Insulin Pumps Segment Projected to Lead Growth in Global Insulin Delivery Devices Market to 2028, with a CAGR of 8.5% by 2028 – ResearchAndMarkets.com

The global insulin delivery devices market is projected to reach USD 46.2 billion by 2028 from USD 30.8 billion in 2023, at a CAGR of 8.5% during the forecast period.

Growth in the insulin delivery devices market is mainly driven by factors such as the growing prevalence of diabetic population, government support and favourable reimbursement schemes, technological advancements in insulin delivery devices. On the other hand, the high costs and lack of reimbursements in developing countries of insulin delivery devices systems are expected to restrain market growth to a certain extent.

Insulin pumps segment is projected to grow at the highest CAGR during the forecast period By type, the global insulin delivery devices market is segmented into insulin pens, insulin pumps, insulin pen needles, insulin syringes and other insulin delivery devices which includes, transdermal insulin patch, insulin jet injectors, insulin inhalers. The insulin pump segment is further sub-segmented into tethered insulin pumps and tubeless insulin pumps.

As newer and more refined technology has now revolutionized insulin pumps in terms of their quality of care, and ease of use resulting in improved glycemic control, in addition favourable reimbursement in developed countries is contributing towards the adoption of these devices as a result this segment is projected to have the highest CAGR in the forecast period.

Patients/Homecare end user segment is projected to grow at the highest CAGR during the forecast period By end users, the insulin delivery devices market is segmented into patients/homecare and hospitals & clinics. The patients/home care segment is expected to grow at the highest CAGR during the forecast period. This is primarily attributed to the rising patient acceptance of home care as a result of growing awareness of diabetes care devices, increasing diabetic healthcare expenditure and favourable reimbursements.

By region, North America is projected to account for the largest share of the insulin delivery devices market.

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Market Dynamics:

Drivers:

Growing Prevalence of Diabetic Population

Technological Advancements in Insulin Delivery Devices

Government Support and Favourable Reimbursement Schemes to Favor Market Growth

Restraints:

High Costs and Lack of Reimbursement in Developing Countries

Needle Anxiety in Patients to Affect Growth of Pen Needles and Syringes Market

Oral Insulin as Alternative Drug Delivery Method

Opportunities:

Increasing R&D Activities and Strategic Partnerships

Increasing Healthcare Expenditure on Diabetes Care

Advances in Syringe and Needle Technology

Mandates Pertaining to Safety-Engineered Medical Needles to Encourage Market Growth

Challenges:

Needlestick Injuries and Misuse of Injection Pens

Lack of Interoperability Among Insulin Delivery Devices

Companies Mentioned:

Biocon Limited

CeQur Corporation

Debiotech SA

Embecta Corp. (Formerly Becton, Dickinson and Company Diabetes Care Business)

EOFlow Co., Ltd.

Haselmeier

Hindustan Syringes & Medical Devices Ltd

HTL-STREFA S.A.

Insulet Corporation

Jiangsu Delfu Medical Device Co., Ltd

Lilly

MannKind Corporation

Medtronic plc

Medtrum Technologies Inc.

Novo Nordisk A/S

Owen Mumford

Roche Diabetes Care

Sanofi

Sooil Developments Co., Ltd

Sungshim Medical Co., Ltd.

Tandem Diabetes Care, Inc.

Terumo Corporation

Vicentra B.V.

Wockhardt

Ypsomed Holding Ag