Insulin Storage Devices Market Size, Share, Opportunities, And Trends By Product (Battery Operated, Insulated Kits (Insulin Cooling Wallets, Cooling Pouches, Insulated Cooling Bags)), By Patient (Diabetes Type 1, Diabetes Type 2), By End-User Outlook (Hospitals, Specialty Clinics, Homecare), And By Geography - Forecasts From 2023 To 2028

The insulin storage devices market is estimated to grow at a CAGR of 5.15% during the forecast period.

Insulin storage devices are specialized containers or carriers designed to store insulin, a hormone used to treat diabetes, in a safe and temperature-controlled environment. Proper storage of insulin is essential to maintain its effectiveness and potency, ensuring it remains stable until the expiration date. The rising prevalence of diabetes along with the increasing awareness about diabetes management are major growth drivers of the insulin storage devices market. Moreover, the rising adoption of insulin pumps and the rising aging population is further expected to boost the insulin storage devices market. 

Rising Prevalence of Diabetes

The increasing prevalence of diabetes worldwide has been a significant driver for the insulin storage device market. As the number of people diagnosed with diabetes continues to grow, the demand for insulin and related products, including insulin storage devices, also increases. For instance, there were around 537 million diabetes patients (20-79 years) in 2021 around the globe and it is estimated to reach 642 million (20-79 years) by 2030 according to the International Diabetes Federation. Moreover, there were around 108 million new cases of diabetes type 1 in children aged 0 – 14 years in 2021 according to the same source. 

Increasing Awareness and Diabetes Management

Growing awareness of diabetes and the importance of proper diabetes management have led to a greater focus on the safe storage and handling of insulin thereby propelling the insulin storage devices market. For example, BeatO launched a Diabetes Awareness Program in October 2021 to empower people with diabetes to adopt a healthier lifestyle. Moreover, Government initiatives aimed at promoting diabetes awareness, education, and management have indirectly driven the demand for insulin storage devices as part of comprehensive diabetes care. For instance, CDC launched a Do I Have a Prediabetes campaign in collaboration with AMA and AD Council in 2021 to empower adults to know their prediabetes risk and take action. 

Increasing Adoption of Insulin Pumps

The popularity of insulin pump therapy has been on the rise, especially for patients with type 1 diabetes. Insulin pumps require proper storage of insulin, which is positively contributing to the insulin storage devices market. 101 endocrinologists and nurse practitioners, who collectively represented 124,847 diabetic patients, participated in the study, which SVB Leerink hired MEDACorp to undertake. According to the SVB Leerink Survey, patient usage of insulin pumps is anticipated to increase by roughly 21% in 2021 and 17% in 2022. 

Aging Population

The aging global population is more susceptible to developing diabetes, leading to an increased demand for insulin storage devices. For instance, in China, the prevalence of diabetes among individuals aged 70 and above is nearly twice as high as the prevalence among those aged 50 to 59 according to the Age UK Organization. Therefore, the aging population is expected to drive the insulin storage devices market. For instance, the percentage of people aged over 60 years worldwide will increase from 12% to 22% between 2015 and 2050. Moreover, according to the World Population Prospects 2019 report from the United Nations, the number of persons 60 and older is predicted to more than double by 2050, reaching 2.1 billion, or more than 20% of the world's population.

Growing Healthcare Infrastructure

Access to diabetes control technologies, such as insulin storage devices, has increased because of improvements in healthcare infrastructure thereby boosting the insulin storage devices market. For instance, the Indian government spending on healthcare increased by 73% in 2021-22 and accounted for Rs. 4.72 lakh crore in 2021-22 from Rs. 2.73 lakh crore in 2019-2020 as per the Economic Survey presented by Finance Minister. Moreover, the surge in health spending to a record high of US $9 trillion (about 11% of global GDP) was supported by sharp increases in government spending on health at all income levels according to the WHO report. 

Restraints in the Market

The insulin storage devices market has experienced growth and development however some restraints or challenges can impact its expansion. For example, insulin storage devices with advanced features and technology can be relatively expensive, which may limit their accessibility, especially for patients in lower-income regions or those without adequate healthcare coverage. The insulin storage device market may face competition from generic or lower-cost alternatives, which may offer basic storage functionalities but lack the advanced features of branded devices. Moreover, some insulin storage devices use cooling elements or power sources that can have environmental impacts. As environmental awareness increases, the demand for eco-friendly solutions may affect the market dynamics.

North America is Expected to Grow Significantly

North America is expected to hold a significant share of the insulin storage devices market during the forecast period. The factors attributed to such a share are the rising prevalence of diabetes cases, the strong presence of healthcare facilities, the adoption of technological advancements, and the rising elderly population. For instance, an estimated 37.3 million Americans (11.3%) were having diabetes and there were 1.4 million new cases of diabetes identified in 2019 as per the CDC report. Moreover, diabetes is the eighth leading death cause in the US and it costs around $327 billion for diabetes management in the US. 

Major Market Players

• Medicool is a well-known brand that produces various medical and healthcare products, including insulin storage devices and diabetes management accessories. One of their popular products is the Medicool Insulin Protector, which is a portable case designed to keep insulin cool and protected during travel or outdoor activities.
• ARKRAY, Inc. is a well-established Japanese company that specializes in the development and manufacturing of medical devices and equipment, including products related to diabetes management.
• Becton Dickinson has a significant presence in various medical fields, including diabetes management. It offers a BD home sharps container to hold both insulin syringes and pen needles. It has a permanent locking, snap-top cover and is a leak- and puncture-proof container. 

Key Market Developments

• In September 2022, TempraMed launched a new-generation insulin protection device named VIVI Cap multi-model. It is a pen-cap temperature shield that takes industry-standard insulin protection to new levels of efficacy and convenience. 
• In July 2022, to store insulin at prescribed temperatures, Godrej Appliances introduced the Godrej InsuliCool and Godrej InsuliCool+ cooling systems. The preservation of delicate vaccinations, medications, drop vials, and other medical samples are a few of its many uses.

Segmentation:

• By Product
  • Battery Operated
  • Insulated Kits
    • Insulin Cooling Wallets
    • Cooling Pouches
    • Insulated Cooling bags
• By Patient
  • Diabetes Type 1
  • Diabetes Type 2
• By End-Use Outlook
  • Hospitals
  • Specialty Clinics
  • Homecare
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others