin pens and Insulin pumps are likely to spur the growth of global insulin delivery devices market in future.

“Leading firms in the insulin delivery market are consistently spending on research & development activities to maintain leadership in technological innovation. For instance, in Jan 2022, Insulet Corp. announced that the FDA cleared the new Omnipod 5 system. This clearance enabled Omnipod 5, to become the first tubeless automated insulin delivery (AID) system in the U.S. The insulin delivery device market is witnessing a significant growth rate in North America due to the rising technological advancements and rise in the diabetic population.”
—-GMI Research

Asia Pacific dominated the global insulin delivery devices market, owing to, the factors such as large patient pool, high adoption of technology, high volume of homecare setting procedures and growth in medical tourism. North America is one of the fastest growing regions for insulin delivery device market and is predicted to grow at the fastest rate during the forecast period.

Key takeaways:

• In March 2022, Novo Nordisk introduced its smart insulin for NHS patients in UK. Its smart insulin device provides access to patients to monitor and record their daily dosing information. This latest product will improve company’s industrial position in the United Kingdom.
• In November 2021, Sanofi and Roche partnered to accelerate the adoption of connected add-on for disposable insulin pens.

Some of the key players operating in the global insulin delivery devices market include Abbott Laboratories, Ypsomad Holding AG, Hoffmann-La Roche Ltd, Terumo Corporation, Insulet Corporation, Medtronic, Animas Corporation, Becton, Dickinson and Company, Dexcom, Inc., Sanofi and others.

The global insulin delivery devices market has been segmented on the basis of product type, end-user and key geographies. Based on product type, the global insulin delivery devices market comprises of insulin syringes, insulin pens, insulin pumps and insulin jet injectors. The end user segment includes, homecare setting, hospitals and others.

The research report “global insulin delivery devices market” provides in-depth analysis of the insulin delivery devices market across the globe, based on product type, end users and major geographies for the forecast period from 2022 to 2029. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for insulin delivery devices market. The report also analyses the competitive landscape, major players and their strategies in 2021. The competitive landscape section of the report captures and highlights the recent developments in the market.

For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-insulin-delivery-devices-market-syringe-pen-pump-end-user-share-trends-opportunities-forecast-insights.html
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