The insulin delivery devices market is one of the few markets to have gained a positive revenue outcome during the COVID-19 pandemic. Due to an increase in the number of diabetic patients and rising obesity rates, the market has seen a steady growth in all segments. Due to the COVID-19 pandemic, people across the world have started taking more protective measures for their safety, and insulin delivery devices come under this category, considering the fact that, insulin pens & pumps have seen a growth in sales.
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Advancements in technologies such as self-administering insulin pens and smart insulin pumps have also proven to be a major driver in the growth of the market. Moreover, new ways of obtaining insulin delivery devices, such as online sales, have become all the more convenient for patients, globally. The global insulin delivery devices market is forecast to expand at a healthy growth rate of 7% during the years 2020-2030.
Key Takeaways from Insulin Delivery Devices Market Study
- The global insulin delivery devices market will see an exponential growth to US $28 billion by 2030.
- Insulin pens are the leading product type in the market, accounting for more than 35% of overall market revenue.
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- North America is the dominant region in the market, comprising more than one-fourth of the overall market, due to increased cases of diabetes and obesity.
- Regions such as Asia will see significant growth in the market, based on exponential increase in the population in these regions.
- The COVID-19 pandemic has proven to be a booster the revenue of the insulin delivery devices market, globally.
Introduction of Artificial Intelligence in Insulin Delivery Devices Market
Advancement of technologies in insulin delivery devices is an important driver for the market. Leading market player Novo Nordisk partnered with Health2Sync in 2019 to create AI-powered insulin delivery devices for patients.
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These devices have an increased convenience factor, resulting in an increase in overall market revenue of the company. As such, other market players would also step out from traditional technologies and witness increased targeted revenues.
“Advancements in technologies and introduction of smart insulin delivery devices are expected to boost the revenue of the insulin delivery devices market,” says a FACT.MR analyst.
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