Insulin Delivery Devices Market
Insulin Delivery Devices Market By Type (Insulin Pens, Insulin Syringes, Insulin Pumps), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Online Sales, Diabetes Clinics/Centers), By Region - Global Market Forecast 2020-2030
Insulin Delivery Devices Market Outlook (2020-2030)
The global insulin delivery devices market is expected to foray ahead at a healthy CAGR of 7% over a forecast period of 2020-2030. Analyzing through the market lens, it is expected to climb up in terms of revenue, to US$ 14 billion by the end of FY 2020.
Insulin is a hormone that regulates blood-sugar levels in diabetic patients. There are several ways to administer insulin to a patient using various devices such as syringes, pens, pumps, jet sprays, etc.
The COVID-19 pandemic has also affected the insulin delivery devices market in an important way. This is one of the few markets that has seen a rise in scale due to the pandemic. The situation has extensively increased demand for protective products, including insulin delivery devices such as insulin pens, pumps, syringes, etc. The pandemic has proven to be an important factor in the expansion of the insulin delivery devices market size in 2020.
Insulin Delivery Devices Market Product Type Insights
Insulin delivery can be carried out in a number of ways, of which, prominent types are insulin pens, insulin syringes, and insulin pumps. Insulin pens are easier to inject insulin as compared to syringes. Considering the market, insulin pens are the leading products occupying a larger market share. With increasing number of diabetic patients and convenience offered by insulin pens, most patients prefer these pen, thereby making it a leading product in the insulin delivery devices market.
Other products include the insulin pump, which is a device attached to the patient and delivers regular doses of insulin. On the other hand, syringes are needles/injections that administer insulin. Other products such as jet sprays, etc., also occupy a considerable revenue share in the market.
Insulin Delivery Devices Distribution Channel Insights
Insulin delivery devices can be obtained from a number of different distribution channels such as hospital pharmacies, retail pharmacies, online sales, and diabetic clinics & centers. With advancements in e-Commerce and new technologies, patients are using online services of buying insulin delivery devices; they don’t need to visit any pharmacy or clinic, and this improves the convenience factor of online sales of insulin delivery devices and products. Retail pharmacies and hospital pharmacies also comprise a significant portion of the market, based on distribution.
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Regional Outlook of Insulin Delivery Devices Market
When it comes to common diseases such as diabetes, patients can be found in all corners of the world. This makes the insulin delivery devices market very diverse, expanding to all regions such as North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. However, due to immense rise in the number of diabetic patients and obesity, North America is seen as a dominant region in the market based on revenue, accounting for over one-third of the insulin delivery devices market share.
On the other hand, the Asian region will see an intense growth in the market due to rapid increase in population. Europe holds a steady and considerable position in this market space.
Insulin Delivery Devices Market: Key Players
The Insulin delivery devices market is fragmented in nature, where top players account for over half of the market share. Products are sold by a number of multinational and regional companies, out of which, major players are Sanofi SA, Medtronic PLC, Novo Novardisk A/S and Eli Lilly & Company.
Other players are B. Braun Melsungen AG, Becton, Dickinson and Company, Biocon Ltd., Owen Mumford Ltd., Cellnova Group SA, Yepsomed Holding AG, F. Hoffmann-La Roche Ltd., Valeritas Inc., Tandem Diabetes Care, Inc., Insulet Corporation, SOOIL Development Co., Ltd, and Mannkind Corporation.
The Analyst’s Viewpoint
“Investing in research & development for creating devices with advanced futuristic technologies, such as smart insulin pens, will gain dominance in the market, thereby increasing overall revenue.”
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COVID-19 Impact on Insulin Delivery Devices Market
The COVID-19 outbreak has had a significant negative impact, globally, from a business standpoint. However, this has not been the case for the insulin delivery devices market. Major reason being, increase in number of diabetic patients and rising obesity. Furthermore, due to the threat caused by the pandemic, people are buying more and more products for safety reasons, which is leading to a considerable growth in the market. Key players in the insulin delivery devices market have used this to benefit their revenue streams because of increased demand.
Insulin Delivery Devices Market: About the Report
Fact.MR has published an exclusive forecast report on the insulin delivery devices market for 2020 and 2030. The foremost objective of this report on the insulin delivery devices market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the market. Also, the study addresses key dynamics that are expected to diversify the sales and future prominence of the insulin delivery devices market.
The report on the insulin delivery devices market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the insulin delivery devices market, elaborating on key segments.
The report also outlines visionary insights on the dynamics of the insulin delivery devices market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for insulin delivery devices. Supply chain analysis and pricing analysis of the insulin delivery devices market along with the difference between insulin delivery devices used as per application has also been included in the report, to help readers clearly understand the product framework map in the insulin delivery devices market space.
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Insulin Delivery Devices Market: Segmentation
Fact.MR has studied the insulin delivery devices market with detailed segmentation on the basis of type, distribution channel, and key regions.
By Type :
- Insulin Pens
- Insulin Syringes
- Insulin Pumps
By Distribution Channel :
- Hospital Pharmacies
- Retail Pharmacies
- Online Sales
- Diabetes Clinics/Centers
By Region :
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
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