SAN FRANCISCO, May 18, 2020 /PRNewswire/ -- The global insulin storage devices market size is expected to reach USD 1.3 billion by 2027, registering revenue based CAGR of 7.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing incidence of diabetes and rising adoption of advanced insulin delivery devices are the key factors driving the market. Rising government initiatives and increasing awareness about insulin storage are also among the major factors contributing to the market growth.
Key suggestions from the report:
- North America accounted for the largest insulin storage devices market share in 2019 owing to favorable reimbursement policies, presence of key players, and frequent product launches
- Asia Pacific is expected to see robust growth during the forecast period owing to the large diabetic population
- By product, the battery-operated devices segment dominated the market owing to high cost of products and high adoption
- The type 1 patients segment accounted for the largest revenue share/ volume share due to high demand, whereas the type 2 patients segment is expected to grow at the fastest rate due to rising awareness about diabetes preventive care
- The leading players in the industries are DISIONCARE; ReadyCare, LLC; Tawa Outdoor; Medicool, Arkray, Inc.; Cooluli; Zhengzhou Defrigus Electric Device Co. Ltd.; Zhengzhou Olive Electronic Technology Co., Ltd.; and others.
Read 110 page research report with ToC on "Insulin Storage Devices Market Size, Share & Trends Analysis Report By Devices (Insulated Kits, Battery Operated Devices), By Patient Type (Type 1, Type 2), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/insulin-storage-devices-market
A sedentary lifestyle and nutrition transition are some of the major factors leading to increasing cases of obesity, which significantly enhances the risk of diabetes. According to the WHO, in 2016, there were 650 million obese people in the world and this number is expected to rise significantly during the forecast period. Diabetes-related healthcare expenditure, both public and private, is also expected to grow rapidly. According to the International Diabetes Federation, healthcare expenditure due to diabetes is expected to reach 214 billion by 2045. With the increase in diabetes-related healthcare expenditure, the insulin storage devices market is expected to see frequent new product launches and advanced delivery devices thus, boosting the demand for advanced insulin storage solutions.
Grand View Research has segmented the global insulin storage devices market on the basis of product type, patient type, and region:
- Insulin Storage Devices Product Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- Insulated Kits
- Insulin Cooling Wallets
- Insulin Cooling Pouches
- Insulated Cooler Bags
- Battery Operated Insulin Storage Devices
- Insulin Storage Devices Patient Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- Type 1 Diabetes
- Type 2 Diabetes
- Insulin Storage Devices Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
- North America
- Czech Republic
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Medical Devices Industry, by Grand View Research:
- Insulin Patch Pumps Market – Global insulin patch pumps market size was valued at USD 768.5 million in 2019 and is expected to exhibit a CAGR of 10.9% during the forecast period.
- Diabetes Devices Market – Global diabetes devices market size was valued at USD 23.0 billion in 2019 and is expected to expand at a CAGR of 7.8% during the forecast period.
- Smart Insulin Pens And Pumps Market – Global smart insulin pens and pumps market size was valued at USD 2.5 billion in 2018 and is expected to expand at a CAGR of 10.0% during the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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