Market Trends of Insulin Delivery Devices Industry
This section covers the major market trends shaping the Insulin Delivery Devices Market according to our research experts:
Insulin Pump is Expected to Witness Growth Over the Forecast Period
An insulin pump is a device that delivers insulin continuously or, whenever required, automatically. The pump mimics the human pancreas. The insulin infusion pump works as an alternative to the traditional system of daily injections or an insulin pen.
Insulin pumps held 8% of the market share in the insulin delivery devices market in 2021, and it is expected to grow with a CAGR of 7% in the market, which is higher than other insulin delivery devices because of the increasing technological advancement and its preference over other traditional methods due to continuous insulin administration.
Insulin pump therapy is a well-established insulin administration method for type 1 diabetes (T1DM). Pumps are a validated, time-tested therapeutic option in T1DM at all ages, enabling near-physiological insulin delivery in situations where the pancreas does not produce insulin. There are even pump models with remote controls enabling parents of young children to either suspend or bolus insulin from a distance when the child is playing or eating.
The insulin infusion pumps reduce the large swings in blood glucose level, induce less pain, and deliver more accurately when compared to injections. These advantages of insulin pumps over the traditional delivery system are expected to boost the market.
The market also benefits massively from the constant rise in the number of vendors, R&D activities, technological advancements in products, and the easy availability of advanced products globally. Moreover, favorable reimbursement scenarios in developed nations and a constant rise in awareness programs across developing economies are also working in favor of the market.
North America is Expected to Dominate the Insulin Delivery Devices Market
North America is expected to dominate the market owing to factors such as the easy availability of insulin delivery devices and high awareness among consumers.
The rapidly increasing incidence and prevalence of diabetic patients and healthcare expenditure in the United States indicate the increasing usage of diabetes care products. In the United States, according to the Academy of Managed Care Pharmacy, insulin pumps cost between USD 4,500 and USD 6,500 for individuals without insurance. The price varies depending upon the pump's features, brand, and size. For example, the Accu-Chek Spirit Insulin Pump costs about USD 4,600 and includes a few features, such as software that allows readings to be downloaded to a personal digital assistant (PDA). The Minimed Paradigm 522 is more expensive, retailing at about USD 5,200, and includes more features, like continuous glucose monitoring. Some insurance plans will cover the cost of the pump. Patients with insurance may expect typical copay and coinsurance rates ranging from USD 5 to half of the pump's total cost. Despite prices, diabetes patients in the United States use insulin delivery devices more often.
In 2021, the United States recorded the highest market share, with more than 20% in the insulin delivery devices market, followed by Japan and India. The rising diabetic population and the accessibility of technologically advanced devices contribute to the high market growth in the United States. According to Mordor Intelligence statistics, in 2021, around 37 million people in the United States had diabetes; among them, approximately 26.35 million patients were diagnosed, whereas about 10.1 million patients remained undiagnosed. Thus, the large patient base suffering from diabetes and its growing prevalence is expected to boost the growth in this region.
Therefore, owing to the factors described above, the growth of the market studied is anticipated in the North American Region.
