The International Diabetes Federation (IDF) states that 537 million individuals aged 20–79 years are currently living with diabetes, and over 1.2 million adolescents and children aged 0–19 years are currently living with type 1 diabetes. The organization forecasts that the total number of diabetic patients will surge to 643 million by 2030 and 783 million by 2045. Moreover, the international body also estimates that around 541 million adults are at increased risk of developing type 2 diabetes.
Thus, the rising burden of diabetes will help the home-use insulin delivery devices market exhibit a notable CAGR of 10.2% during 2021–2030. According to P&S Intelligence, the market was valued at $7,276.9 million in 2020, and it will generate $19,087.6 million revenue by 2030. Moreover, the booming obese population will also result in the high-volume adoption of such devices, as diabetes is a common consequence of being overweight and obese. The World Health Organization (WHO) states that obesity has nearly tripled since 1975.
Insulin syringes, reusable and disposable insulin pens, and insulin pumps, such as patch pumps and external/tethered pumps are available for diabetes patients currently. In the last few years, insulin pens were preferred over other devices due to the rapid technological advancements in insulin delivery pens and medical reimbursements that were provided for them in developed countries. As compared to disposable pens, reusable pens were opted in larger numbers due to their user-friendly design that helps minimize dosage errors.
Geographically, the North American region led the home-use insulin delivery devices market in the last few years, owing to the increasing burden of lifestyle-associated diseases, growing public awareness about diabetes management, and booming healthcare spending in the region. As obesity and insulin resistance is considered independent risk factors for diabetes, the booming obese population will facilitate the usage of such devices in Canada and the U.S. The Centers for Disease Control and Prevention (CDC) estimates that obesity affected 40.0% of the adults aged 20–39 years and 44.8% of the adults aged 40–59 years in the U.S. during 2017–2018.
Thus, the increasing prevalence of diabetes and the growing elderly population will create a huge requirement for home-use insulin delivery devices in the forthcoming years.
Browse detailed report on Home-Use Insulin Delivery Devices Market Size, Business Strategies, and Regional Outlook
This study covers
• Major factors driving the market and their impact during the short, medium, and long terms
• Market restraints and their impact during the short, medium, and long terms
• Recent trends and evolving opportunities for the market participants
• Historical and the present size of the market segments and understand their comparative future potential
• Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
• Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders
• Major players operating in the market and their service offerings