Insulin Storage Devices Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented by Product Type (Battery-Operated Kits, Insulated Kits, Cooling Pouches, Insulated Cooling bags), By Patient Type (Diabetes Type 1, Diabetes Type 2), By End User (Hospitals, Specialty Clinics, Homecare), By Region, Competition

October 2023 | 182 pages | ID: I3B736BC70F1EN
TechSci Research

Abstracts

The Global Insulin Storage Devices Market achieved a valuation of USD 858.12 Million in 2022 and is poised to exhibit robust growth during the forecast period, projecting a Compound Annual Growth Rate (CAGR) of 6.09% and is expected to reach USD 1222.64 Million by 2028. Insulin storage devices encompass specialized containers or tools designed to effectively store and safeguard insulin, a critical hormone employed for regulating blood sugar levels in individuals with diabetes. Given its sensitivity to temperature, the efficacy of insulin can be compromised if not stored under suitable conditions. Insulin storage devices play a pivotal role in maintaining the potency and safety of insulin, a crucial factor in diabetes management.

Appropriate storage conditions are vital for preserving the effectiveness of insulin. Many insulin storage devices incorporate mechanisms to regulate temperature, ensuring that insulin remains within the prescribed temperature range. Additionally, protection from light exposure is crucial, as light can degrade insulin over time. Certain storage devices are specifically designed to shield insulin from light, thus upholding its stability. Compact and portable designs are a common feature of insulin storage devices, enabling individuals with diabetes to carry their insulin conveniently and discreetly. Many of these devices are equipped with compartments or pockets to organize various types of insulin, syringes, pens, and related supplies required for effective diabetes management.

Advancements in diabetes care have led to the creation of more sophisticated insulin delivery systems, which in turn necessitate appropriate storage solutions. The popularity of insulin pens and pumps has risen due to their enhanced convenience and superior glycemic control compared to traditional methods. These modern delivery methods require proper storage to ensure continued insulin efficacy. Recognizing the significance of proper storage in maintaining treatment efficacy, healthcare providers and patients alike emphasize the importance of utilizing suitable storage devices. This growing awareness surrounding diabetes management, including optimal insulin storage, contributes to the rising demand for effective storage solutions. As patients become more knowledgeable about the impact of temperature and storage conditions on insulin performance, the demand for appropriate storage devices increases.

Key Market Drivers

1. Advancements in Diabetes Care: Continuous developments in diabetes care have significantly improved the quality of life for individuals with diabetes. Technological innovations, medical breakthroughs, and behavioral strategies have collectively enhanced blood sugar management and minimized complications associated with diabetes. Continuous Glucose Monitoring (CGM) devices empower users to monitor blood glucose levels in real-time, facilitating informed decisions regarding insulin dosing, diet, and physical activity.

2. Growing Adoption of Insulin Pens and Pumps: The increasing adoption of insulin pens and pumps has revolutionized diabetes management by offering convenient and precise methods for insulin administration. These devices provide improved dosing accuracy, ease of use, discretion, and greater flexibility in managing insulin regimens.

3. Increasing Awareness of Diabetes Management: A rising emphasis on diabetes management awareness has a pivotal role in improving public health and empowering individuals with diabetes to lead healthier lives. Educational campaigns, initiatives, and advocacy efforts are vital in enhancing understanding about diabetes prevention, treatment, and self-care.

Key Market Challenges

1. Market Competition: Intense competition within the global insulin storage devices market, fueled by numerous players, can lead to pricing pressures, innovation demands, and the need for differentiation. Manufacturers must continuously innovate and enhance their products to stay competitive.

2. Compatibility with Insulin Delivery Systems: The compatibility of insulin storage devices with various insulin delivery systems, such as pens and pumps, poses a challenge. Devices need to accommodate different sizes, shapes, and requirements while ensuring proper storage and protection of insulin.

Key Market Trends

1. Sustainability and Eco-Friendly Designs: Sustainability and eco-friendly designs are becoming more prominent in the insulin storage devices market. Manufacturers are exploring the use of sustainable materials, eco-friendly packaging, and energy-efficient features to reduce their environmental impact.

Segmental Insights

1. Product Type Insights: In 2022, battery-operated devices dominated the Insulin Storage Devices market, accounting for 61.07% of the overall revenue. The popularity of battery-powered coolers continues to rise due to their mobility and ability to maintain consistent temperatures, essential for insulin cooling.

2. Patient Type Insights: Type 1 diabetes took the lead in the Insulin Storage Devices market, with a share of approximately 81.79% in 2022. The demand for insulin and adoption of delivery systems drive this segment, reflecting the lifelong treatment requirements of type 1 diabetes patients.

3. End-user Insights: Hospitals played a prominent role in the Insulin Storage Devices market in 2022, accounting for around 47.94% of the share. Access to medical experts, advanced technology, and the need for rapid administration in emergencies contribute to hospitals' significance in diabetes management.

Regional Insights

The North America region emerged as the leader in the Global Insulin Storage Devices Market, capturing a share of around 45.63% in 2022. Increasing healthcare expenditures and a growing prevalence of diabetes contribute to the region's leadership in this market.

Key Market Players

• ReadyCare, LLC
• DISONCARE
• Medicool Inc.
• Cooluli, Arkray, Inc.
• Arkray, Inc.
• Zhengzhou Olive Electronic Technology Co.
• Zhengzhou Defrigus Electric Device Co., Ltd
• COOL Sarl-FR
• Godrej Appliances

Report Scope:

In this report, the Global Insulin Storage Devices Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Insulin Storage Devices Market, By Product Type:
• Battery-Operated Kits
• Insulated Kits
• Cooling Pouches
• Insulated Cooling bags
• Insulin Storage Devices Market, By Patient Type:
• Diabetes Type 1
• Diabetes Type 2
• Insulin Storage Devices Market, By End User:
• Hospitals
• Specialty Clinics
• Homecare
• Global Insulin Storage Devices Market, By region:
• North America
• United States
• Canada
• Mexico
• Asia-Pacific
• China
• India
• South Korea
• Australia
• Japan
• Europe
• Germany
• France
• United Kingdom
• Spain
• Italy
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Insulin Storage Devices Market.

Available Customizations:

Global Insulin Storage Devices Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

Contents

1. PRODUCT OVERVIEW

1.1. Market Definition
1.2. Scope of the Market
  1.2.1. Markets Covered
  1.2.2. Years Considered for Study
  1.2.3. Key Market Segmentations

2. RESEARCH METHODOLOGY

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. EXECUTIVE SUMMARY

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. VOICE OF CUSTOMER


5. GLOBAL INSULIN STORAGE DEVICES MARKET OUTLOOK

5.1. Market Size & Forecast
  5.1.1. By Value
5.2. Market Share & Forecast
  5.2.1. By Product Type (Battery-Operated Kits, Insulated Kits, Cooling Pouches, Insulated Cooling bags)
  5.2.2. By Patient Type (Diabetes Type 1, Diabetes Type 2)
  5.2.3. By End User (Hospitals, Specialty Clinics, Homecare)
  5.2.4. By Company (2022)
  5.2.5. By Region
5.3. Market Map

6. NORTH AMERICA INSULIN STORAGE DEVICES MARKET OUTLOOK

6.1. Market Size & Forecast
  6.1.1. By Value
6.2. Market Share & Forecast
  6.2.1. By Product Type
  6.2.2. By Patient Type
  6.2.3. By End User
  6.2.4. By Country
6.3. North America: Country Analysis
  6.3.1. United States Insulin Storage Devices Market Outlook
    6.3.1.1. Market Size & Forecast
      6.3.1.1.1. By Value
    6.3.1.2. Market Share & Forecast
      6.3.1.2.1. By Product Type
      6.3.1.2.2. By Patient Type
      6.3.1.2.3. By End User
  6.3.2. Mexico Insulin Storage Devices Market Outlook
    6.3.2.1. Market Size & Forecast
      6.3.2.1.1. By Value
    6.3.2.2. Market Share & Forecast
      6.3.2.2.1. By Product Type
      6.3.2.2.2. By Patient Type
      6.3.2.2.3. By End User
  6.3.3. Canada Insulin Storage Devices Market Outlook
    6.3.3.1. Market Size & Forecast
      6.3.3.1.1. By Value
    6.3.3.2. Market Share & Forecast
      6.3.3.2.1. By Product Type
      6.3.3.2.2. By Patient Type
      6.3.3.2.3. By End User

7. EUROPE INSULIN STORAGE DEVICES MARKET OUTLOOK

7.1. Market Size & Forecast
  7.1.1. By Value
7.2. Market Share & Forecast
  7.2.1. By Product Type
  7.2.2. By Patient Type
  7.2.3. By End User
  7.2.4. By Country
7.3. Europe: Country Analysis
  7.3.1. France Insulin Storage Devices Market Outlook
    7.3.1.1. Market Size & Forecast
      7.3.1.1.1. By Value
    7.3.1.2. Market Share & Forecast
      7.3.1.2.1. By Product Type
      7.3.1.2.2. By Patient Type
      7.3.1.2.3. By End User
  7.3.2. Germany Insulin Storage Devices Market Outlook
    7.3.2.1. Market Size & Forecast
      7.3.2.1.1. By Value
    7.3.2.2. Market Share & Forecast
      7.3.2.2.1. By Product Type
      7.3.2.2.2. By Patient Type
      7.3.2.2.3. By End User
  7.3.3. United Kingdom Insulin Storage Devices Market Outlook
    7.3.3.1. Market Size & Forecast
      7.3.3.1.1. By Value
    7.3.3.2. Market Share & Forecast
      7.3.3.2.1. By Product Type
      7.3.3.2.2. By Patient Type
      7.3.3.2.3. By End User
  7.3.4. Italy Insulin Storage Devices Market Outlook
    7.3.4.1. Market Size & Forecast
      7.3.4.1.1. By Value
    7.3.4.2. Market Share & Forecast
      7.3.4.2.1. By Product Type
      7.3.4.2.2. By Patient Type
      7.3.4.2.3. By End User
  7.3.5. Spain Insulin Storage Devices Market Outlook
    7.3.5.1. Market Size & Forecast
      7.3.5.1.1. By Value
    7.3.5.2. Market Share & Forecast
      7.3.5.2.1. By Product Type
      7.3.5.2.2. By Patient Type
      7.3.5.2.3. By End User

8. ASIA-PACIFIC INSULIN STORAGE DEVICES MARKET OUTLOOK

8.1. Market Size & Forecast
  8.1.1. By Value
8.2. Market Share & Forecast
  8.2.1. By Product Type
  8.2.2. By Patient Type
  8.2.3. By End User
  8.2.4. By Country
8.3. Asia-Pacific: Country Analysis
  8.3.1. China Insulin Storage Devices Market Outlook
    8.3.1.1. Market Size & Forecast
      8.3.1.1.1. By Value
    8.3.1.2. Market Share & Forecast
      8.3.1.2.1. By Product Type
      8.3.1.2.2. By Patient Type
      8.3.1.2.3. By End User
  8.3.2. India Insulin Storage Devices Market Outlook
    8.3.2.1. Market Size & Forecast
      8.3.2.1.1. By Value
    8.3.2.2. Market Share & Forecast
      8.3.2.2.1. By Product Type
      8.3.2.2.2. By Patient Type
      8.3.2.2.3. By End User
  8.3.3. South Korea Insulin Storage Devices Market Outlook
    8.3.3.1. Market Size & Forecast
      8.3.3.1.1. By Value
    8.3.3.2. Market Share & Forecast
      8.3.3.2.1. By Product Type
      8.3.3.2.2. By Patient Type
      8.3.3.2.3. By End User
  8.3.4. Japan Insulin Storage Devices Market Outlook
    8.3.4.1. Market Size & Forecast
      8.3.4.1.1. By Value
    8.3.4.2. Market Share & Forecast
      8.3.4.2.1. By Product Type
      8.3.4.2.2. By Patient Type
      8.3.4.2.3. By End User
  8.3.5. Australia Insulin Storage Devices Market Outlook
    8.3.5.1. Market Size & Forecast
      8.3.5.1.1. By Value
    8.3.5.2. Market Share & Forecast
      8.3.5.2.1. By Product Type
      8.3.5.2.2. By Patient Type
      8.3.5.2.3. By End User

9. SOUTH AMERICA INSULIN STORAGE DEVICES MARKET OUTLOOK

9.1. Market Size & Forecast
  9.1.1. By Value
9.2. Market Share & Forecast
  9.2.1. By Product Type
  9.2.2. By Patient Type
  9.2.3. By End User
  9.2.4. By Country
9.3. South America: Country Analysis
  9.3.1. Brazil Insulin Storage Devices Market Outlook
    9.3.1.1. Market Size & Forecast
      9.3.1.1.1. By Value
    9.3.1.2. Market Share & Forecast
      9.3.1.2.1. By Product Type
      9.3.1.2.2. By Patient Type
      9.3.1.2.3. By End User
  9.3.2. Argentina Insulin Storage Devices Market Outlook
    9.3.2.1. Market Size & Forecast
      9.3.2.1.1. By Value
    9.3.2.2. Market Share & Forecast
      9.3.2.2.1. By Product Type
      9.3.2.2.2. By Patient Type
      9.3.2.2.3. By End User
  9.3.3. Colombia Insulin Storage Devices Market Outlook
    9.3.3.1. Market Size & Forecast
      9.3.3.1.1. By Value
    9.3.3.2. Market Share & Forecast
      9.3.3.2.1. By Product Type
      9.3.3.2.2. By Patient Type
      9.3.3.2.3. By End User

10. MIDDLE EAST AND AFRICA INSULIN STORAGE DEVICES MARKET OUTLOOK

10.1. Market Size & Forecast
  10.1.1. By Value
10.2. Market Share & Forecast
  10.2.1. By Product Type
  10.2.2. By Patient Type
  10.2.3. By End User
  10.2.4. By Country
10.3. MEA: Country Analysis
  10.3.1. South Africa Insulin Storage Devices Market Outlook
    10.3.1.1. Market Size & Forecast
      10.3.1.1.1. By Value
    10.3.1.2. Market Share & Forecast
      10.3.1.2.1. By Product Type
      10.3.1.2.2. By Patient Type
      10.3.1.2.3. By End User
  10.3.2. Saudi Arabia Insulin Storage Devices Market Outlook
    10.3.2.1. Market Size & Forecast
      10.3.2.1.1. By Value
    10.3.2.2. Market Share & Forecast
      10.3.2.2.1. By Product Type
      10.3.2.2.2. By Patient Type
      10.3.2.2.3. By End User
  10.3.3. UAE Insulin Storage Devices Market Outlook
    10.3.3.1. Market Size & Forecast
      10.3.3.1.1. By Value
    10.3.3.2. Market Share & Forecast
      10.3.3.2.1. By Product Type
      10.3.3.2.2. By Patient Type
      10.3.3.2.3. By End User

11. MARKET DYNAMICS

11.1. Drivers
11.2. Challenges

12. MARKET TRENDS & DEVELOPMENTS

12.1. Recent Developments
12.2. Product Launches
12.3. Mergers & Acquisitions

13. PESTLE ANALYSIS


14. PORTER’S FIVE FORCES ANALYSIS

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Product

15. COMPETITIVE LANDSCAPE

15.1. Business Overview
15.2. Company Snapshot
15.3. Products & Services
15.4. Financials (In case of listed companies)
15.5. Recent Developments
15.6. SWOT Analysis
  15.6.1. ReadyCare, LLC
  15.6.2. DISONCARE
  15.6.3. Medicool Inc.
  15.6.4. Cooluli, Arkray, Inc.
  15.6.5. Arkray, Inc.
  15.6.6. Zhengzhou Olive Electronic Technology Co.
  15.6.7. Zhengzhou Defrigus Electric Device Co., Ltd
  15.6.8. COOL Sarl-FR
  15.6.9. Godrej Appliances

16. STRATEGIC RECOMMENDATIONS