During the forecast period, the Insulin Delivery Devices market is expected to grow at a CAGR of more than 3%. (2020 - 2025). Diabetes's rapid global spread has kept interest in diabetes-related research and development at an all-time high in recent years. Despite the fact that the disease affects millions of people worldwide, scientists and researchers have yet to discover a cure. Controlling it through adequate and timely insulin administration remains an essential measure for patients with type 1 diabetes to live a normal life. Thus, in the absence of a complete and effective cure for diabetes, the emphasis is primarily on improving and increasing the efficacy of insulin therapy. As a result, the search for new and innovative treatments and insulin delivery methods continues, which is positively impacting the overall market for insulin delivery devices.
Insulin pumps accounted for 13.8 percent of the insulin delivery devices market in 2019 and are expected to grow at the fastest CAGR in the market due to increasing technological advancement and their preference over other traditional methods due to continuous insulin administration. The market also benefits significantly from the constant increase in the number of vendors, R&D activities, technological advancements in products, and the widespread availability of advanced products. Furthermore, favorable reimbursement scenarios in developed countries, as well as an increase in awareness programs across developing economies, are working in the market's favor.
In 2019, the United States led the insulin delivery device market with a 23 percent market share, followed by Japan and India. The rising diabetic population, as well as the availability of technologically advanced devices, are driving the high market growth in the United States. According to data from 2019, approximately 31.5 million people in the United States had diabetes, with approximately 25 million patients diagnosed and approximately 6.5 million patients remaining undiagnosed. As a result, the large patient base suffering from diabetes, as well as its increasing prevalence, are expected to drive growth in this region.
The Insulin Pens and Insulin Pumps market is highly consolidated, with a few players accounting for a sizable market share in 2019. The insulin syringe market, on the other hand, is highly fragmented, with several local players. Mergers and acquisitions that occurred recently among the players aided the companies in strengthening their market presence. Medtronic, for example, launched an insulin pump system for Type 1 diabetes patients in March 2019. Innovations in devices such as insulin smartpens and automatic insulin delivery devices are some of the factors driving the growth of market participants.