The global insulin storage devices market size is expected to reach USD 1.3 billion by 2027, registering revenue based CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing incidence of diabetes and rising adoption of advanced insulin delivery devices are the key factors driving the market. Rising government initiatives and increasing awareness about insulin storage are also among the major factors contributing to the market growth.
A sedentary lifestyle and nutrition transition are some of the major factors leading to increasing cases of obesity, which significantly enhances the risk of diabetes. According to the WHO, in 2016, there were 650 million obese people in the world and this number is expected to rise significantly during the forecast period. Diabetes-related healthcare expenditure, both public and private, is also expected to grow rapidly. According to the International Diabetes Federation, healthcare expenditure due to diabetes is expected to reach 214 billion by 2045. With the increase in diabetes-related healthcare expenditure, the insulin storage devices market is expected to see frequent new product launches and advanced delivery devices thus, boosting the demand for advanced insulin storage solutions.
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Further key findings from the report suggest:
- North America accounted for the largest insulin storage devices market share in 2019 owing to favorable reimbursement policies, presence of key players, and frequent product launches
- Asia Pacific is expected to see robust growth during the forecast period owing to the large diabetic population
- By product, the battery-operated devices segment dominated the market owing to high cost of products and high adoption
- The type 1 patients segment accounted for the largest revenue share/ volume share due to high demand, whereas the type 2 patients segment is expected to grow at the fastest rate due to rising awareness about diabetes preventive care
- The leading players in the industries are DISIONCARE; ReadyCare, LLC; Tawa Outdoor; Medicool, Arkray, Inc.; Cooluli; Zhengzhou Defrigus Electric Device Co. Ltd.; Zhengzhou Olive Electronic Technology Co., Ltd.; and others.