Insulin Delivery Devices Market Size

Insulin Delivery Devices Market Size

Insulin Delivery Devices Market size was valued at around USD 16.9 billion in 2022 and is projected to reach over USD 46.3 billion by 2032 due to the increasing prevalence of diabetes. As per the International Diabetes Federation (IDF) statistics, the number of diabetic patients is projected to reach 700 million by 2045 from 463 million in 2019, indicating 51% surge. As per the World Health Organization, in 2019, diabetes was amongst the leading cause of mortality with an around 1.5 million deaths.

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This significant prevalence is primarily owing to the adoption of unhealthy & sedentary lifestyle. As the insulin delivery devices provide an effective and advanced solution for patients to manage diabetes. With the surging patient populace, the industry is projected to experience significant expansion with the increasing preference for these devices pertaining to higher reliability and reduced need for multiple injections. Further, the pervasiveness of diabetes is notably higher in the elderly individuals.

Insulin delivery devices are medical tools designed to administer insulin, a hormone used to regulate blood sugar levels, into the body. These devices are used by individuals with diabetes, particularly those who require insulin therapy to manage their condition. Insulin delivery devices provide a convenient and controlled way to deliver insulin, that is essential for maintaining proper blood glucose levels and preventing complications associated with diabetes.

However, the high cost associated with advanced insulin delivery devices may hinder industry gains by 2032. For instance, an Insulet Omnipod Personal Diabetes Manager costs around USD 800 and the cost of pod is USD 30 that lasts for 3 days. Further, batteries and supplies account for additional costs, thereby increasing the long-term costs associated with the insulin delivery devices. Inadequate reimbursement in certain countries affects its affordability to patients. New insulins are retailed at relatively high prices in comparison with previously available products. Increased prices are due to the use of new manufacturing techniques and the cost associated with the development. Diabetic patients require more than one insulin vial per month that adds to the overall cost of the disease management.