Insulin Storage Devices Market
Insulin Storage Devices Market Analysis By Product Type (Insulated Kits & Battery Operated Insulin Storage Devices) By Patient Type (Type 1 & Type 2 Diabetes) and By Region – Global Market Insights 2022 to 2027
Analysis of Insulin Storage Devices market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Insulin Storage Devices Market Outlook (2022-2027)
At present, the global insulin storage devices market enjoys a valuation of US$ 798 million and is expected to surge to US$ 1.28 billion by the end of 2027. Worldwide insulin storage device sales are expected to rise at a high CAGR of 8.1% from 2022 to 2027.
Increasing prevalence of diabetes owing to poor lifestyle habits is expected to significantly drive insulin storage device usage over the years to come. Insulin monitors and insulin scanners are products that are expected to witness high demand owing to the rising prevalence of diabetes across the world.
Insulin Storage Devices Market Size (2022)
US$ 798 Million
Projected Market Value (2027F)
US$ 1.28 Billion
Global Market Growth Rate (2022-2027)
China Market Value (2027F)
US$ 285 Million
Germany Market Growth Rate (2022-2027)
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Sales Analysis of Insulin Storage Devices (2017-2021) in Comparison to Market Forecasts (2022-2027)
The world has witnessed a substantial increase in the number of people being affected by diabetes and this trend is anticipated to be prevalent over the forecast period as well. Insulin is crucial for diabetic patients to maintain and control their blood sugar levels and hence has a high demand as the prevalence of diabetes increases.
Proper storage of insulin is necessary as it is extremely sensitive to high and low temperatures. Improper storage could lead to the breakdown of insulin and render it useless and this is why the demand for insulin storage devices is high.
Increasingly sedentary lifestyles have given birth to many disorders and are also majorly responsible for increasing the diabetic patient pool across the world. The rising working population and their preference for refined foods are also driving up the diabetic caseload.
The rising geriatric population, growing incidence of obesity, high intake of refined foods, advancements in storage device technologies, rising focus on preventive care, and increasing awareness of diabetes are expected to be prominent factors that could drive insulin storage device shipments over the coming years.
Global demand for insulin storage devices is anticipated to rise at a high CAGR of 8.1% through 2027.
Which Factors are Augmenting Insulin Storage Devices Market Growth?
“Increasing Intake of Refined Foods Leading to Poor Health”
Refined and processed foods have witnessed a substantial increase in uptake over the past few years and this has resulted in the poor health of consumers. Diabetes is caused due to poor eating and lifestyle habits that affect the regulation of insulin in the human body.
As such, rising consumption of refined and processed foods coupled with deteriorating lifestyle habits are expected to lead to a rising incidence of diabetes and subsequently drive shipments of insulin storage devices through 2027.
“Rising Geriatric Population across the World”
The geriatric population across the world has been increasing over the past years and is expected to rise throughout the forecast period as well. Diabetes is very common in elderly people across the world and as the geriatric population increases, it is projected to drive the demand for insulin storage devices as well.
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Which Regions Should Insulin Storage Device Manufacturers Focus on More?
“North America Expected to Lead Global Insulin Storage Device Demand”
The market for insulin storage devices in North America is projected to be highly lucrative over the forecast period and is anticipated to be rife with rewarding opportunities for insulin storage device suppliers through 2027.
Increasing incidence of obesity and lifestyle disorders are leading to an increased caseload of diabetic patients in this region which is expected to drive insulin storage devices market growth over the years to come.
The United States and Canada are projected to be the most notable markets in this region of which the latter is slated to expand at a CAGR of around 7% over the years to come. Early adoption of advanced technologies is expected to be a popular trend that will favor insulin storage devices market potential in North America through 2027.
The Europe insulin storage devices market is expected to hold a significant market share owing to the increasing geriatric population and the rising development and availability of several insulin storage devices. Germany is expected to be a significant market in this region and is predicted to exhibit an increase in demand for insulin storage devices at a CAGR of around 5.1%.
Increasing awareness about diabetes and rising incidence of the same is expected to majorly drive insulin storage devices market potential in the Asia Pacific region across the forecast period. The rising geriatric population with diabetes, poor lifestyle habits, and increasing focus on health and fitness are other factors that govern the insulin storage devices market growth in this region.
Populous nations such as India, China, and Indonesia are anticipated to be the most rewarding markets for insulin storage device vendors in this region throughout the forecast period owing to an increasing number of diabetic patients.
The China insulin storage devices market is estimated to expand at an approximate CAGR of 12% throughout the forecast period and is slated to account for a total valuation of nearly US$ 285 million by 2027-end.
The regions of MEA and Latin America are anticipated to witness an increase in sales of insulin storage devices over the years to come owing to the rising incidence of diabetes and increasing awareness about the same. These regions have untapped potential that insulin storage device companies could cash in on as awareness of diabetes increases in the aforementioned regions.
How is Demand for Insulin Storage Devices Evolving in the United States?
“Increasing Diabetic Patient Pool Driving Insulin Storage Device Sales”
The United States insulin storage devices market is projected to be a highly rewarding one owing to an increasing number of diabetic patients. The working population in the country is increasingly suffering from diabetes owing to poor lifestyle habits and the consumption of refined and processed foods.
High prevalence of obesity in the country is also leading to an increased diabetic patient pool. The presence of developed healthcare infrastructure and favorable reimbursement policies are also expected to propel insulin storage devices market growth.
All of these factors are expected to drive insulin storage devices market potential in the United States across the forecast period.
Which Product Type is Set to Be Highly Sought-after across Geographies?
“Battery-operated Insulin Devices to Account for Major Market Share”
The global insulin storage devices market based on product type is segmented into insulated kits and battery-powered insulin storage devices. The insulated kits segment is further bifurcated into insulin cooling wallets, insulin cooling pouches, and insulated cooler bags.
Battery-powered insulin devices hold a prominent market share and are expected to maintain a similar stance across the forecast period as well. Benefits such as longer battery life, portability, and ease of use are expected to bolster demand for battery-powered insulin devices through 2027.
Insulated kits are anticipated to witness an increase in demand at an approximate CAGR of 7% across the forecast period. The rising geriatric population is anticipated to drive sales of insulated cooling wallets, insulated cooling pouches, etc. over the coming years.
Which Type of Patients Will Drive Higher Insulin Storage Device Demand?
“Type 1 Diabetes Patients to Account for Higher Sales of Insulin Storage Devices”
The insulin storage devices market based on patient type is further bifurcated into type 1 diabetes and type 2 diabetes.
Type 1 diabetes results in the production of very little to no insulin in the patient’s body and hence the demand for insulin is high among these patients. Demand for continuous blood glucose monitoring in type 1 diabetes patients is expected to push them to carry insulin packs and subsequently drive shipments of insulin storage devices over the forecast period.
Incidence of type 2 diabetes is rising rapidly across the world owing to changing lifestyles and this is projected to drive up the demand for insulin and hence insulin storage device demand as well. The increasing preference of type 2 diabetes patients to carry insulin for a longer period is expected to further bolster insulin storage device sales across the forecast period.
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Insulin storage device manufacturers are anticipated to increase investments in product development and launch new products to expand their sales potential. Insulin storage device companies are also expected to adopt innovative marketing strategies to increase awareness about diabetes and bolster sales of insulin storage devices through 2027.
This latest insulin storage devices market survey by Fact.MR, a market research and competitive intelligence provider, consists of key companies such as ReadyCare LLC, DISIONCARE, Medicool, Tawa Outdoor, Cooluli, and Arkray Inc., among others, to give a comprehensive account of the global competitive landscape.
Key Segments in Insulin Storage Devices Industry Research
By Product Type :
- Insulated Kits
- Insulin Cooling Wallets
- Insulin Cooling Pouches
- Insulin Cooling Bags
- Battery-operated Insulin Storage Devices
- Insulated Kits
By Patient Type :
- Type 1 Diabetes
- Type 2 Diabetes
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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At present, the global insulin storage devices market is valued at US$ 798 million.
By 2027, the market for insulin storage devices is expected to reach US$ 1.28 billion.
Sales of insulin storage devices are predicted to increase at 8.1% CAGR through 2027.
Key insulin storage device manufacturers are Medicool, Tawa Outdoor, Cooluli, Arkray Inc., Zhengzhou Olive Electronic Technology Co. Ltd., Zhengzhou Defrigus Electric Device Co. Ltd., and COOL Sarl-FR.
The Germany insulin storage devices market is set to rise at 5% CAGR over the decade.