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Insulin storage devices Market: Global Opportunity Analysis and Industry Forecast 2020–2027

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Jun 2021 | 127 Views
 
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COVID-19

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Insulin occurs in nature and is used for lowering glucose hormones by many diabetic people for the regulation of blood sugar. People who suffer from type 1 diabetes are compensated by supplementary insulin which the body cannot produce. Patients who suffer from type 2 diabetes need insulin if the other drugs are not allowing the maintenance of sufficient control over the blood sugar.

Insulin-Storage-Devices-Market

There has been a need for insulin for ensuring the effectiveness and safety. Failure in the proper storage of insulin leads to the breakdown of the insulin, and also loses the ability to regulate the level of blood sugar and predictably. Suitable insulin storages are very crucial for the maintenance of the insulin efficacy.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

2019–2027

  Base year considered

2019

  Forecast period

2020–2027

  Forecast units

Value (USD)

  Segments covered

Product, Patient, and Region

  Geographies covered

North America (US and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia Pacific (China, Japan, India, and the Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa.

  Companies covered

Major players analyzed include ReadyCare LLC, DISIONCARE, Medicool, Tawa Outdoor, Cooluli, Arkray, Inc., Zhengzhou Olive Electronic Technology Co., Ltd., Zhengzhou Defrigus Electric Device Co., Ltd. and COOL Sarl-FR.

 

COVID-19 scenario analysis:

To take care of the infected population the demand for medical supplies is increasing. Respiratory support devices such as atomizer, life-support machine, oxygen generator, and monitor are among the majorly used medical devices in primary clinical treatment. Moreover, COVID-19 has led to a huge surge in demand for medical supplies such as personal protective equipment including masks, gloves, and protective eyeglasses. With a rise in the number of COVID-19 cases worldwide, the need for medical supplies keeps on rising among, both from healthcare professionals and civil populations for precautionary measures. Manufacturers of these products have a chance to capitalize on this increased demand for medical supplies to ensure adequate and continuous supply of personal protective equipment in the market.
Owing to such factors, COVID 19 is expected to have a significant impact on the Insulin storage devices market.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis:

There has been an increase in the cases of diabetes and the acceptance of advanced insulin delivery devices; demand has also been increasing due to the acceptance of advanced options of storage are the major factors propelling the growth of the insulin storage devices market.

After the announcement of insulin pumps the demand for insulin solutions which are carried for the long term, improvement in the urbanization, the transition of the nutrition, lifestyle changing to sedentary, significant increase in the obesity level of the population, tobacco and alcohol consumption is also boosting the cases of diabetes and consumption of refined carbohydrates is also affecting the insulin storage device market positively.

Patients suffering from diabetes type 1 manufacture no or small amounts of insulin and the patient needs to go through treatment for entire life. A suitable storage solution helps in the preservation of the effective preservation of vials of insulin. Additionally, awareness of diabetes preventive care insulin usage at an effective level is also helping the growth of the insulin storage devices market.

On the other hand, expensive devices related to insulin delivery and scarcity of coverage in the insurance policies in the developing economies is the biggest challenges faced by the insulin storage devices market.

New product launches and acquisitions to flourish the market:

On January 7th, 2019, Bigfoot Biomedical and Eli Lilly came into partnership for the development of solutions for delivery optimization and insulin dosage by utilizing artificial intelligence. This helped the company in improving its position as new products were introduced for the patients’ suffering from  diabetes.

On February 20th, 2019, Novo Nordisk and Abbott entered into an agreement that helped in furnishing integrated digital solutions by the usage of insulin pens for diabetic patients.

Surge in usage in hospitals and clinics segment applications:

Hospitals, home care, clinics, and specialty centers are the major consumers of the insulin storage devices market. Amongst them, hospitals are the biggest end-users in the market.

Key segments covered:

Segments

Sub-segments

Product

  • Insulated Kits
  • Insulin Cooling Wallets
  • Insulin Cooling Pouches
  • Insulated Cooler Bags
  • Battery Operated Insulin Storage Devices

Patient

  • Type 1 Diabetes
  • Type 2 Diabetes

Product

  • Battery Operated
  • Insulated Kits

Regions

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

 

Key benefits of the report:

  • This study presents the analytical depiction of the global Insulin storage devices industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Insulin storage devices market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Insulin storage devices market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global Insulin storage devices market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Insulin storage devices Market research report:

  • What are the leading market players active in the Insulin storage devices market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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