Insulin Delivery Devices Market Analysis

Insulin Delivery Devices Market Analysis

Based on device type, the insulin delivery devices market is segmented as insulin pumps, insulin pens, insulin pen needles, insulin jet injectors, insulin syringes, and others. The insulin pumps segment is projected to expand at 12.3% CAGR to reach USD 15 billion by 2032 attributable to the multiple benefits related to the use of insulin pens such as affordable price, user-friendly design, and technological advancements among others.

The introduction of new smart insulin pens equipped with Bluetooth or other wireless connectivity, allowing them to connect to smartphone apps has resulted in rising popularity among consumers. These apps can track insulin doses, provide reminders for insulin injections, and help users monitor their insulin regimen and blood sugar levels over time. These devices commonly allow advanced settings, such as dose recommendations, data sharing, and touchscreen interfaces. Data sharing with healthcare providers enables them to modify the treatment to the specific needs of each patient.
 

Based on end-use, the insulin delivery devices market is segmented as home care, hospitals & clinics, and others. The home care settings segment was valued at over USD 9.6 billion in 2022 attributed to the rising patient preference for the use of insulin delivery devices in home care settings, access to user-friendly equipment, and facilitative policies initiated by public associations to promote diabetes self-management.
 

For instance, the American Diabetes Association operates Diabetes Self-Management Support (DSMS) program and recently initiated Diabetes Support Initiative to assist & educate diabetic patients in self-managing the diabetes. Similarly, the Building Community Supports for Diabetes Care initiative offers support to diabetes patients and encourages people to opt for diabetes care at homecare settings, intending to limit the expenses. This increasing trend towards providing diabetes management care in home settings has gained significant popularity, due to factors such as the desire to reduce frequent visits to hospitals, patient convenience, and affordable cost. Insulin delivery devices that are user-friendly, portable, and ideal for home use have experienced an increase in demand.
 

The U.S. insulin delivery devices market is predicted to reach over USD 19 billion by 2032 owing to several variables including the high disease burden of diabetic conditions, the rise in awareness regarding insulin delivery devices, and increasing diabetes care expenditure in the country. For instance, as per the Centers for Disease Control and Prevention, around 1 out of every 4 dollars healthcare costs along with USD 237 billion direct medical cost is spent on diabetes care in the U.S.