Insulin Delivery Devices Market size is anticipated to expand at 10.6% CAGR from 2023 to 2032, driven by the increasing preference for home-based healthcare solutions coupled with the rising advancements in easy-to-use devices.
The rising emphasis on patient-centric care and the convenience of managing chronic diseases at home is surging the adoption of user-friendly and portable insulin delivery devices for enabling patients to self-administer insulin. Moreover, industry participants are making massive investments in strategic initiatives for new advancements for facilitating remote monitoring and telemedicine services. For instance, in May 2023, Medtronic plc acquired EOFlow Co. Ltd., the producer of the EOPatch? device, a tubeless, wearable, and entirely disposable insulin delivery system, for broadening its capacity to meet the more complex needs of diabetics.
The insulin delivery devices industry is segmented into product, end-use, and region.
The market share from the insulin pens product segment is anticipated to gain significant traction from 2023-2032 due to its user-friendly and convenient features for offering patients an efficient and discreet method for insulin administration. The surge in technological advancements for the development of smart insulin pens with integrated dose tracking and connectivity features will further augment the product demand. For instance, in December 2022, Biocorp acquired the FDA 510(k) approval to commercialize its Mallya smart medical device for connecting to insulin pens to automatically gather and record important treatment information for transmission to dedicated digital application.
Insulin delivery devices industry is projected to grow from the hospitals & clinics end-use segment between 2023 and 2032. Hospitals and clinics serve as primary hubs for diabetes management, further necessitating the usage of advanced insulin delivery devices to cater to diverse patient needs. The rising prevalence of diabetes cases worldwide leading to the heightened demand for efficient and reliable insulin delivery solutions in healthcare facilities is also propelling the segment growth.
Regionally, the Europe insulin delivery devices industry exhibited significant growth in 2022 and is estimated to record robust CAGR from 2023-2032, driven by the increasing prevalence of diabetes, strong healthcare infrastructure, and the proactive approach to diabetes management. Additionally, supportive government policies and the increasing focus on improving patient outcomes are enhancing the quality of diabetes care in the region, thereby demonstrating lucrative growth prospects for the industry. For instance, in June 2023, Insulet Corporation announced the launch of its Omnipod 5 Automated Insulin Delivery System in the U.K. to ease the burden and improve the quality of life for type 1 diabetic patients aged two years and above.