From $7,276.9 million in 2020, the size of the global home-use insulin delivery devices market will increase to $19,087.6 million in 2030, at a 10.2% CAGR between 2021 and 2030, according to the market research report published by P&S Intelligence.
The key drivers for the market are:
- Rising Diabetes Incidence: Diabetes mellitus requires patients to administer artificial insulin since their pancreas stops producing the hormone (type 1) or the body can’t utilize the naturally produced insulin type 2). Thus, with the global diabetic population set to grow from 463 million in 2019 to around 700 million by 2045, as per the International Diabetes Federation (IDF), the market will grow.
- Surging Geriatric Population: This is another strong propeller of the home-use insulin delivery devices market growth as the risk of diabetes is closely tied to age. Moreover, as per the Centers for Disease Control and Prevention (CDC), even if the growth of the diabetes incidence slows down, the overall incidence will still increase with the booming population of the elderly.
The home-use insulin delivery devices market was relatively unharmed by the COVID-19 pandemic as most of the pharmaceutical companies were operational. Moreover, since all non-COVID-related hospital departments were closed, diabetics turned to home-use insulin delivery devices for their daily dose.
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The highest home-use insulin delivery devices market CAGR in the coming years, under the type segment, will be witnessed by insulin pens. Manufacturers of these devices are expanding their operations in countries with large diabetic populations, such as China and India. Additionally, insulin pens are being technologically advanced in order to help patients manage their diabetes better.
The pharmacies category held the largest share in the home-use insulin delivery devices market in the past, based on distribution channel. Since diabetes is a long-term health condition that requires an effective management regimen, most patients prefer registered pharmacies for purchasing such devices.
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North America is the largest home-use insulin delivery devices market presently on account of the rising diabetes incidence and increasing awareness on its management and surging healthcare spending. Similarly, the obese population in the U.S., the larger of the two markets in the continent, stood at 93.3 million in 2015–2016, according to the CDC.
The major companies in the global home-use insulin delivery devices market are Tandem Diabetes Care Inc., Roche Holding AG, Biocon Limited, Insulet Corporation, Becton, Dickinson and Company, B. Braun Melsungen AG, Eli Lilly and Company, Sanofi, Novo Nordisk A/S, Wockhardt Limited, Medtronic plc, Ypsomed Holding AG, and Gulf Pharmaceutical Industries.