United States Insulin Delivery Devices Market
United States Insulin Delivery Devices Market Size to Reach USD 9.5 Bn by 2028
Published | 23 September 2022
The United States Insulin Delivery Devices Market is growing due to the rising prevalence of diabetes, acceptance of new technology and growing medical reimbursement. In addition, the rising healthcare expenditure in the United States driving the insulin delivery devices market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the United States Insulin Delivery Devices Market was worth USD 4.9 billion in 2021. The market is projected to grow at a CAGR of 10.4%, earning around USD 9.5 billion in revenues by the end of 2028. The United States Insulin Delivery Devices Market is propelling owing to the increasing prevalence of diabetes in the United States. Consumers in the United States have high acceptance of new technology thus technological innovation is one of the key factor driving the insulin device delivery market. In addition, medical reimbursement and healthcare expenditure are emerging as significant drivers of market expansion. However, high out-of-pocket expenditure and stringent government regulation act as restraining factors for the market growth.
Rising Demand for Insulin Pens Coupled With Technological Advancements In The Industry Are Driving The United States Insulin Delivery Devices Market
Due to the high level of consumer acceptance of new technologies in the region, the market for jet injectors is anticipated to have increased sales during the projected period. In comparison to using a vial and syringe, the use of an insulin pen is associated with improved adherence, which has the potential to reduce the cost burden of diabetes. According to Novo Nordisk, approximately two-thirds of insulin volumes are administered with insulin pens. Over this decade, the market for insulin delivery devices is anticipated to increase at the highest rate for insulin pens. Technological advancement as a key driver for the rising market demand, as similar to how the insulin pen has benefitted from technical developments, managing diabetes with one is now widely accepted as a result. People are moving in greater numbers from expensive locations, such as emergency rooms and hospital departments, to less expensive ones. Hospitals are less convenient for patients with diabetes than diabetes centers, clinics, and homes, which has helped the market for insulin administration devices soar. As sophisticated insulin delivery systems, particularly insulin pumps, are more widely available, home infusion therapy is becoming increasingly popular. A mechanism integrated into infusion pumps enables them to deliver precise insulin dosing. Diabetic patients often tolerate the use of insulin inhalers. The factors mentioned above are the key contributor of market growth in upcoming years.
Stringent Government Regulations And High Out-Of-Pocket Expenditure May Negatively Impact The Market Growth
The market growth of United States Insulin Delivery Devices is severely impacted by strict governmental regulations and expensive out-of-pocket costs. Certain equipment, such as insulin pumps, are categorized as Class II and Class III medical devices and are subject to stringent regulatory approval. Therefore, a strict regulatory environment could limit the development of the insulin delivery devices market. The U.S. government spends enormous money, but the high price of Insulin is still a problem. For instance, while the price of an insulin delivery device can cost between $30,000 and $50,000, the U.S. government's average per-person spending is only $12,530, even if the overall amount spent was more than 19% of the country's GDP. This indicates that the government has reached its limits and would struggle to meet the needs of markets, which are increasingly supported by tax dollars, without the private sector's help in reducing prices. Hence due to the cost scenario mentioned above the market is expected to impede to certain extent in upcoming years.
The Home Care Segment Expected to Grow at A Faster Pace During The Forecast Period
The insulin delivery device market is divided into three categories based on end-use: home care, hospitals & clinics, and others. This significant market share is attributable to the increasing use of these devices in home care settings. The market outlook will be driven by major improvements, the availability of simple-to-use devices, and increasing pressure to decrease incremental healthcare costs related to diabetes management. The creation of novel solutions, like the smart insulin pen, is also expected to increase the rate at which these devices are used in home care settings. A reusable injector pen is included in the smart insulin pen, which makes it easier to control insulin supply. This intelligent insulin pen calculates and records insulin dosages while providing practical notifications, reports, and reminders. The production of a novel products that are simple to use is likely to be used in home care settings, which will drive market growth.
Impact of COVID-19 on United States Insulin Delivery Devices Market
Both positively and negatively, the COVID-19 pandemic significantly affected the insulin delivery device market. Emergencies and nationwide lockdowns were implemented to stop the transmission from spreading. The government shutdown and travel restrictions impacted medical procedures, particularly diabetes management. The American Diabetes Association (ADA) suggests using diabetes technology, such as tubeless insulin pumps, to help diabetic COVID-19 patients achieve better glycemic control. Major medical treatments were postponed during the pandemic to reduce the chance of coronavirus transmission. The market started to upsurge since the second quarter of 2020 and the industry is anticipated to witness various growth opportunity during the forecast period.
Key players operating in United States Insulin Delivery Devices Market are Becton and Dickenson, Medtronic, Insulet, Tandem, Ypsomed, Novo Nordisk, Sanofi, Eli Lilly, Roche, Wockhardt Ltd, Abbott Laboratories, Animas Corporation (U.S.), B. Braun Medical Inc. (U.S.) and other prominent players. In order to expand their portfolios, these leaders frequently use development tactics like partnerships, mergers, acquisitions, collaborations, and new product releases. Rezvoglar KwikPen, an insulin glargine biosimilar version created by Eli Lilly, was approved by the FDA in December 2021. Additionally, Sanofi and Roche joined in November 2021 to promote the use of disposable insulin pens. Major players are also working with regional players to expand their market reach.
The report's in-depth analysis provides information about growth potential, upcoming trends, and statistics of the United States Insulin Delivery Devices Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the United States Insulin Delivery Devices Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the market's growth drivers, challenges, and competitive dynamics.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- United States Insulin Delivery Devices Market; By Product Type (Insulin Pumps (Tubed/Tethered/External Pumps And Tubeless Pumps (Patch Pumps)), Insulin Pens (Reusable And Disposable), Insulin Jet Injectors, Insulin Syringes, And Others (Insulin Inhalers, Implantable Insulin)); By Application (Type I Diabetes And Type II Diabetes); By Distribution Channel (Online Sales, Hospital Pharmacies, Retail Pharmacies And Other (Diabetes Clinics/Centers)); By End-Use (Patients/Home Care, Hospitals & Clinics, And Others (Specialty Centers)); Trend Analysis, Competitive Market Share & Forecast, 2018-2028
Publish Date: September 2022
The United States insulin delivery devices market is growing owing to the prevalence of diabetes coupled with the rising expenditure on healthcare in the country. In addition, the acceptance of advanced insulin delivery devices and innovation in devices led to the growth of the insulin delivery device market.
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