Industry Background:
According to the World Health Organization (WHO), around 422 million people around the globe have diabetes, the majority living in low-and middle-income countries. Insulin is used by diabetic people to control their blood sugar. The insulin storage device is used to store the insulin that ensures it remains safe and effective. Improper storage of the insulin may cause the breakdown of insulin, affecting its ability to effectively and predictably control your blood sugar level. The factors such as increased prevalence of diabetes and increasing adoption of advanced insulin delivery devices are key factors driving the global insulin storage device market.
According to AMA Research, the market for Insulin Storage Device is expected to register a CAGR of 8.2% during the forecast period to 2030. This growth is primarily driven by Increased Number of People with Diabetes
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Medical Devices sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Sanofi (France), Eli Lilly and Company (United States), Medtronic plc (Ireland), Novo Nordisk (Denmark), Insulet Corporation (United States), Medicool, Inc. (United States), COOL Sarl (France), Cooluli (United States), The Cool Ice Box Company Limited (United Kingdom and Zhengzhou Defrigus Electric Device Co., Ltd. (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In May 2023, Medtronic announced it has entered into a set of definitive agreements to acquire EOFlow Co. Ltd., manufacturer of the EOPatch® device — a tubeless, wearable, and fully disposable insulin delivery device. This acquisition is expected to expand Medtronic's ability to serve more people living with diabetes around the world.
In July 2022, Godrej Appliances launched the new InsuliCool product range – Godrej InsuliCool and Godrej InsuliCool+, innovative cooling solutions especially designed for insulin storage.The companies are exploring the market by adopting expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions across the globe to gain a competitive advantage through combined collaborations.
Influencing Trend:
Increasing Demand for Long Term Insulin Carrying Solutions
Market Growth Drivers:
Increased Number of People with Diabetes and High Demand for Advanced Storage Options
Challenges:
Stringent Government Rules and Regulations
Restraints:
Fluctuations in the Raw Material Prices
Opportunities:
Growth in the Healthcare Industry and Robust Increase in the Distribution Channels
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Insulin Storage Device Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Insulin Storage Device Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Insulin Storage Device players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Insulin Storage Device Study Sheds Light on
The Insulin Storage Device Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Insulin Storage Device industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Insulin Storage Device industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.