Insulin Storage Devices Market Size, Share, & Trends Analysis Report By Product Type (Insulated Kits, Battery Operated Devices), By Patient Type (Diabetes Type 1, Diabetes Type 2), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The globalinsulin storage devices market sizewas valued atUSD 873.68 million in 2022and is expected to grow at a compound annual growth rate (CAGR) of 8.08% from 2023 to 2030. The increasing incidence of diabetes and the rising adoption of advancedinsulin delivery devices是推动市场增长的关键因素。米oreover, the rising demand for advanced storage options remains one of the major growth drivers. The introduction of insulin pumps has given rise to the demand for long-term insulin-carrying solutions, which is anticipated to drive the market growth during the forecast period.

With the boost in urbanization, sedentary lifestyle, and nutrition transition, there has been an increase in the obese population. According to the International Diabetes Federation, 1 in 8 adults, approximately 783.0 million population will be living with diabetes, an increase of 46%, by 2045. Other factors that are contributing to increasing cases of diabetes are the consumption of alcohol andtobaccoand a high intake of refined carbohydrates.

Obesity is one of the major factors contributing to diabetes. A report published by the World Obesity Federation estimated that one billion people worldwide, including 1 in 5 women and 1 in 7 men, will be living with obesity by 2030. Consumer health has suffered as a result of the huge rise in the popularity of refined and processed foods over the past few decades. Diabetes is caused by unhealthy diet and lifestyle choices that mess with how the body regulates its insulin levels. Hence, it is anticipated that the rising prevalence of diabetes would boost the demand for insulin storage devices over the projected period.

Patients with diabetes who have type 1 build either very little or no insulin, necessitating lifelong treatment. For the successful preservation of insulin vials, the right storage solution is required. For instance, in 2022, according to the International Diabetes Federation, approximately 1.52 million of the 8.75 million persons with type 1 diabetes living in the world were under the age of 20. When the temperature is outside the acceptable range, insulin loses some of its efficacy. Additionally, the market is expanding as a result of growing awareness of diabetes preventative care and the efficient administration of insulin.

Proper storage can help significantly reduce treatment costs by reducing drug loss. Patients need to maintain storage temperature to keep up insulin potency. Currently, the storage products are limited to insulated packages to portable refrigerators. The development of smart storage systems with specifications such as temperature alerts, expiry alerts, dose reminders, and auto messaging is expected to boost the insulin storage devices market growth during the forecast period.

Product Type Insights

Based on product type, the market has been segmented into insulated kits and battery-operated devices. Battery-operated devices dominated the market with a revenue share of 61.09% in 2022. Battery-operated coolers are gaining popularity among diabetics due to their mobility and accurate cooling capability, which keeps insulin vials, pens, and cartridges at a consistent temperature. These characteristics increase the utility of these devices while traveling.

The insulated kits segment held a significant market share in 2022 and is expected to witness growth at a notable CAGR during the projected period. Affordability and ease of use are two elements driving segment expansion. Insulin kits are further categorized as cooling wallets, cooling pouches, and insulated cooling bags. Because of their availability and appeal among older patients, cooling wallets dominate the market.

Patient Type Insights

Based on patient type, the market is segmented into type 1 and type 2 diabetic patients. The type 1 diabetes segment held the largest market share of 81.81% in 2022. Type 1 patients are leading the market owing to increased insulin need and acceptance of delivery devices. For instance, according to a report, in the UK, over 400,000 individuals have type 1 diabetes, including approximately 29,000 children. Once diagnosed, type 1 individuals will require lifetime therapy. These individuals require continuous blood glucose monitoring and, as a result, must carry insulin packs.

The type 2 diabetes segment is rapidly expanding, because of the tremendous rise in the number of patients. For instance, according to a World Health Organization (WHO) estimate, over 422 million people worldwide have diabetes, with the majority residing in low- and middle-income countries, and diabetes is directly responsible for 1.5 Million fatalities per year. Type 2 diabetes is a lifestyle disease, the majority of patients are adults and working people. The majority of these individuals choose long-term insulin administration over frequent drugstore visits. During the projected period, this is likely to increase demand for insulin storage devices.

End-use Insights

Based on end-use, the market is segmented into hospitals, specialty clinics, and homecare. The hospitals segment held the largest market share of 47.91% in 2022. Hospitals have a major share of the global market for insulin storage devices as they possess competent medical professionals and specialists and advanced technology for diagnosing and treating both type 1 and type 2 diabetes patients. Insulin is stored and promptly given to patients to lower their blood sugar levels, frequently in emergencies.

The homecare segment is projected to grow at the fastest CAGR of 8.45% during the forecast period. As more individuals start using insulin regularly, home care settings represent an increasing end-use market for insulin storage devices. The use of home health services is increasing regarding providing services to patients with mobilization problems in a comfortable environment, protecting the patient from hospital infections, and preventing unnecessary hospitalizations.

Regional Insights

North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa comprise the regional market segments. Due to its enormous patient population and advantageous reimbursement practices, North America now has a dominant position in the insulin storage device market. It held a market share of 45.67%in 2022. More than 3 million Canadians have been diagnosed with diabetes and the prevalence rate there is rising at an average rate of 3.3% per year after accounting for the elderly population. Additionally, rising consumer healthcare spending is boosting market expansion in North America.

Asia Pacific is expected to showcase robust growth during the forecast period owing to rising disease prevalence and awareness drives for the effective use and storage of insulin. Government initiatives and educational programs are also expected to propel the market growth during the forecast period. Asia accounts for almost 60% of the world’s diabetes population. In recent times, Asia has undergone rapid economic development and urbanization. An increasing number of working populations suffering from diabetes is propelling the demand for insulin storage devices in the region. According to the International Diabetes Federation, Asia accounts for approximately 60% of the total diabetes cases and is the global epicenter of the diabetes epidemic.

Key Companies & Market Share Insights

The market is fragmented owing to the presence of a large number of local players in the industry. The market is highly competitive as almost all the products are substitutes to each other and thus, are facing tough competition in insulin storage devices space. These players are focusing on the growth strategies, such as new product launches, collaborations, partnerships, expansions, and mergers & acquisitions. For instance, in July 2022, Godrej Appliances launches a novel InsuliCool for the storage of insulin. The device, according to the manufacturer, has other uses that call for the correct storage of critical temperature-sensitive medications, vaccinations, vials for drops, various medical samples, and specimens at a temperature between 2° and 8°C. Some prominent players in the global insulin storage devices market include:

• ReadyCare, LLC

• DISONCARE

• 米edicool

• Cooluli

• Arkray, Inc.

• Zhengzhou Olive Electronic Technology Co. Ltd.

• Zhengzhou Defrigus Electric Device Co., Ltd

• COOL Sarl-FR

• Godrej Appliances

Insulin Storage Devices Market Report Scope

Report Attribute	Details
米arket size value in 2023	USD 941.1 million
Revenue forecast in 2030	USD 1.62 billion
Growth rate	CAGR of 8.08% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030
Quantitative units	Revenue in USD million and CAGR from 2023 to 2030
Report updated	July 2023
Report coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered	Product type, patient type, end-use, region
Regional scope	北美;欧洲;亚太地区;拉丁美洲; MEA
Country scope	U.S.; Canada; UK; Germany; France; Italy; Spain; Denmark; Sweden; Norway; Japan; China; India; Australia; South Korea; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait
Key companies profiled	ReadyCare, LLC.; DISONCARE; Medicool; Tawa Outdoor; Cooluli; Arkray, Inc.; Zhengzhou Olive Electronic Technology Co. Ltd.; Zhengzhou Defrigus Electric Device Co., Ltd.; COOL Sarl-FR; Godrej Appliances
Customization scope	Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs.Explore purchase options

Global Insulin Storage Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global insulin storage devices market report based on product type, patient type, end-use, and region:

• Product Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Battery Operated

  • Insulated Kits

    • Insulin Cooling Wallets

    • Cooling Pouches

    • Insulated Cooling bags

• Patient Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Diabetes Type 1

  • Diabetes Type 2

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Hospitals

  • Specialty Clinics

  • Homecare

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Thailand

  • 拉丁美洲

    • Brazil

    • 米exico

    • Argentina

  • 米iddle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait