Global Insulin Storage Device Market – Industry Trends and Forecast to 2030

Global Insulin Storage Device Market, By Product Type (Battery Operated Insulin Storage Devices, Insulated Kits), Patient Type (Type 1 Diabetes, Type 2 Diabetes) – Industry Trends and Forecast to 2030.

Insulin Storage Device Market Analysis and Size

According to the International Diabetes Federation, approximately 463 million people have diabetes, with this figure expected to rise to 578 million by 2030. Consumption of alcohol and tobacco, as well as a high intake of refined carbohydrates, are other factors contributing to an increase in diabetes cases. The key factors driving the market are the rising prevalence of diabetes and the increasing adoption of advanced insulin delivery devices. Furthermore, rising demand for advanced storage options remains a major market driver.

Data Bridge Market Research analyses that the insulin storage device market which was USD 891.49 million in 2022, is expected to reach USD 1680.89 million by 2030, at a CAGR of 8.25% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Insulin Storage Device Market Scope and Segmentation  

Market Definition

Insulin in vials can typically be kept at room temperature for about a month. Once used, insulin in a pen should be stored at room temperature. The expiration date of insulin pens varies depending on the type of insulin used. The introduction of insulin pumps has created a huge demand for long-term insulin carrying solutions, which is impacting the growth of the insulin storage device market.

Insulin Storage Device Market Dynamics

Drivers

• Increasing intake of refined foods leading to poor health

Refined and processed foods have seen a significant increase in popularity in recent years, resulting in poor consumer health. Diabetes is caused by poor eating and lifestyle habits that disrupt insulin regulation in the human body. As a result, rising consumption of refined and processed foods, combined with deteriorating lifestyle habits, is expected to lead to an increase in the incidence of diabetes, driving shipments of insulin storage device during the forecast period.

• Rising geriatric population across the world

. Diabetes is very common in elderly people all over the world, and as the geriatric population grows, so the demand for insulin storage device also rises which is expected to grow during the forecast period.

Opportunities

• Increasing diabetic patient pool driving insulin storage device sales

The market for insulin storage device in the United States is expected to be highly profitable because of the growing number of diabetic patients. Diabetes is becoming more prevalent among the country's working population due to poor lifestyle habits and the consumption of refined and processed foods. The country's high obesity rate is also contributing to an increase in the number of diabetic patients. The presence of well-developed healthcare infrastructure and favourable reimbursement policies are also expected to drive the insulin storage devices market forward. Throughout the forecast period, all of these factors are expected to drive insulin storage device market.

Restraints/Challenges

• Inadequate storage

Inadequate storage may cause insulin to degrade, which is expected to impede the growth of the insulin storage device market during the forecast period.

This insulin storage device market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the insulin storage device market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

• In 2020, Abbott and Insulet Corporation agreed to integrate Abbott's glucose-sensing technology with Insulet's next-generation tubeless system, the Omnipod HorizonT Automated Insulin Delivery (AID) System, to provide personalized automated insulin delivery and care.

Global Insulin Storage Device Market Scope

The insulin storage device market is segmented on the basis of product type and patient type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Insulated Kits
• Insulin Cooling Wallets
• Insulin Cooling Pouches
• Insulin Cooling Bags
• Battery-operated Insulin Storage Devices

Patient Type

• • Type 1 Diabetes
  • Type 2 Diabetes

Insulin Storage Device Market Regional Analysis/Insights

The insulin storage device market is analyzed and market size insights and trends are provided by country, product type and patient type as referenced above.

The countries covered in the insulin storage device market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the insulin storage device market because of the large patient pool, favourable reimbursement policies, and the growing number of working population suffering from diabetes in this region.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of government initiatives and educational programmes, as well as rising disease prevalence and awareness campaigns, the region's insulin resources are being used and stored more effectively.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The insulin storage device market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for insulin storage device market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the insulin storage device market. The data is available for historic period 2011-2021.

Competitive Landscape and Insulin Storage Device Market Share Analysis

The insulin storage device market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to insulin storage device market.

Some of the major players operating in the insulin storage device market are:

• ReadyCare, LLC (U.S.)
• Medicool (U.S.)
• Arkray, Inc. (Japan)
• Tawa Outdoor (India)
• zzolive (India)
• COOL Sarl- EN (France)