Northbrook, IL 60062 -- (SBWIRE) -- 10/23/2023 -- Insulin Delivery Devices Market in terms of revenue was estimated to be worth $30.8 Billion in 2023 and is poised to reach $46.2 Billion by 2028, growing at a CAGR of 8.5% from 2023 to 2028 according to a latest report published by MarketsandMarkets™. The growing number of people with diabetes has led to an increased focus on developing and adopting better insulin delivery devices. Advances in technology have made it possible to create more flexible and sophisticated delivery devices. Government support and favourable reimbursement schemes are also driving market growth. However, high device costs, lack of reimbursement in developing countries, inability for interoperable devices, and the device patent protection are expected to slow market growth.

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Driver: Growing prevalence of diabetic population

Diabetes is one of the most common non-communicable diseases across the globe. According to the World Health Organization, 422 million people worldwide have diabetes, and 1.5 million deaths are directly attributes to diabetes each year. Among the seven IDF regions, North America and Caribbean has the highest prevalence of diabetes (13.3%), followed by the Middle East and North Africa. Moreover, modern lifestyle characterized by reduced physical activities, rapid urbanization associated with changes in dietary patterns, reduced physical activities, increased consumption of processed foods, and genetic factors have contributes to the increased prevalence of diabetes.

Restraint: High cost and lack of reimbursement in developing countries

The cost of insulin delivery devices, such as smartphone connected insulin pumps, is approximately USD 4,500-6500. Moreover the average selling price of sensor-based continuous glucose monitors is USD 1,000- 1,400. Thus, due to high initial cost and the frequent use of associated consumables has put the technology advanced insulin delivery devices out of reach for large portion of users, particularly those n developing countries with an unfavourable reimbursement scenario.

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"Insulin pen delivery device segment to grow at the highest CAGR during the forecast period."

Segments of the devices taken into consideration in the insulin delivery device market include insulin pens, insulin pumps, insulin syringes, and pen needles. The insulin subsegment includes reusable pens and disposable pens. The market for reusable insulin pens is anticipated to continue to grow at the highest CAGR during the forecast period. This is primarily because patients can use the same pen multiple times by replacing the insulin cartridge are more economical compared to disposable insulin pens.

"The patients/homecare segment to grow at the highest CAGR during the forecast period"

The end users in the insulin delivery device market are hospitals&clinics and patients/homecare. The patients/homecare segment is anticipated to grow at the highest CAGR during the forecast period. Presence of a favorable reimbursement scenario, increasing preference for less invasive technologies to administer insulin, and user friendliness have contributed for the growth of this segment.

"North America accounted for the largest share of the Insulin delivery device market, followed by Europe in 2022"

North America, followed by Europe, held the largest market share in 2022. The market for insulin delivery device in North America was further dominated by the US. This is driven on by a number of factors, such as the rising prevalence of diabetes, technological advancements in insulin delivery devices, reimbursement support, and increasing emphasis on raising the quality of patient care.

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Recent Developments:

- In 2023, Embecta Corp. opened a new global headquarters office at 300 Kimball Drive, Suite 300, IN Parsippany, N.J. The site is expected to be home to members of the leadership team, global support functions and North American commercial organization to develop and provide solutions that make life better for people coping with diabetes.

- In 2023, Eli Lilly announced price reductions of 70% for its most prescribed insulins and an expansion of its Insulin Value Program that caps patients out-of-pocket cost at USD 35 or less per month.

- In 2023, Novo Nordisk launched the first smart insulin pens NovoPen 6 and NovoPen Echo Plus available in the UK.

- In 2022, Medtronic entered into a set of definitive agreements to acquire EOFlow Co. Ltd., a manufacturer of the EOPatch device- a tubeless, wearable and fully disposable insulin delivery device.

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