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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.
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.
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.
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.
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.
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.
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