Technological Impacts On The Global Insulin Pens, Syringes, Pumps And Injectors Market
31 Mar, 2020
Advances in technology will be a major driver of the global insulin pens, syringes, pumps and injectors market in the forecast period. The technologically advanced devices are easy to use and provide accurate, real-time results, and deliver appropriate doses of insulin according to the patient’s requirements. Technological advances enabled the development of intelligent glucose monitoring systems, wearable devices and mobile applications. Advances in wireless technology and miniaturization (which refers to designing smaller components for medical devices) aided insulin pens, syringes, pumps and injectors manufacturing companies in the development of new products, thus boosting the revenues of the companies in the market. For instance, Insulet Corporation, an American medical device company, launched an innovative insulin pump, Omnipod Dash, in 2018. It is a small, wireless and tubeless insulin pump that can be worn for up to 72 hours. Another similar instance of technological advancement is the introduction of the InPen system by Companion Medical, a leader in the development of advanced technology to improve diabetes care. InPen is the only Food and Drug Administration (FDA) cleared, smart insulin pen with a diabetes management application.
Furthermore, technological advances have enabled the development of portable and smart insulin pumps and pens. Traditional insulin syringes are being replaced by smart insulin pens. The insulin delivery devices market has been evolving to become more convenient for the user and to allow users more independence. Insulin pens deliver accurate doses of insulin as they are pre-filled with the correct insulin type and dosage. They ensure easier administration of insulin, accurate dosages and less pain compared to vials and syringes. The convenience offered by these advanced devices will encourage their use and will drive the market during the forecast period.
The global insulin pens, syringes, pumps and injectors market is expected to grow from $16,149 million in 2019 to $22,553 million in 2023 at a compound annual growth rate (CAGR) of 8.7%. By 2030, it is expected to reach a value of $38,138 million.
Rising numbers of diabetic cases will continue to be a driver of the insulin pens, syringes, pumps and injectors market during the forecast period. According to the International Diabetes Federation (IDF), the global diabetes prevalence population is expected to reach about 642 million by 2040. Thus, the need for diabetes care equipment is set to rise steadily during the forecast period. In emerging countries such as India, around 69 million people are diabetic and this number is expected to rise to 98 million by 2030. Further, a rise of 20% is expected in other emerging economies such as China and Brazil. According to a study published by the Lancet Diabetes & Endocrinology journal, the amount of insulin needed to treat diabetes type 2 will rise by more than 20% across the globe over the next 12 years.