Insulin Delivery Devices Market size to exceed $24bn by 2028

Insulin Delivery Devices Market size is set to surpass USD 24 billion by 2028, according to a new research report by Global Market Insights Inc.
 

Growing geriatric & obese population that is increasingly susceptible to diabetes are the significant factors boosting the market expansion. Obesity is amongst the key precursors promoting the diabetes prevalence, & the rising prevalence thus promotes the demand for diabetes management products. Further, it also induces cardiometabolic extremities and fuels comorbid conditions such as dyslipidemia in patients with type 1 diabetes. The increasing age is amongst the variables promoting the diabetes prevalence. Thus, the higher geriatric population base & rising obese population are anticipated to increase in the product demand.
 

Adoption of supportive initiatives by the federal agencies will propel the business landscape

The adoption of facilitative initiatives by government authorities, public organizations, and market players is to increase diabetes awareness, support diabetes management, and promote the access to insulin therapy that will prove conducive for the adoption of insulin delivery devices. Moreover, key market players, including Sanofi, in collaboration with the public organizations in India has launched diabetes support programs that would prove beneficial for the insulin delivery devices market growth.
 

The company launched ‘Saath 7’, through which a team of counselors across offers guidance to patients on insulin administration & other activities. Another program launched by the company, ‘Diabetes with Dignity’ in collaboration with Chellaram Diabetes Institute and Public Health Foundation of India intends to promote assess to effective diabetes care. Thus, a host of initiatives launched by governing agencies, public organizations, and market players are set to proliferate the market statistics.
 

Increasing adoption of insulin pumps will spur the market outlook

Insulin delivery devices market from insulin pumps segment is expected to register 7.4% CAGR from 2022 to 2028. This is due to the increasing adoption of insulin pumps, novel product launches, and development of tubeless insulin pumps. The insulin pump technology has evolved swiftly and intends to mimic physiologic insulin secretion & to assist the diabetic patients achieve an optimal glycemic control while reducing the potential risk of hypoglycemia. There are several benefits of using an insulin pump as compared to vials and syringes among other insulin delivery devices.
 

The use of insulin pumps enables for a more accurate and flexible insulin dosing with lesser injections. Several diabetic patients suffering from type 1 diabetes state using insulin pumps as they demand for more enhanced glycemic control. Thus, several advantages offered by insulin pumps & under penetration will foster the market progression.
 

Browse key industry insights spread across 130 pages with 280 market data tables & 14 figures & charts from the report, “Insulin Delivery Devices Market Analysis By Product (Insulin Pumps {Tubed/Tethered Pumps, Tubeless Pumps}, Insulin Pens {Reusable, Disposable}, Insulin Pen Needles {Standard, Safety}, Insulin Jet Injectors, Insulin Syringes), End-use (Home Care, Hospitals & Clinics), Industry Analysis Report, Regional Outlook , Application Potential, Competitive Market Share & Forecast, 2022 – 2028” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/insulin-delivery-devices-market
 

Adoption of favourable policies to offer access to affordable insulin therapy will drive the industry demand

Hospitals & clinics segment held 30% market share in 2021 and is anticipated to witness 6.6% CAGR through 2028. This is due to adoption of favourable policies to offer access to affordable insulin therapy & diabetes management. The demand for hospitals & clinics is surging pertaining to the high utilization rate of insulin delivery devices in hospitals & clinics owing to the influx of diabetic population. Additionally, adoption of supportive policies by public organizations to promote access to insulin therapy will augment the market revenue.
 

Growing incidence of diabetes in Germany is projected to fuel the industry landscape

Germany insulin delivery devices market is projected to expand at 7.2% CAGR over the estimated timeframe. This is attributed to the substantial diabetic population and significant diabetes care expenditure. To curb the diabetes prevalence, the government has adopted supportive initiatives to promote diabetes awareness. The federal Ministry of Health and the German Diabetes center (DDZ) implemented a nationwide policy to drive the awareness regarding diabetes & its management. Such developments across the country are supporting the regional market expansion.
 

Players are emphasizing on strategic initiatives and innovative product launch to expand business operations

Some of the major players operating in the insulin delivery devices market are Sanofi, Becton, Dickinson, and Company (BD), Eli Lilly, Novo Nordisk, Roche, Insulet Corporation, Medtronic, Tandem Diabetes Care, and Ypsomed among others. These players are engaged in strategic collaborations, partnerships, and agreements to gain competitive advantage over their competitors.
 

For instance, in August 2021, Insulet Corporation announced FDA approval for using Eli Lilly’s Lyumjev injection with Insulet’s Omnipod Insulin Management System and Omnipod DASH Insulin Management System. This FDA approval helped the company to offer more clinical choices for diabetes patients to manage their glucose levels and limit post-meal elevations, thereby gaining competitive edge.