Insulin Syringes Market

Global insulin syringes market was valued at $1,561.20 million in 2020, and is projected to reach $2,401.51 million by 2030, registering a CAGR of 4.4% from 2021 to 2030. Insulin regulates fat and carbohydrate metabolism in the body. It is a peptide hormone, which is secreted in the pancreas by beta cells of the islets of Langerhans and it helps to regulate the glucose metabolism. An insulin syringe aids in delivering insulin to diabetic patients in required doses. The insulin syringes consist of three parts-a needle, a barrel, and a plunger, and is available in various sizes. The needle is usually thin & short and covered with a special material such as silicone in order to allow it to slide through the skin causing minimal pain. Barrel is the chamber that holds the insulin. It is marked with calibrations designed to show the units of insulin being injected. The plunger is the narrow rod that slides up and down the length of the barrel. It serves to either draw the insulin into the barrel or release the insulin from the barrel through the needle. Furthermore, the size of the insulin syringe is selected based on the desired dosage of insulin to be administered to the diabetic patient.

The Insulin Syringes market is expected to be positively impacted by the COVID-19 pandemic. As patients with different health issues such as, diabetes and high blood pressure are at higher risk of getting affected by virus. It is found that the mortality rate is high in a patient with diabetes compared to the general population. The people having diabetes require continuous access to insulin (administrated with syringes or pens) and care.Thus, the adoption of insulin syringes and continuous glucose monitoring devices has increased for close monitoring and optimal management of diabetes.

The major factor that contributes to the growth of the insulin syringes market include surge in aging population and increased number of diabetic patients globally. Furthermore, other factors such as favorable government policies related to insulin syringes are the key factors that drive the growth of the market. In addition, surge in incidence of obesity and people adopting an unhealthy lifestyle supplement the growth of market. Moreover, rise in prevalence of various chronic diseases such as type-1 and type-2 diabetes, is another major factor that boosts the market growth. However, increased use of insulin pens and high costs of advanced insulin syringes are the factors that could hinder the growth of market. On the contrary, emerging markets are anticipated to offer significant growth opportunities for the market players in the future. 

The World Health Organization (WHO) on January 30, 2020 declared COVID-19 outbreak a public health emergency of international concern. COVID-19 has affected more than 210 countries across the globe. Owing to the COVID-19 pandemic, governments across the globe announced country-wide lockdowns as well as social distancing measures to prevent collapse of the healthcare system. Governments also issued limitations and bans on medical procedures and elective surgeries. These restrictions continue to impact the growth of various industries and the immediate impact of the outbreak varies from industry to industry. The distribution, production, and supply chain have been affected, due to the implementation of lockdown across the globe

The overall impact of COVID-19 remains positive for insulin syringe market. Patients with different health issues such as, diabetes and high blood pressure are at higher risk of getting affected by this virus. It is found that the mortality rate is high in a patient with diabetes compared to the general population. The people having diabetes require continuous access to insulin (administered with syringes or pens) and care. Without or irregular supply of insulin devices due to pandemic can seriously affect the health of a person with diabetes especially who are diagnosed with type-1 diabetes as they are totally dependent on insulin.

According to National Center of Biotechnology Information, diabetes is treated with angiotensin converting enzymes inhibitors and this has been discovered that coronavirus binds to the target cells through this enzyme, an enzyme expressed in the blood vessels and lungs. As an increasing level of ACE2 enzyme found in diabetic patients, the chances of COVID-19 also increases in such patients.

As the diabetic patients are more prone to COVID-19 infection, they usually look for proper glycemic control. Thus, the adoption of insulin syringes and continuous glucose monitoring devices have made close monitoring and optimal management of diabetes possible. Furthermore, the companies are trying to supply essential healthcare insulin syringes, pumps, and others through different modes such as online portal, hospital pharmacies, and emergency medical stores. For instance, Ely Lilly had launched Diabetes Solution Center program to provide free insulin treatment option for financially affected patients who rely on insulin.  Thus, overall impact of COVID-19 remains positive for insulin syringes market.

Insulin Syriges Market Segmentation  

The insulin syringes market size is studied on the basis of syringe size, disease type end user, and region to provide a detailed assessment of the market. On the basis of syringe size, it is segmented into 3/10 cc Syringe (0.3ml), 1/ 2 cc Syringe (0.5ml), and 1cc syringe (1ml). On the basis of disease, it is bifurcated into type-1 diabetes and type-2 diabetes. By end user, it is fragmented into hospital, homecare setting, and nursing homes. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Syringe size segment review

By syringe size, the 3/10cc syringe (0.3ml) segment was the major revenue contributor, and is projected to grow significantly during the forecast period. The high prevalence of diabetes and obesity in developing countries, as well as significant use of 3/10 cc syringes by diabetic patients for administration of insulins in developing countries drive the growth of the global insulin syringes market.

Disease segment review

By disease, the type 2 diabetes segment was the major revenue contributor, and is projected to grow significantly, owing to increase in the prevalence of type-2 diabetes across the world. For instance, according to WHO, in 2019, about 462 million individuals are affected by type-2 diabetes, corresponding to 6.28% of the world’s population.

End user segment review

By end user, the hospital & clinics segment was the major revenue contributor, and is projected to grow significantly during the forecast period, owing to increase in prevalence of chronic diseases such as diabetes and obesity among the population. In addition, rapid rise in geriatric population acts as a key driving force for the insulin syringes market. For instance, according to American Diabetes Association, in 2019, about 34.2 million people were diagnosed with diabetes, out of which 14.3 million people aged above 65 years were suffering from diabetes.

Major key players that operate in insulin syringes market include Novo Nordisk A/S, Biocon Ltd, Abbott Laboratories, Terumo Corporation, Cardinal Health Inc, Beckton and Dickinson Company, Eli Lilly and Company, Nipro Medical Corporation, Medline Industries and Hindustan syringe and medical device Ltd.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the insulin syringes market size along with the current trends and future estimations to elucidate the imminent investment pockets.
• It offers insulin syringes analysis from 2020 to 2030, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
• A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global insulin syringes market growth.

 Insulin Syringes Market Report Highlights