The rising prevalence of diabetes, technological advancements in insulin delivery devices, surging geriatric population, and exposure of the population to major risk factors, such as sedentary lifestyle, obesity, and smoking, are boosting the growth of the global home-use insulin delivery devices market. Moreover, the growth of e-pharmacies and e-prescription usage are boosting the growth of the industry. Due to the aforementioned reasons, the industry is projected to grow at a CAGR of 10.2% during the forecast period (2021–2030), to reach $19,087.6 million by 2030.
In the wake of the COVID-19 pandemic, several governments enforced lockdowns and social distancing guidelines in an attempt to stop the spread of the virus. Even though the supply chain and commerce were disrupted, many pharmaceutical companies were functional. Moreover, the pandemic has caused an unexpected boom in the pharmaceutical industry due to the shift in the focus toward healthcare. This has positively impacted the market for home-use insulin delivery devices.
The home-use insulin delivery devices market is categorized into insulin pens, insulin pumps, insulin syringes, and others, based on type. Among these, the insulin pens category held the largest market share in 2020. This is mainly attributed to the ease of administering insulin, advancements in their technology, and integration of smartphones and the internet into them.
The home-use insulin delivery devices industry is categorized into pharmacies, e-commerce, and diabetes clinics/centers, based on distribution channel. Among these, the e-commerce category is expected to witness the fastest growth during the forecast period. This is mainly attributed to the discounts and offers provided by these channels, which make the products low cost. Furthermore, this distribution channel provides the details of the products of different brands, thus allowing customers to compare them.
Geographically, North America held the largest share in the home-use insulin delivery devices industry in 2020. This is 7primarily due to an increase in the elderly population and incidence of diabetes. Furthermore, the growing obese population has been leading to a high number of cases of diabetes in the region, which is augmenting the market growth.
Players in the home-use insulin delivery devices market are launching new products to gain a competitive edge. For instance, in January 2019, Becton, Dickinson and Company announced the U.S. Food and Drug Administration clearance for its second-generation BD Nano pen needle, which is designed for more-reliable subcutaneous injection depth. These pen needles offer people who inject diabetes medications a more-reliable subcutaneous delivery of their medication, to help them better manage their diabetes.
Some of the key players operating in the global home-use insulin delivery devices market includes Tandem Diabetes Care Inc., Biocon Limited, Roche Holding AG, Insulet Corporation, Novo Nordisk A/S, Eli Lilly and Company, Medtronic Plc, and Sanofi.