The beta cells in the islets of Langerhans of the pancreas produce the hormone insulin. By promoting cellular glucose uptake and controlling the metabolism of fats, proteins, and carbohydrates, the hormone keeps blood glucose levels within normal ranges. Type I and type II diabetes can be brought on by inappropriate insulin function brought on by damaged beta cells or the body’s incapacity to utilize the insulin that is produced.
According to SPER market research, ‘Insulin Delivery Devices Market Size- By Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Insulin Delivery Devices Market is predicted to reach USD 70.14 billion by 2033 with a CAGR of 8.71%.
The market for insulin delivery devices is expected to grow as a result of advancements in needle technologies, such as shorter and finer needles that improve patient comfort, the increasing popularity of insulin pens due to their convenience and ease of use, the integration of insulin delivery devices with digital platforms and mobile applications for remote monitoring and management, rising investments in research and development for cutting-edge insulin delivery technologies, and the diversification of product offerings by major industry players.
However, the market growth is further hampered by low patient education and awareness of the advantages and correct use of insulin delivery devices, difficulties integrating these devices with current diabetes management systems and electronic health records, and a lack of options for insulin delivery device customization to meet the needs of specific patients. Additionally, the majority of users of advanced insulin delivery devices are unable to afford them due to their high initial cost and the frequent need for associated consumables. This is especially true for those who reside in developing countries where reimbursement policies are not favourable.
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Impact of COVID-19 on Insulin Delivery Devices Market
Furthermore, the market for insulin delivery devices was significantly impacted by the COVID-19 pandemic. Patients with type 1 diabetes are more affected by COVID-19. Due to their already compromised immune systems, people with diabetes quickly deteriorate when exposed to COVID-19. Individuals with diabetes may be more susceptible than healthy individuals to major complications. With the assistance of local governments, insulin delivery device manufacturers have taken care to provide these devices to diabetic patients during COVID-19.
Insulin Delivery Devices Market Key Players:
Geographically, the market for insulin delivery devices was dominated by North America. Over the course of the forecast period, the insulin delivery device market in Asia Pacific is anticipated to grow rapidly. Additionally, some of the market key players are Biocon Limited, Eli Lilly and Company, Hindustan Syringes & Medical Devices Ltd, Mannkind Corporation, Sanofi, and Vicentra B.V.
Insulin Delivery Devices Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Method type, Insulin Delivery Devices Market is segmented as; Insulin Pens (Reusable, Disposable), Insulin Pumps (Tethered, Tubeless), Insulin Syringes, Insulin Pen Needles (Standards & Safety).
By End User: Based on the End User, Insulin Delivery Devices Market is segmented as; (Hospitals & Clinics, Patients & Homecare).
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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