Global Insulin Delivery Devices Market To Generate Revenue Worth $39,371.8 Million by 2030

The global insulin delivery devices market is projected to generate $39,371.8 million revenue in 2030, advancing at a CAGR of 10.5% during 2021–2030. This can be attributed to the rising number of diabetic patients, technological advancements in insulin delivery devices, and surging aging population.

COVID-19 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 insulin delivery devices, especially prefilled syringes, except for the first and second quarters of 2020. Despite the lockdowns and factory closures implemented by governments, several pharmaceutical and medical device manufacturers, including those offering prefilled syringes, continued normal operations. For instance, Becton, Dickinson and Company revealed that all its manufacturing and distribution centers were operational during the COVID-19 pandemic.

Insulin Pens Dominated Market

The global insulin delivery devices market is classified into insulin pen, insulin pump, insulin syringe, and others, based on type. Among these, the insulin pen category dominated the market in 2021, and it is expected to maintain its position during the forecast period. This will be due to the increasing prevalence of diabetes and the surging focus of insulin pen manufacturers on countries with a large diabetic population, such as China and India.

Moreover, the market for insulin delivery devices is categorized into pharmacies, diabetes clinics/centers, and e-commerce, under the distribution channel segment. Among these, the e-commerce category is projected to register the fastest growth during the forecast period. This will mainly be due to the fact that the online channel offers the convenience to consumers to compare different products and have them delivered to them.

North America Generates Highest Demand for Insulin Administration Devices

North America accounted for the largest share in the global insulin delivery devices market in 2021. This is attributed to the rising diabetes prevalence, favorable reimbursement scenario in the U.S. and Canada, increasing venture capital investments, and the United States Food and Drug Administration (USFDA) approvals to newer insulin delivery devices, which have increased their availability.

Product Launches and Approvals Are Most-Effective Strategic Measure Taken by Market Players

Players in the global insulin delivery devices market are extensively involved in product launches and approval receipts to gain a significant position. For instance, in April 2021, Medtronic plc introduced the Medtronic Extended infusion set in select European countries; the device can be worn for up to seven days. An infusion set is a piece of tubing that transports insulin from the pump to the body and must be changed every few days.

Similarly, in June 2020, Biocon Ltd. and Mylan N.V. announced the approval of the USFDA for their New Drug Application (NDA) for Semglee (insulin glargine injection), in vial and pre-filled pen variants, to control high blood sugar in adults with type 2 diabetes, as well as adult and pediatric patients with type 1 diabetes.

Major players operating in the global insulin delivery devices market include Becton, Dickinson and Company, Medtronic plc, Tandem Diabetes Care Inc., Biocon Ltd., Eli Lilly and Company, Insulet Corporation, Novo Nordisk A/S, Sanofi, Ypsomed Holding AG, F. Hoffmann-La Roche Ltd., Wockhardt Ltd., Braun Melsungen AG, and Gulf Pharmaceutical Industries (Julphar).