PUBLISHER: The Business Research Company | PRODUCT CODE: 1387721
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387721
“Insulin Pens, Syringes, Pumps And Injectors Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on insulin pens, syringes, pumps and injectors market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for insulin pens, syringes, pumps and injectors? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The insulin pens, syringes, pumps and injectors market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Insulin pens, syringes, pumps, and injectors play a crucial role in regulating the blood glucose levels of diabetic individuals. These tools can be either reusable or disposable and are employed for the purpose of delivering the required insulin dosage into the bloodstream of diabetic patients.
The primary categories of insulin delivery devices and equipment encompass pens, injectors, pumps, and syringes. A syringe serves as an instrument for introducing or extracting fluids. Both reusable and disposable pens are utilized for insulin administration. Pumps are available in two forms, including tube pumps and tubeless pumps. These devices find applications in a variety of settings, such as hospitals, home care, and others.
The insulin pens, syringes, pumps, and injectors devices and equipment market research report is one of a series of new reports from The Business Research Company that provides insulin pens, syringes, pumps, and injectors devices and equipment market statistics, including insulin pens, syringes, pumps, and injectors devices and equipment industry global market size, regional shares, competitors with an insulin pens, syringes, pumps, and injectors devices and equipment market share, detailed insulin pens, syringes, pumps, and injectors devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the insulin pens, syringes, pumps, and injectors devices and equipment industry. This insulin pens, syringes, pumps, and injectors devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The insulin pens, syringes, pumps and injectors market size has grown strongly in recent years. It will grow from $23.3 billion in 2023 to $25.36 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The increase during the historical period can be attributed to the following factors such as the escalating prevalence of diabetes, advancements in insulin delivery methods, the preference of patients for convenience, and the aging population.
The insulin pens, syringes, pumps and injectors market size is expected to see strong growth in the next few years. It will grow to $34.41 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The expansion anticipated in the forecast period can be ascribed to several key factors, including the growth of emerging markets, regulatory support and reimbursement initiatives, the adoption of personalized medicine, and the increasing emphasis on value-based healthcare. Notable trends expected in the forecast period encompass the integration of artificial intelligence (AI), the emergence of handheld and wireless ultrasound devices, the utilization of 3D/4D imaging, and the adoption of fusion imaging techniques.
The global increase in diabetes prevalence is fueling the growth of the insulin pens, syringes, pumps, and injectors market. Factors such as the rising number of people affected by obesity, unhealthy dietary habits, lack of physical activity, and a growing elderly population are contributing to the worldwide surge in diabetes cases. In 2020, the US Centers for Disease Control and Prevention (CDC) reported that approximately 34.2 million Americans had diabetes. Moreover, the International Diabetes Federation estimated that in 2021, about 537 million adults were living with diabetes globally, with projections indicating this number would reach 783 million by 2045. Consequently, the increasing global prevalence of diabetes is a key driver for the insulin delivery device market's growth.
The expanding elderly population is expected to be a significant driver for the insulin pens, syringes, pumps, and injectors market in the future. The geriatric population consists of older individuals, typically aged 65 and above. The rising incidence of diabetes among this age group has created a demand for specialized insulin delivery solutions that enhance adherence, reduce complications, and improve the overall quality of life for older adults with diabetes. For instance, a report from the World Health Organization (WHO) in October 2022 highlighted that by 2030, one in six people worldwide is expected to be 60 or older, and by 2050, there will be 2.1 billion people aged 60 and above. The number of individuals aged 80 or older is projected to increase by 426 million between 2020 and 2050 compared to the current population. Therefore, the growing elderly population is a significant factor driving the insulin pens, syringes, pumps, and injectors market's growth.
Patient resistance to self-injection is a constraint on the insulin delivery device market. Many patients experience anxiety and fear related to injections, leading them to avoid insulin injections and be inconsistent in their insulin treatment. According to the National Center for Biotechnology Information (NCBI), approximately 30% to 50% of patients experience anxiety and fear associated with injection-related pain before receiving diabetes education interventions. The report also indicates that close to 28% of patients are unwilling to start insulin therapy due to a lack of confidence in managing injections and fear of needle pain during self-injection. This resistance to self-injection due to needle fear is impeding market growth.
Numerous companies are prioritizing technological advancements in insulin delivery systems to ensure effective and safe insulin delivery. For example, in September 2022, the FDA granted approval for the use of Omnipod 5 for children over the age of 2 with type 1 diabetes. Omnipod is the first tubeless automated insulin delivery system for individuals with type 1 diabetes.
Strategic partnerships are a prominent trend in the insulin pens, syringes, pumps, and injectors market. Major companies in this sector offer a wide range of products and technologies to cater to the needs of individuals with diabetes. In December 2022, Eli Lilly and Company, a US-based pharmaceutical firm, joined forces with Eva Pharma, an Egypt-based pharmaceutical company, with the aim of enhancing sustainable access to affordable insulin in low- and middle-income countries, particularly in Africa, making insulin more accessible and affordable to those in need.
In September 2023, Abbott Laboratories, a US-based medical device company, completed the acquisition of Bigfoot Biomedical Inc. for an undisclosed sum. This acquisition is part of Abbott's strategy to expand its presence in diabetes care and strengthen its portfolio of connected diabetes solutions. Bigfoot Biomedical Inc. is a US medical technology company specializing in the development and manufacturing of diabetes management systems, including insulin pens and syringes.
Major companies operating in the insulin pens, syringes, pumps and injectors market include Novo Nordisk A/S, Eli Lilly and Company, Medtronic PLC, Abbott Laboratories, Insulet Corporation, Sanofi Aventis, F. Hoffmann-La Roche Ltd., Becton Dickinson and Company, Animas Corporation, Ypsomed Holding AG, Dickinson and Company, Valeritas Inc., MannKind Corporation, Tandem Diabetes Care Inc., Biocon Ltd., B. Braun Melsungen AG, Terumo Corporation, Teleflex Incorporated, Nipro Corporation, Smiths Medical Inc., Owen Mumford, UltiMed Inc., Ypsomed Holding, Ascensia Diabetes Care, Trividia Health, ARKRAY Inc., AgaMatrix Inc., Medline Industries LP, Gerresheimer AG, West Pharmaceutical Services Inc., SHL Medical AG, Zhejiang POCTech Medical Co.Ltd., Jiangsu Wanhai Medical Instruments Co. Ltd.
North America was the largest region in the global insulin pens, syringes, pumps, and injectors devices and equipment market in 2023. Asia-Pacific was the second-largest region in insulin pens, syringes, pumps, and injectors devices and equipment market. The regions covered in the insulin pens, syringes, pumps and injectors market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the insulin pens, syringes, pumps and injectors market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The insulin pens, syringes, pumps, and injectors market consist of sales of reusable pens, disposable pens, tubed pumps, and tubeless pumps that are used for injecting insulin. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.