Insulin Delivery Devices Market

Insulin Delivery Devices Market Outlook (2023 to 2033)

Worldwide sales of insulin delivery devices have reached US$ 16.8 billion in 2023 and are anticipated to increase at 7% CAGR over the next ten years. By 2033-end, the global insulin delivery devices market is expected to secure a valuation of US$ 33.1 billion.

Insulin is a hormone created by the pancreas to control the glucose levels in the human bloodstream and store blood sugar for later use. Diabetes is a chronic health condition that affects the way the human body turns food into energy and this is majorly caused due to build-up of sugar levels in the bloodstream as the body is unable to produce enough insulin. Hence, diabetic patients are given insulin externally to maintain proper body function, which is expected to primarily boost demand for insulin delivery devices in the future.

Insulin delivery devices such as insulin syringes, insulin pens, and insulin pumps are highly popular in the marketplace and are estimated to maintain a similar stance over the next ten years as well. The adoption of unhealthy lifestyle habits is projected to be a major factor that has given rise to the high incidence of diabetes. Growing aging population, high incidence of obesity, poor eating habits, rising focus on healthcare, and favourable reimbursement policies are other factors that could boost sales of insulin delivery devices going forward.

The advent of Do It Yourself (DIY) devices for diabetes management is expected to create a plethora of new opportunities for established insulin delivery device manufacturers as well as upcoming ones in the long run. Contrastingly, the high costs of certain insulin delivery systems and stringent government mandates regarding product approval are expected to have a restraining effect on market development across the forecast period.

More insights regarding factors such as local supply, product standards, supply chain management, global demand, and pricing trends have been mentioned broadly in this newly updated insulin delivery devices market research report by Fact.MR, a market research and competitive intelligence provider.

Report Attributes	Details
Insulin Delivery Devices Market Size (2023)	US$ 16.8 Billion
Projected Market Value (2033F)	US$ 33.1 Billion
Global Market Growth Rate (2023 to 2033)	7% CAGR
North America Market Share (2022)	36%
China Market Growth Rate (2023 to 2033)	9.1% CAGR
Insulin Pens Segment Market Share (2023)	35%
Key Companies Profiled	Becton, Dickinson and Company SOOIL Development Co. Ltd. F. Hoffmann-La Roche Ltd. Owen Mumford Ltd. Insulet Corporation Sanofi S.A. Mannkind Corporation Yepsomed Holding AG B. Braun Melsungen AG Novo Nordisk A/S Valeritas Inc. Eli Lilly and Company Biocon Ltd. Cellnova Group SA Medtronic plc Tandem Diabetes Care Inc.

How are New Companies Laying the Groundwork for Advanced Diabetes Management?

“Insulin Delivery Device Start-ups Raising Funding to Back Innovation and R&D”

New insulin delivery device vendors are focusing on raising new capital to advance their research and development efforts and create novel diabetes care and management systems and solutions.

• In June 2022, Diabeloop, a French start-up founded in 2015, announced that it had raised around US$ 75 million in a Series C round led by LBO France along with other investors. The company had plans to use this capital to further develop its AI-powered diabetes management technology and commercialize its existing product portfolio on a global scale.

More new developments by start-ups and their impact on the overall market development in the future have been discussed in detail in this latest Fact.MR market research analysis.

Which Factors are Constraining Insulin Delivery Device Sales Growth?

“Frequent Product Recalls and Concerns Regarding Safety of Connected Medical Devices”

Despite stringent approval norms for new medical devices, there have been notable instances of product recalls in recent years and this is also true in the case of insulin delivery devices. This factor is expected to hamper insulin delivery device sales in the long run and hinder market progress over the coming years.

For instance:

• In October 2022, Insulet Corporation, a leading medical device company, announced the voluntary recall of remote-control devices used with its Omnipod Dash insulin pumps. The company initiated the recall after unearthing that the devices’ batteries might leak, swell, or overheat after prolonged use.

The increasing popularity of connected medical devices has resulted in the launch of multiple insulin delivery systems with connected capabilities, which could be at risk of unauthorized access through cyberattacks. This is another aspect that is anticipated to obstruct insulin delivery device shipments through 2033.

• In September 2022, Medtronic, a renowned American medical device manufacturer, issued an Urgent Medical Device Correction for its insulin pump system MiniMed 600 series after uncovering an issue that could lead to unauthorized access to the medical device. Through this access, the unauthorized user can control the amount of insulin delivered to the patient and put them at risk of death if not other health complications.

Country-wise Insights

Why Should Insulin Delivery Device Suppliers Invest in Japan?

“Presence of High Senescent Population Offers Lucrative Growth Scope”

In Japan, nearly one-third of the population is above the age of 60 and this creates a highly opportunistic setting for all types of medical devices and medical services that cater to aging people. The increasing incidence of diabetes among the geriatric population, rising healthcare expenditure, and growing availability of novel medical devices are other prospects that could potentially bolster insulin delivery device sales in Japan over the next ten years.

Rising awareness regarding diabetes and supportive government initiatives to promote healthcare infrastructure development are also slated to uplift market evolution through 2033 in Japan.

Which Countries Should Insulin Delivery Device Companies Target in Europe?

“Germany, Portugal, Malta, & Spain to Account for High Insulin Delivery Device Demand”

Germany leads the European region in terms of diabetic population with around 15% of people being affected by the disease and this makes it the most attractive market for insulin delivery devices suppliers in this region. The rising prevalence of obesity in European countries owing to poor lifestyle choices is a prime factor that is resulting in a high incidence of diabetic patients and thus promulgating sales of insulin delivery devices in the region.

Increasing healthcare expenditure, the growing availability of novel medical devices, rising awareness regarding diabetes, and the presence of key insulin delivery device vendors are other factors that could magnify insulin delivery device shipments in countries such as Malta, Spain, France, and Portugal across the forecast period.

• In March 2022, Novo Nordisk, a leading Danish pharmaceutical organization, announced the launch of smart insulin-connected pens in the United Kingdom. NovoPen Echo Plus and NovoPen 6 were made available for patients getting treated with Novo Nordisk insulin in the United Kingdom on a prescription basis.

Which Factors are Promoting Insulin Delivery Device Demand in the United States?

“Growing Incidence of Obesity and Favorable Reimbursement Scenario”

Rising consumption of junk foods, poor lifestyle habits, and limited physical activity are key factors that have contributed to high prevalence among the citizens of the United States. Being obese puts people more at risk of contracting diabetes and other health conditions and is projected to primarily drive sales of insulin delivery devices in the country over the coming years.

The country is known for its developed healthcare infrastructure, which offers attractive reimbursement policies for diabetes management and care products and subsequently favors market development.

Increasing senescent population, rising popularity of homecare, the presence of key insulin delivery device manufacturers, growing availability of advanced insulin delivery systems, and growing cases of type 1 and type 2 diabetes are other factors that could boost sales of products such as insulin jet injectors, glucose meters, insulin syringes, glucose test strips, etc., in the United States going forward.

Category-wise Insights

Which Types of Insulin Delivery Devices are Trending in the Market?

“Insulin Pens Account for Commanding Market Share”

Based on type, the insulin delivery devices market is segmented into insulin pens, insulin syringes, insulin pumps, and others. Insulin pens currently hold a dominant market share of around 35% and are expected to maintain a similar share throughout the forecast period till 2033.

User-friendly design and ease of use are prime features of insulin pens that contribute to their popularity and adoption among diabetic patients around the world. A rising preference for insulin pens among the geriatric population is also expected to boost demand for insulin pens over the next ten years.

Frequent product launches and investments in the advancement of insulin pen technology are also projected to contribute to growth in this segment going forward. Reusable insulin pen devices are anticipated to witness a hike in demand in low-income economies where patient spending capacity is limited. Wearable insulin devices are also predicted to gain massive popularity as the trend of wearable medical devices gains traction on a global scale.

Competitive Landscape

Leading insulin delivery device companies are focusing on expanding their product portfolio through collaborations, mergers, and acquisitions that also help them bolster their market presence on a global level.

• In May 2022, MannKind Corporation, a leading biopharmaceutical organization, agreed to purchase V-Go insulin delivery device technology from Zealand Pharma for US$ 10 million along with other sales-based milestone capital. This acquisition of new insulin delivery technology strengthened Mannkind’s position in the marketplace and expanded its product portfolio.
• Tandem Diabetes Care, an American medical device manufacturer, announced the acquisition of Switzerland-based AMF Medical in December 2022. The deal was valued at US$ 216 million along with other payouts based on milestones.

Key Segments of Insulin Delivery Devices Industry Research

• By Product Type :

  • Insulin Pens
  • Insulin Syringes
  • Insulin Pumps
  • Others

• By Distribution Channel :

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

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA