The home-use insulin delivery devices market will generate USD 19,087.6 million in 2030, progressing at a rate of 10.2% in the years to come, as stated by a market research report, published by P&S Intelligence.
The growing pervasiveness of diabetes, tech progressions, increasing aging population, and growing contact of the populace to main risk factors, for example an inactive lifestyle, obesity, and smoking, are main factors powering the industry.
The insulin pens category dominated the industry, on the basis of type. This is mostly credited to the growing incidence of diabetes, particularly in APAC countries, and tech expansions in insulin delivery pens.
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Moreover, the medical reimbursements provided in advanced nations are augmenting the growth of the market.
Reusable pens dominated the industry in the past, based on the type of insulin pen. This has a lot to do with the user-friendly design of these pens that supports in curtailing the dose errors.
The e-commerce category will grow the fastest in the future, on the basis of distribution channel. This is mostly credited to the development of e-pharmacies offering suitability to the customers. Moreover, the usage of e-prescriptions in hospitals is contributing to the growth of the category globally.
North America dominated the market in the past as a result of the increasing frequency of lifestyle ailments, such as obesity and diabetes, increasing consciousness about diabetes management, and growing healthcare spending.
Furthermore, insulin resistance and obesity have been measured independent risk factors for diabetes; therefore, the increasing obese populace supports the requirement for these devices.
The growing elderly population is a main factor stimulating the development of the home-use insulin delivery devices market. As per a report by the WHO, people are living longer, meaning that the average life expectancy of the populace has increased.
Furthermore, as per the World Population Ageing report in 2020, about 727 million individuals were aged 65 years and more all over the world, and this population will reach 1.5 billion by 2050.
Tech developments in insulin delivery devices are powering their growing acceptance. Insulin pumps, insulin pens and insulin inhalers have numerous compensations, for example precise dosage of insulin, thus helping uphold the usual level of the hormone in the body.
The use of insulin pens is a smaller amount of time consuming as opposed to syringes with vials. Additional advantages of insulin pens comprise superior patient suitability and minimum risk of imprecise dosage.
It is because of the increasing prevalence of diabetes, all over the world, the demand for home-use insulin delivery devices will continue to grow in the years to come.