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North America is Dominating Home-Use Insulin Delivery Devices Industry
According to P&S Intelligence, the home-use insulin delivery devices market was valued at $7,276.9 million in 2020, and it will generate $19,087.6 million revenue by 2030.
By: P&S Intelligence
In the past few years, the insulin pens category generated the largest revenue share in the market, on the basis of type. This can be credited to the growing frequency of diabetes, mainly in Asia-Pacific nations, and technological growth in insulin delivery pens. Moreover, the medical subsidies offered in developed countries are enhancing market growth.
Furthermore, obesity and insulin confrontation has been measured as independent hazard factors for diabetes; therefore, the increasingly obese populace is contributing to generating the demand for such devices in the continent.
The growing elderly populace is a main factor inspiring the development of the home-use insulin delivery devices industry. As per the report by the World Health Organization, individuals are living longer, which ultimately means the average life expectancy of the populace has amplified.
Furthermore, as per the World Population Ageing report published in 2020, approximately 727 million individuals were aged 65 years or more throughout the globe, and this populace is projected to be 1.5 billion by 2050.
Technological improvements in insulin delivery devices are resulting in their growing adoption. insulin pumps, insulin inhalers, and Insulin pens have several benefits, including precise dosage of insulin, thus supporting in maintaining the standard level of the hormone in the body.
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The utilization of insulin pens can be done in a much lower timespan in comparison to syringes with vials. Other benefits of insulin pens are better patient suitability and minimum risk of imprecise dosage.
Hence, the growing occurrence of diabetes, the rising elderly populace, technological improvements, and snowballing exposure of the populace to vital risk factors, including a deskbound lifestyle, smoking, and obesity are the major factors contributing to the growth of the home-use insulin delivery devices industry.