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:
- The expanding use of insulin therapy for the management of diabetes, including both type 1 and type 2 diabetes, is fueling market growth for insulin storage devices.
- Advancements in insulin storage device technology, such as the development of temperature-controlled insulin cases, portable insulin coolers, and smart storage solutions with temperature monitoring capabilities, are driving market expansion.
- North America dominated the market and accounted for a global revenue share in 2023.
- A lack of awareness and education about the importance of proper insulin storage practices among diabetic patients, caregivers, and healthcare providers can hinder market growth.
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.
Competitive Landscape:
Some major key players in the Insulin Storage Devices Market:
- 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
Market Segmentation:
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.
Based On Product Type Analysis, The Pumps Segment Is Accounted As A Major Contributor In The Insulin Storage Devices Market
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.
Type 2 Diabetes Segment Witnessed Growth At A Rapid Rate
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.
In The Region, The North America Insulin Storage Devices Market Holds A Significant Revenue Share
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.
Recent Developments:
- In July 2023, Godrej Appliances, the business unit of Godrej & Boyce, the Godrej Group's flagship company, introduced the new InsuliCool product line, which consists of Godrej InsuliCool and Godrej InsuliCool+, cutting-edge cooling solutions specifically made for storing insulin, to help diabetic patients with the problem of storing insulin at recommended temperatures.
Insulin Storage Devices Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 934.16 Mn |
|
Revenue Forecast In 2031 |
USD 1702.58 Mn |
|
Growth Rate CAGR |
CAGR of 7.94% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Million, volume (number of units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product Type, Patient Type, End-Use |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
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 |
|
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 |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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