The Insulin Storage Devices Market Size is valued at USD 934.16 Mn in 2023 and is predicted to reach USD 1702.58 Mn by the year 2031 at a 7.94% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
Insulin storage devices are specialised containers or tools designed to maintain the proper storage conditions for insulin, a hormone used by individuals with diabetes to regulate their blood sugar levels. Proper storage of insulin is crucial to ensure its effectiveness and safety. Since the demand for portable insulin delivery devices among diabetics has increased, the market for these pumps has expanded.
The rising incidence of type 1 diabetes condition, is a major factor in the market's expansion. A significant factor in the market's growth has also been identified as developing of complex pumps driven by clever technologies like artificial intelligence (AI) & machine learning (ML) by leading medical device manufacturers. Rapid advancements in the field have also resulted in the development of biochemical sensors, labs on a chip, and real-time monitoring technologies that quickly identify the body's insulin levels.
The need for portable insulin storage devices is also being fueled by the development of smart wearables that offer point-of-care testing with high diagnostic accuracy and rapid clinical evaluation. Additionally, a number of technical developments have paved the way for the development of cutting-edge digital diabetes management solutions, such as smart insulin patches, closed-loop insulin pumps, and sophisticated insulin pens.
Market dynamics are forces that affect prices and stakeholder behaviour. Due to variations in the demand and supply curves for a particular good or service, these pressures lead to pricing signals. There may be a connection between macroeconomic and microeconomic forces of market dynamics. The Price, demand, and supply are not the only dynamic market forces. Decision-making, market influence, and pricing signals can all be influenced by human emotions.
The Insulin Storage Devices market is segmented into Product, Patient, and End-Use. The product Type segment consists of Battery Operated Kits and Insulated Kits. These Insulated kits comprise Insulin Cooling Wallets, Cooling Pouches, and Insulated Cooling bags. Secondly, the Patient Type segment includes Diabetes Type 1 and Diabetes Type 2. In contrast, the end-use market is segmented into Hospitals, Specialty Clinics, and Homecare.
Due to their increasing adoption among the diabetic population in industrialized nations, the pump sector held most of the market share. Compared to several daily injections, continuous glucose monitors, and other technologies, these goods provide a number of advantages. Tandem's top executives predict that as the pump becomes more widely used among patients with type 1 diabetes, it will penetrate the U.S. and worldwide markets, reaching around 65% and 20% in the projection period, respectively.
Due to the rising occurance of this condition worldwide, it is also expected that the market share of the type 2 diabetes sector will increase more quickly throughout the projection period. Additionally, a rising number of people with type 2 diabetes who are insulin-dependent and patients switching from MDIs to alternate treatment choices such as pumps will fuel market expansion.
The North American market dominated the market. The adoption of favourable reimbursement policies in the U.S. for insulin delivery devices allowed the area to dominate this sector. For instance, Medicare Parts A and B cover tubeless and tubed pumps, respectively, with the patient only responsible for 20% of the pump's overall cost. Additionally, medical device businesses in the area, such as Tandem and Insulet, will support market expansion. Furthermore, The increased incidence of diabetes in Europe will be the significant factor driving the market. The World Health Organisation (WHO) estimates that there are 60 million people with diabetes in Europe and that the condition causes 3.4 million fatalities per year.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 934.16 Mn |
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Revenue Forecast In 2031 |
USD 1702.58 Mn |
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Growth Rate CAGR |
CAGR of 7.94% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million, volume (number of units) and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Product Type, Patient Type, End-Use |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
ReadyCare, Medicool, DISONCARE, Arkray Inc., Cooluli, Tawa Outdoor, Zzolive, COOL Sarl- EN, Zhengzhou Olive Electronic Technology Co. Ltd., Zhengzhou Defrigus Electric Device Co., LtdC, Godrej Appliances |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Insulin Storage Devices Market Snapshot
Chapter 4. Global Insulin Storage Devices Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis of Metaverse Industry
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. COVID-19 Impact on Metaverse Industry
Chapter 5. Market Segmentation 1: By Product Type Estimates & Trend Analysis
5.1. By Product Type & Market Share, 2023-2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Product Type:
5.2.1. Insulated Kits
5.2.1.1. Insulin Cooling Wallets
5.2.1.2. Cooling Pouches
5.2.1.3. Insulated Cooling bags
5.2.2. Battery Operated Devices
Chapter 6. Market Segmentation 2: By Patient Estimates & Trend Analysis
6.1. By Product Type & Market Share, 2023-2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By Patient:
6.2.1. Diabetes Type 1,
6.2.2. Diabetes Type 2
Chapter 7. Market Segmentation 3: By End Use Estimates & Trend Analysis
7.1. By Product Type & Market Share, 2023-2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following By End Use :
7.2.1.1. Hospitals
7.2.1.2. Specialty Clinics
7.2.1.3. Homecare
Chapter 8. Insulin Storage Devices Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By Product Type, 2019-2031
8.1.2. North America Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By Patient, 2019-2031
8.1.3. North America Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By End Use, 2019-2031
8.1.4. North America Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts by country, 2019-2031
8.1.4.1. U.S.
8.1.4.2. Canada
8.2. Europe
8.2.1. Europe Insulin Storage Devices Market revenue (US$ Million) by Product Type, 2019-2031
8.2.2. Europe Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By Patient, 2019-2031
8.2.3. Europe Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By End Use, 2019-2031
8.2.4. Europe Insulin Storage Devices Market revenue (US$ Million) by country, 2019-2031
8.2.4.1. Germany
8.2.4.2. Poland
8.2.4.3. France
8.2.4.4. Italy
8.2.4.5. Spain
8.2.4.6. Pacific Insulin Storage Devices UK
8.2.4.7. Rest of Europe
8.3. Asia Pacific
8.3.1. Asia Market revenue (US$ Million) by Product Type, 2019-2031
8.3.2. Asia Pacific Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By Patient, 2019-2031
8.3.3. Asia Pacific Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By End Use, 2019-2031
8.3.4. Asia Pacific Insulin Storage Devices Market revenue (US$ Million) by country, 2019-2031
8.3.4.1. China
8.3.4.2. India
8.3.4.3. Japan
8.3.4.4. Australia
8.3.4.5. Rest of Asia Pacific
8.4. Latin America
8.4.1. Latin America Insulin Storage Devices Market revenue (US$ Million) by Product Type, 2019-2031
8.4.2. Latin America Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By Patient, 2019-2031
8.4.3. Latin America Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By End Use, 2019-2031
8.4.4. Latin America Insulin Storage Devices Market revenue (US$ Million) by country, (US$ Million) 2019-2031
8.4.4.1. Brazil
8.4.4.2. Rest of Latin America
8.5. Middle East & Africa
8.5.1. Middle East & Africa Insulin Storage Devices Market revenue (US$ Million) by Product Type, (US$ Million)
8.5.2. Middle East & Africa Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By Patient, 2019-2031
8.5.3. Middle East & Africa Insulin Storage Devices Market revenue (US$ Million) estimates and forecasts By End Use, 2019-2031
8.5.4. Middle East & Africa Insulin Storage Devices Market revenue (US$ Million) by country, (US$ Million) 2019-2031
8.5.4.1. South Africa
8.5.4.2. GCC Countries
8.5.4.3. Rest of MEA
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. ReadyCare, LLC
9.2.2. DISONCARE
9.2.3. Medicool
9.2.4. Cooluli
9.2.5. Arkray, Inc.
9.2.6. Zhengzhou Olive Electronic Technology Co. Ltd.
9.2.7. Zhengzhou Defrigus Electric Device Co., Ltd
9.2.8. COOL Sarl-FR
9.2.9. Godrej Appliances
Insulin Storage Devices Market By Product Type
Insulin Storage Devices Market By Patient Type
Insulin Storage Devices Market By End-Use
Insulin Storage Devices Market By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
