Seoul, South Korea, Aug. 02, 2022 (GLOBE NEWSWIRE) — Sales of insulin storage devices across the world are predicted to increase at a CAGR of 8.1% across the forecast period (2022-2027). In 2022, the global insulin storage devices market accounts for a revenue of US$ 798 million and is predicted to reach US$ 1.28 billion by the end of 2027. Fact.MR, a market research and competitive intelligence provider, has discussed all the key trends, restraints, and opportunities governing market growth, in this latest insulin storage devices market research study.
Poor eating habits and increasingly sedentary lifestyles have led to an increased prevalence of lifestyle disorders, of which, diabetes is a particularly concerning one. Over the past few years, the incidence of diabetes has risen rapidly and is projected to increase faster going forward. This is expected to drive the use of insulin among diabetic patients and subsequently increase the usage of insulin storage devices through 2027.
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Insulin storage device manufacturers are expected to focus on the expansion of their product portfolios by launching new products to gain a competitive edge over their competitors.
- In July 2022, Godrej Appliances, an Indian multinational conglomerate, announced the launch of a new product range to provide new cooling solutions for insulin storage. Godrej InsuliCool and Godrej InsuliCool+ were launched to provide diabetic patients with better storage for their insulin.
Which Product Type is Set to Be Highly Sought-after across Geographies?
“Battery-operated Insulin Devices to Account for Major Market Share”
The global insulin storage devices market based on product type is segmented into insulated kits and battery-powered insulin storage devices. The insulated kits segment is further bifurcated into insulin cooling wallets, insulin cooling pouches, and insulated cooler bags.
Battery-powered insulin devices hold a prominent market share and are expected to maintain a similar stance across the forecast period as well. Benefits such as longer battery life, portability, and ease of use are expected to bolster demand for battery-powered insulin devices through 2027.
Insulated kits are anticipated to witness an increase in demand at an approximate CAGR of 7% across the forecast period. The rising geriatric population is anticipated to drive sales of insulated cooling wallets, insulated cooling pouches, etc. over the coming years.
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Key Segments Covered in the Insulin Storage Devices Industry Survey
- By Product Type :
- Insulated Kits
- Insulin Cooling Wallets
- Insulin Cooling Pouches
- Insulin Cooling Bags
- Battery-operated Insulin Storage Devices
- Insulated Kits
- By Patient Type :
- Type 1 Diabetes
- Type 2 Diabetes
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Insulin storage device manufacturers are anticipated to increase investments in product development and launch new products to expand their sales potential. Insulin storage device companies are also expected to adopt innovative marketing strategies to increase awareness about diabetes and bolster sales of insulin storage devices through 2027.
This latest insulin storage devices market survey by Fact.MR, a market research and competitive intelligence provider, consists of key companies such as ReadyCare LLC, DISIONCARE, Medicool, Tawa Outdoor, Cooluli, and Arkray Inc., among others, to give a comprehensive account of the global competitive landscape.
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Key players in the Insulin Storage Devices Market
- ReadyCare LLC
- Tawa Outdoor
- Arkray Inc.
- Zhengzhou Olive Electronic Technology Co. Ltd.
Key Takeaways from Insulin Storage Devices Market Study
- The global insulin storage devices market is currently valued at US$ 798 million.
- Sales of insulin storage devices are expected to increase at 8.1% CAGR through 2027.
- By 2027, the insulin storage devices market is expected to reach US$ 1.28 billion.
- Rising geriatric population, increasing awareness about diabetes, growing consumption of refined & processed foods, and rising prevalence of lifestyle disorders are key factors that are expected to increase the need for insulin storage systems.
- Demand for insulin storage devices in Germany is predicted to increase at a CAGR of 5% from 2022 to 2027.
- The China insulin storage devices market is projected to reach US$ 285 million by the end of 2027, expanding at a high CAGR of 12%.
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