Insulin Delivery Devices Market is expected to grow at a CAGR of around 10% over the forecast period (2021-2027). The rise of this market is fueled by a growing diabetic population, obesity, and a sedentary lifestyle. The number of people with diabetes is increasing due to population growth, aging, urbanization, and increasing prevalence of obesity and physical inactivity. The prevalence of diabetes for all age-groups worldwide was estimated to be 2.8% in 2000 and 4.4% in 2030. The total number of people with diabetes is projected to rise from 171 million in 2000 to 366 million in 2030.
Furthermore, advancements in human insulin delivery systems, innovations in insulin delivery system techniques, and healthy reimbursement policies, as well as rising awareness among the population about diabetes control and accessibility to insulin delivery systems, are all factors ensuring the market’s growth.
The United States had the highest percentage of gross domestic product spent on health care in 2019. The U.S. spent nearly 17% of its GDP on health care services. Germany, Switzerland, and France followed the U.S. with distinctly smaller percentages. The United States had both significantly higher private and public spending on health compared with other developed countries.
Some of the major players operating in the market include Medtronic, Becton, Dickinson and Company, Novo Nordisk, Eli Lilly and Company, Sanofi, Insulet Corporation, Ypsomed Holding AG, Tandem Diabetes Care, Inc., Animas Corporation, Biocon Ltd, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.