Insulin Storage Devices Market to grow with a CAGR of 6.09 % through 2028
Rising
demand of insulin pumps and initiatives taken by the government are the major
drivers for the Global Insulin Storage Devices Market.
According
to TechSci Research report, “Global Insulin Storage Devices Market Industry
Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global
Insulin Storage Devices Market has valued at USD 858.12 Million in 2022 and is
anticipated to project robust growth in the forecast period with a CAGR of
6.09% through 2028. the Global Insulin Storage Devices Market is
anticipated to register a high CAGR during the forecast period. This can be
ascribed to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
Insulin
can be stored in vials for approximately one month at room temperature, after
which it should be stored in a pen at room temperature, the expiration date of
which may vary depending on the insulin used. With the advent of insulin pumps,
there has been a significant increase in the demand for insulin carrying
solutions that can be stored for extended periods of time, which is influencing
the insulin storage devices market. One of the primary determinants of diabetes
is obesity. According to a World Obesity Federation report, an estimated one
billion individuals, including one in five women and one in seven men, are
projected to be classified as obese by 2030. The consumption of processed and
refined foods has had a detrimental effect on consumer health in recent
decades.
Diabetes
is a condition caused by poor diet and lifestyle habits that interfere with the
body’s ability to regulate insulin levels. As a result, it is expected that the
increasing prevalence of diabetes will lead to an increase in insulin storage
devices demand over the coming years. Insulin is naturally occurring and is
used by many diabetics to reduce glucose hormones for blood sugar control.
People with type 1 diabetes need additional insulin, which the body is unable
to produce. People with type 2 diabetes require insulin when the other
medications are not helping them maintain adequate blood sugar control. Insulin
storage devices are in high demand due to the high prevalence of diabetes among
the elderly worldwide. As the geriatric population increases, so does the need
for insulin storage devices, which is projected to increase over the forecast
period. The International Diabetes Federation predicts that by 2045, more than
7.0 million adults will have diabetes, representing a 46% increase in the number
of adults living with diabetes.
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Insulin
has always been needed to make sure it's effective and safe. If you don't store
your insulin properly, it can break down and lose its ability to keep your
blood sugar levels stable and predictable. Having the right insulin storage is
important for keeping your insulin working properly. Other factors that
contribute to the rise in diabetes cases include the consumption of alcohol and
tobacco as well as the high consumption of refined carbohydrates. The main
drivers of the market are the increasing incidence of diabetes and the growing
use of advanced insulin delivery systems. Additionally, the increasing demand
for advanced storage solutions continues to be a major driver of the market.
The utilization of proper storage can significantly reduce the cost of
treatment by decreasing drug loss. To maintain insulin potency, patients must
maintain storage temperature. Currently, storage products are restricted to
insulated packages, portable refrigerators, and other storage solutions.
However,
the development of intelligent storage systems with features such as
temperature warnings, expiration warnings, dose alerts, auto messaging, and
more is expected to contribute to the growth of the insulin storage device
market over the forecast period. As the number of coronavirus cases around the
world continues to increase, medical supplies are becoming increasingly sought
after by both healthcare professionals and the public for preventive measures.
Consequently, manufacturers of medical supplies have an opportunity to
capitalize on the growing demand for personal protective equipment to maintain
a sufficient and consistent level of personal protective equipment availability
in the market.
However,
Global Access and Distribution and Data Privacy and Security are expected to
slow down the growth of the market in the coming years.
The
Global Insulin Storage Devices Market segmentation is based on Product Type,
Patient Type, End User, By Company, and Region.
Some of the
major companies operating in the United Global Insulin Storage Devices Market
include:
- Merck
& ReadyCare, LLC
- DISONCARE
- Medicool
Inc.
- Cooluli,
Arkray, Inc.
- Arkray,
Inc.
- Zhengzhou
Olive Electronic Technology Co.
- Zhengzhou
Defrigus Electric Device Co., Ltd
- COOL
Sarl-FR
- Godrej
Appliances
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“Certain
areas, particularly in the Northeast, are projected to exert significant demand
for Insulin Storage devices globally. The growth in the competitive landscape
and the presence of well-established companies in the market, committed to
enhance the overall wellbeing of people each year, are expected to contribute
to a remarkable growth of the Global Insulin Storage Devices Market in the
forecast period," said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Global management consulting firm.
Insulin
Storage Devices Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented by Product Type (Battery-Operated Kits, Insulated
Kits, Cooling Pouches, Insulated Cooling bags), By Patient Type (Diabetes Type
1, Diabetes Type 2), By End User (Hospitals, Specialty Clinics, Homecare), By
Region, Competition has
evaluated the future growth potential of Global Insulin Storage Devices Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide innovative market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Insulin Storage Devices Market.
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