Insulin Delivery Devices Market Size, Share & Industry Analysis, By Product (Insulin Pumps, Insulin Syringes, Insulin Pens, and Others), By Disease Indication (Type 1 and Type 2), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies, and Online Pharmacies), and Regional Forecast, 2024-2032

The global insulin delivery devices market size was valued at USD 8.93 billion in 2023. The market is projected to grow from USD 10.11 billion in 2024 to USD 31.98 billion by 2032, exhibiting a CAGR of 15.5% during the forecast period. North America dominated the global market with a share of 52.74% in 2023.

Insulin delivery devices are FDA-approved medical devices that help administer insulin among patients with type 1 and type 2 diabetes. There are multiple ways of administering insulin through these devices, including subcutaneous, transdermal, and others. The rising prevalence of diabetes globally and increasing awareness regarding insulin delivery devices among the patient population are major factors supporting the growing demand for these devices in the market.

• For instance, according to the 2022 National Diabetes Statistics Report published by the CDC, there are an estimated 37.3 million people in the U.S. having diabetes. Among these, an estimated 28.7 million people have been diagnosed with diabetes.

The increasing healthcare expenditure among emerging countries such as China, India, and others is leading to growing penetration of these devices in these countries among the patient population. Along with this, the rising focus of the market players on developing and introducing novel products to cater to the increasing demand is another major factor expected to fuel the market growth during the forecast period.

The global market witnessed sluggish growth during the COVID-19 pandemic due to the lesser penetration of these devices among the patient population.

The decreased patient visits for insulin treatment was another major factor that decreased demand for these devices and many major players faced slower revenue growth. Several key market players witnessed supply chain disruption during the pandemic, which resulted in slower growth in their diabetes care revenues.

• For instance, Tandem Diabetes Care, Inc. generated a revenue of USD 498.8 million in 2020, witnessing a slower growth rate of around 37.7% compared to the previous year.

However, the strong initiatives by major players and healthcare institutions toward telehealth enabled the patients to continue managing the condition. According to 2020 data published by the American Diabetes Association, there was nearly a seven-fold increase in the use of telemedicine during the COVID-19 pandemic among the diabetic population in the country.

With the upliftment of COVID-19 lockdown restrictions, there was an increase in patient visits and demand for delivery devices, which resulted in growth in the revenues of the market players from their diabetes care segment.

• Tandem Diabetes Care, Inc. generated a revenue of USD 702.8 million in 2021 and witnessed a growth rate of around 40.9% compared to the previous year. 

The increasing product approvals and launches of novel products by key players and the growing penetration of these devices among the patient population, are expected to fuel the global insulin delivery devices market growth.

Insulin Delivery Devices Market Trends

Increasing R&D Focus Among Major Players Leading to Technological Advancements in Insulin Delivery Devices

The rising prevalence of diabetes among the general population globally is leading to a growing focus of the key players on developing and introducing technology-driven products and solutions. The technological advancements in the devices by the major players operating in the market are resulting in novel delivery modes, such as non-invasive methods for insulin delivery.

Similarly, integrating various applications with these devices is another major trend observed in the market owing to the rising technological advancements by the market players.

• For instance, in April 2023, Medtronic received the U.S. FDA approval for its MiniMed 780G System, the world’s first insulin pump with metal detection technology.

These key players are conducting various research activities and clinical trials to develop non-invasive delivery methods for insulin, resulting in growing mergers and acquisitions among these giant players in the market.

• For instance, Oramed Pharmaceuticals completed the enrollment for the Phase III study of oral insulin for treating type 2 diabetes.

Thus, the robust R&D expenditure and focus of the market players are expected to bring novel technological advancements.

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Insulin Delivery Devices Market Growth Factors

Rising Prevalence of Diabetes Globally to Promote the Demand in the Market

The growing prevalence of diabetes mellitus globally is giving rise to a large patient pool requiring treatment and devices for the management of the condition. The growing efforts of various government bodies, along with market players, to increase awareness about the condition and available treatment and management options are expected to fuel the demand for insulin delivery devices among the patient population.

• For instance, according to 2022 data published by NHS Mid and South Essex Integrated Care Board, there were approximately 4.3 million people in the U.K. suffering from diabetes.

The rising awareness about the condition and the increasing healthcare expenditures in emerging countries is expected to contribute to the growing diagnosis rate among the global population.

RESTRAINING FACTORS

High Cost Associated with the Delivery Devices to Hamper the Adoption in Emerging Countries

The high cost of these devices, especially insulin pumps, is a major factor limiting the adoption of these devices in both advanced and emerging countries such as China, India, and others. The lower penetration of insulin pumps in these countries, owing to the higher cost of these products and lower reimbursement coverage, is a significant factor contributing to the slower market growth.

• According to a 2022 report published by Modular Medical Inc., only one out of three individuals who have type 1 diabetes in the U.S. population use insulin pumps.


• According to a 2022 article by the National Center for Biotechnology Information (NCBI), the average cost of an insulin pump in the U.S. is around USD 6,500, with a life expectancy of 3-4 years. Additionally, the consumables cost around USD 2,000-3,000 annually.

Also, a lack of awareness regarding the diagnosis and treatment options of diabetes among emerging countries such as China, India, and Brazil, among others, is expected to limit the adoption of insulin delivery devices in the market.

Insulin Delivery Devices Market Segmentation Analysis

By Product Analysis

Rising Penetration of Insulin Pumps Among Patients Led to Dominance in the Market

Based on product, the market is segmented into insulin pumps, insulin pens, insulin syringes, and others.

The insulin pumps segment held the largest global insulin delivery devices market share in 2023. The segment’s dominance is due to the rising awareness and penetration of the devices globally, especially in the U.S. Market players’ robust focus on developing and introducing novel products is expected to fuel segmental growth during the forecast period.

• For instance, in May 2023, Beta Bionics received the U.S. FDA approval for its iLet ACE Insulin Pump and the iLet Dosing Decision Software for managing type 1 diabetes.

The insulin syringes segment is anticipated to grow at the highest CAGR during the forecast period owing to increasing adoption of the product, mainly in emerging countries such as China, India, and others. The rising number of product approvals and launches in these countries is expected to augment the segmental growth.

• For instance, in November 2023, Terumo Corporation launched an insulin syringe in India for patients who need regular insulin injections to manage their condition.

The insulin pens segment is projected to grow at a considerable growth rate during the forecast period owing to its increasing adoption among the patient population in the U.K., Germany, and others.

The others segment is expected to depict a nominal growth rate during the forecast period. The robust focus of market players on R&D to develop technologically advanced products to cater to the rising demand in the market is considered to support the segment’s growth.

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By Disease Indication Analysis

Growing Prevalence of Type 1 Diabetes Among the General Population Resulted in the Dominance of the Segment

Based on disease indication, the market is bifurcated into type 1 and type 2.

The type 1 diabetes segment dominated and held the largest market size in 2023 owing to the rising patient pool suffering from type 1 diabetes and the diagnosis rate among the patients, which supports the increasing adoption of insulin delivery devices.

• According to the Centers for Disease Control (CDC), there were approximately 1.7 million adults in the U.S. in 2021 suffering from type 1 diabetes and using insulin.

The type 2 segment is expected to exhibit a considerable growth rate during the forecast period. The increasing population diagnosed with the condition and requiring insulin as a treatment option are some of the major factors contributing to the growing share of the segment in the market.

• For instance, according to a 2023 article published by Diabetes UK, around one in four people with type 2 diabetes take insulin. Also, according to the same source, more than 2.4 million people are at high risk of developing type 2 diabetes in the U.K.

By Distribution Channel Analysis

Retail Pharmacies Segment Led the Market Owing to Increasing Availability of the Product Among the Retail Chains

Based on distribution channel, the market is segmented into hospital pharmacies, retail pharmacies, and online pharmacies.

The retail pharmacies segment dominated the market in 2023 and is projected to grow at a significant CAGR during the forecast period. The increasing efforts of retail pharmacies and retail chains to fuel the accessibility of these delivery devices to the patient population is one of the major factors contributing to the segment's growth.

• In June 2021, Walmart launched Novo Nordisk’s product NovoLog insulin injection, intending to increase the product’s accessibility to patients in the U.S.

The online pharmacies segment is expected to register the highest growth rate during the forecast period. The rising healthcare expenditure in emerging countries and awareness regarding the availability of delivery devices through online channels are some of the important factors accelerating the growth of the segment in the market.

REGIONAL INSIGHTS

Regionally, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

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The market size in North America stood at USD 4.71 billion in 2023. The rising prevalence of diabetes in the U.S., Canada, and other countries is leading to a large patient pool requiring insulin treatment. The increasing adoption of various devices, including insulin pumps, pens, and others, among the patients in these countries is supporting the region's growth in the global market.

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Europe is expected to display a significant growth rate during the forecast period owing to rising penetration of insulin delivery devices in Germany, France, Italy, and others.

• According to a 2021 study published by Frontiers in Endocrinology, the usage of insulin pens in Europe is around 93.5%.

Asia Pacific is projected to grow at the highest CAGR during the forecast period owing to the rising patient pool suffering from diabetes and the increasing focus of the major market players on developing and introducing new products in China, India, Japan, and others.

• In March 2023, Taiwan-based Health2Sync partnered with Biocorp and Novo Nordisk with an aim to integrate insulin injection data in real-time, which will allow the users to analyze it efficiently.

Latin America is anticipated to grow at a nominal rate during the forecast period. The growth of the region can be attributed to the growing prevalence of diabetes among the population and the increasing initiatives of the market players and other institutional bodies to raise awareness regarding treatment options.

The Middle East & Africa is projected to grow considerably during the forecast period with the increasing number of product launches in the region by the market players and growing penetration of the devices.

• For instance, in February 2023, EOFLOW CO., LTD. launched a wearable insulin pump, EOPatch, in the UAE to expand the company's presence in the region.

List of Key Companies in Insulin Delivery Devices Market

Increasing Merger and Collaboration Among the Prominent Players to Support the Growing Market

A few prominent players hold a large market share in the insulin delivery devices industry. With their wide product offerings the strong global presence of market players such as Medtronic, Insulet Corporation, Embecta Corp., is resulting in growing market shares of these companies globally.

The rising collaboration and acquisitions among the major players are leading to the rising focus of the companies to cater to the rising demand in the market and introduce novel products.

• In September 2023, Abbott entered into a definitive agreement to acquire Bigfoot, one of the leading providers of smart insulin management systems for the diabetic population. The acquisition is expected to support the development of technologically advanced insulin delivery devices and integrate continuous glucose monitors and injection solutions for diabetes management.

Similarly, Ypsomed AG and Tandem Diabetes Care, Inc. are some of the leading players with varied product portfolios globally operating in the market. The rising R&D focus of these companies to fuel the adoption of these devices is contributing to the growing market shares of these players.

• In December 2023, Tandem Diabetes Care, Inc. launched updated t:slim X2 insulin pump software in the U.S., aiming to increase its footprint in the country.

The increasing demand for these delivery devices among patients globally, along with the growing penetration rate of these devices, is expected to spur the market shares of these players during the forecast period.

LIST OF KEY COMPANIES PROFILED:

• Medtronic (Ireland)


• Tandem Diabetes Care, Inc. (U.S.)


• Insulet Corporation (U.S.)


• Novo Nordisk A/S (Denmark)


• Ypsomed AG (Switzerland)


• F. Hoffmann-La Roche Ltd. (Switzerland)


• EOFLOW CO., LTD. (South Korea)


• Terumo Corporation (Japan)


• Sanofi (France)

KEY INDUSTRY DEVELOPMENTS:

• September 2023 – Sanofi collaborated with 35 pharmacies in Berlin, intending to expand its business footprint in European countries.


• August 2023 – Insulet Corporation launched Omnipod 5, an automated insulin delivery system in Germany for type 1 diabetes patients aged 2 years and above.


• March 2023 – Diabeloop SA, one of the leading providers of automated insulin systems, collaborated with Novo Nordisk A/S to strengthen its product offerings and brand presence.


• July 2023 – Tandem Diabetes Care, Inc. received the U.S. FDA approval for its Tandem Mobi insulin pump for patients aged 6 years and above, aiming to expand its product portfolio.


• November 2022 – Medtronic launched the Medtronic Extended infusion set in the U.S., the world’s first infusion set for insulin pumps that can be worn for upto 7 days.  

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The global insulin delivery devices market report provides a detailed market overview and market segmentation on the basis of product, disease indication, and distribution channel and focuses on key aspects such as company profiles, SWOT analysis, and applications. Besides this, it offers insights into the market dynamics, trends and highlights strategic market growth analysis. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market in recent years.

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