The disposable insulin delivery device industry has experienced rapid expansion and reached a high worth of around USD 14,585.6 million in 2022. During the historical period from 2018 to 2022, the demand for disposable insulin delivery devices experienced a year-on-year growth rate of 7.4%. The rising costs of treating diabetes-related illnesses in emerging nations, where they are most prevalent, were the primary factors behind this extraordinary increase.
The overall market value is anticipated to increase even more in the current year, 2023, reaching an estimated USD 15,780.6 million. Continuing this trend, the global sales of disposable insulin-delivery devices are anticipated to increase at an excellent CAGR of 7.6% between 2023 and 2033. The total market value is expected to be worth an astounding USD 32,814 million by the end of this projection period in 2033.
Disposable insulin delivery devices are in high demand globally because of the critical function they perform during the treatment of diabetes. Compared to conventional insulin administration techniques, these devices are more convenient, simpler to use, and have better patient compliance. So, more patients are choosing disposable insulin delivery devices, helping manufacturing businesses improve their sales and income in current years.
Based on the FMI survey, the disposable insulin-delivery device industry, in particular, has tremendous development potential in the Asia Pacific countries. In addition, favorable government initiatives to enhance healthcare access and affordability have strengthened the market’s growth prospects in this region. However, market players could face difficulties because of strict safety and quality requirements established by regulatory organizations in various locations.
Key Takeaways from the Global Disposable Insulin-delivery Device Industry Study Report by FMI
- In 2022, the United States was leading the global market, contributing to 28.3% of disposable insulin delivery device sales worldwide. Manufacturers in the country have a lucrative opportunity to grow their businesses in the future as the cost of treating diabetes-related illnesses is rising incessantly.
- Europe held a global market share of 29.4% in 2022, while Germany was the leading country with a 5.4% global revenue share.
- The growing incidence of diabetes and the demand for effective diabetes treatment solutions could propel the Asia Pacific market with an impressive growth rate. There is a sizable market because diabetes is more common in China and India, poised to witness 9.6% and 9% CAGRs, respectively.
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Competitive Landscape for the Disposable Insulin-delivery Device Market Players
Some top market players are Animas, F. Hoffmann-La Roche, Insulet, Medtronic, Valeritas, Tandem, Johnson & Johnson, Beta Bionics, Abbott Laboratories, Becton Dickinson, and EyeSense. Continuous research and development are imperative for these leading players to develop advanced devices to provide better insulin delivery, accurate dosing, and enhanced patient experience.
The intense competition among new and existing disposable insulin-delivery device manufacturers to offer innovative and cost-effective products has reoriented the market competition in recent years. The global trend towards personalized medicine and the rising importance of connected healthcare devices could also present greater opportunities for new market players. Developing smart devices that integrate with digital health platforms and provide real-time data and insights to healthcare providers can be a real game-changer.
Key Segments Profiled in the Disposable Insulin-delivery Device Industry:
By Product Type:
- Delivery Pumps
- Patches
- Pens
- Syringes
- Other Product Types
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
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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