How Technological Advancements Have Influenced the Global Insulin Delivery Devices Market

insulin delivery devices

The worldwide insulin delivery devices market is expected to increase at a compound yearly growth rate of 6.11% from US$11.938 billion in 2020 to US$18.085 billion by 2027.

The growing number of patients requiring daily insulin administration has resulted in a preference for patient-friendly self-administered devices like pens and pumps. Furthermore, the number of diabetes patients is increasing not just in industrialized nations, but also in emerging markets. This is predicted to spur growth for insulin delivery solutions, as people become more aware of innovative diabetes care technologies. Insulin oversees maintaining blood sugar levels and assisting in the greatest possible accomplishment of all biological and cell workouts. Obesity is well acknowledged as a major contributor to the progression of diabetes in humans. As a result, the massive diabetic population is pushing the demand for insulin delivery devices. Moreover, artificial pancreas and home injection therapy are two key trends in the global insulin delivery devices industry. According to the United Nations Department of Economic and Social Affairs, around 901 million people were aged 60 or over in 2015, with this figure expected to rise to 1.4 billion by 2030. As a result, the growing older population is likely to increase the amount of share in the insulin delivery devices market.

The rising frequency of diabetes-related mortality worldwide, along with an increase in the number of children with diabetes who require insulin for treatment, is expected to drive market expansion over the projected period.

With the launch of innovative products, companies have contributed to the market’s future growth. For example, Abbott and Tandem Diabetes Care agreed in June 2020 to develop and market integrated diabetes solutions that integrate Abbott’s continuous glucose monitoring (CGM) innovation with Tandem’s unique insulin delivery devices to give individuals with more diabetes management alternatives. Additionally, A. Menarini Diagnostics officially released its tubular, wearable, and disposable syringe pump in Europe under the diabetes treatment name “GlucoMen Day PUMP” in September 2022. EOPatch is one of only two commercially available entirely reusable, wearable insulin pump devices in the world. EOFlow announced a five-year global distribution arrangement with Menarini, a diabetes treatment, and lab equipment company, in 2019. The $115 million distribution arrangement spans 17 nations.

The growing prevalence of diabetes and obesity will lead the market share to expand

According to the International Diabetes Federation, the global diabetes population is expected to reach 500 million by 2030. Insulin is delivered to diabetic patients via insulin-delivery devices such as syringes, pumps, pens, and jet injectors. Insulin, a glucose-directing hormone, is a crucial component of many patients’ treatment plans for advanced type 2 diabetes mellitus (T2DM) and T1DM. The most frequent method of administering insulin is subcutaneous injections. According to the International Diabetes Federation (IDF) Diabetes Atlas Ninth Edition 2019, about 463 million persons aged 20 to 79 years have diabetes, with the number expected to climb to 700 million by 2045. Therefore, the rising number of diabetics as a result of age, obesity, and poor diets is one of the primary reasons driving market development. Obesity is thought to be a key cause of the formation of diabetes in people. Therefore, the prevalence of type 1 diabetes is expected to boost the worldwide insulin delivery devices market. Due to that reason, healthcare companies are launching products that are enhanced and improved to provide better treatment for patients.

For example, the MiniMed 770G System, a composite diabetes management device intended to automatically monitor glucose and provide suitable basal insulin doses with minimal or no input from users or carers, was approved by the US Food and Drug Administration (FDA) in 2020 for use by people aged 2 to 6 with type 1 diabetes. Furthermore, India Medtronic Private Limited announced the release of the MiniMedTM 780G system in India in March 2022 for the treatment of type 1 diabetes in patients aged 7 to 80 years. The device, which leverages the company’s most sophisticated SmartGuardTM technology, automates the distribution of both basal glucose and corrective boluses within five minutes to assist diabetics to avoid lows and highs with more ease.

The implementation of technological advancements in addition to the rising healthcare sector is anticipated to surge the market trend.

The integration of advanced technology in addition to the market developments made by the companies will positively contribute to the market profitability in the long run. For instance, Diabeloop, a developer in therapeutic AI, and Terumo Corporation struck a deal in November 2020 for the collaborative development and exclusive distribution agreements in Japan of an autonomous insulin administration (AID) system. Terumo’s revolutionary insulin patch pump will be included in the Diabeloop-developed system.

Moreover, Ypsomed announced in November 2022 that its mylife Loop is allowed to function with Abbott’s FreeStyle Libre 3 sensor in Germany. The mylife YpsoPump and FreeStyle Libre 3 create an intelligent and autonomous insulin delivery system (AID) created to assist persons with type 1 diabetes in better regulating their glucose levels and lessen the stress of everyday diabetes care.

Similarly, Roche Diabetes Care India announced the launch of ACCU-FINE, high-quality pen needles in May 2022. According to the business, the goal of these needles is to make insulin delivery easier and less painful for persons with diabetes. The ACCU-FINE Pen Needles are carefully created with three important qualities to make them gentle in use, based on extensive user feedback. The ACCU-FINE needles are offered in bundles of 100 in three versions, including a 33G 4mm variation, which is a first in India.

During the projected period, North America is expected to hold a significant amount of the market share.

The global insulin delivery devices market is divided into five areas based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. Geographically, North America is considered to generate the maximum market revenue due to the rising cases of obesity and diabetes over the years. Accordance to the Canadian Diabetes Association, the incidence of diabetes in Canada is increasing and is expected to reach 5 million by 2025. Thus, the vast patient population suffering from diabetes, as well as its increasing prevalence, is projected to drive growth in this region.