Leading players in the insulin delivery devices market are leveraging the advent of innovative technologies and are emphasizing the development of smart insulin delivery devices to gain a competitive edge.

ROCKVILLE, MD / ACCESSWIRE / September 22, 2020 / The insulin delivery devices market is projected to grow at an impressive CAGR of 7.0% in terms of value through the period of forecasting between 2020 and 2030. The report suggests that the growth of the market is majorly attributed to the ever-growing prevalence of diabetes and obesity across the world, coupled with the surging need for effective therapeutic solutions. On the other hand, the unforeseen outbreak of COVID-19 is catalyzing the growth of the market since diabetic patients - who are highly vulnerable to the infection - seek effectual treatments to improve their fitness during the pandemic.

'Recent advancements on the technology front, such as self-administering insulin pens and smart insulin pumps are poised to bestow lucrative revenue opportunities in the years to come. Furthermore, the rising prevalence of diabetes and the subsequent need for powerful medication will continue to drive the demand for these devices,' says the Fact.MR report.

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Insulin Delivery Devices Market - Key Takeaways

• The global insulin delivery devices market is forecasted to reach a valuation of US$ 28 Bn by the end of 2030.
• By product type, insulin pens are poised to remain the most sought out product types through the assessment period, accounting for nearly 35% of market share, owing to their ease of usage over syringes.
• Based on the distribution channel, e-commerce is expected to emerge as a lucrative channel, while hospitals and pharmacies continue to hold prominent shares.
• North America, led by the US, accounted for over 30% of market value in 2019, and will remain the largest regional market through the forecast period.
• Asia Pacific is anticipated to witness significant growth in its market share through 2030, being home to the majority of diabetic patients in the world.

Insulin Delivery Devices Market - Driving Factors

• Soaring incidence of diabetes and obesity, especially in emerging economies such as Asia Pacific, is foreseen to remain the primary growth attribute to the market.
• Penetration of technologies such as artificial intelligence and automation into medical technology and the development of smart insulin delivery devices are also fuelling market growth.

Insulin Delivery Devices Market - Constraints

• Stringent government rules and regulations monitoring the product approval process are delaying the development process, thus negatively impacting the revenue prospects.
• The high cost of insulin analogs in diabetes care management is also likely to hold back the swift growth of the market.

Anticipated Market Impact by Coronavirus Outbreak

As a result of the COVID-19 pandemic, diabetic patients are seeking effective medications since they are at a high risk of the infection. On the back of this factor, sales of drugs and medical devices, including insulin pens and pumps have witnessed a significant uptick. As patients continue to take strict measures for safety and stock-up medications, the demand for insulin delivery devices is expected to persist through the pandemic period, thereby catalyzing the overall growth of the market.

Explore the global Insulin Delivery Devices market with 102 figures, 86 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5105/insulin-delivery-devices-market

Competition Landscape

The key players operating in the insulin delivery devices market include, but not limited to, 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., Cellnovo Group SA, Yepsomed Holding AG, F. Hoffmann-La Roche Ltd., and Valeritas Inc. Manufacturers are focusing on developing smart insulin delivery devices that enhance the overall convenience factor and are also upscaling their production capacities to capitalize the demand during the pandemic.

More on the Report

The FACT.MR's market research report provides in-depth insights into the insulin delivery devices market. The market is scrutinized on the basis of type (insulin pens, insulin pumps, insulin syringes, and others) and distribution channel (hospital pharmacies, retail pharmacies, online sales, and diabetic clinics), across five major regions (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).

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SOURCE: Fact.MR