According to the latest report by IMARC Group, titled "Insulin Storage Devices Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the global insulin storage devices market size reached US$ 737 Million in 2020. Insulin is the glucose-lowering hormone that is administered to diabetic patients periodically for maintaining optimum blood sugar levels. The storage of insulin is pertinent to the efficacy of the drug. Depending upon the type of insulin prescription, the storage instructions and conditions vastly vary. However, all types of insulins must be stored with care to ensure their safety and effectiveness as improper storage may result in the breakdown of the same, which largely affects their ability to predictably control blood sugar levels. They are sensitive to extreme temperature and need to be stored away from direct sunlight as it can degrade the quality of the packaged hormone. Some of the most commonly utilized insulin storage devices include insulated kits, insulin cooling pouches, insulated cooler bags and battery-operated storage devices.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Insulin Storage Devices Market Trends:
The global market is primarily driven by the increasing prevalence of diabetes. This can be accredited to the unhealthy dietary patterns and the sedentary lifestyles led by the masses, along with the growing geriatric population that is prone to develop chronic diseases. Along with this, there has been a rise in awareness regarding the complications of prolonged diabetes among the masses. This has impelled them to shift from oral drugs to insulin treatment due to the enhanced efficiency and outcomes associated with it, which is providing an impetus to the market growth. Apart from this, the rising inclination of patients toward enhanced diabetes preventive care has led to the uptake of advanced insulin storage devices that offer high portability and secure handling. Numerous smart product variants are also equipped with innovative features, such as dose reminders, expiry alerts, temperature alerts and auto messaging. This, coupled with the growing popularity of virtual training programs for diabetes management, is creating a positive outlook for the market. Some of the other factors contributing to the market growth include the emergence of innovative digital diabetes management tools and the increasing utilization of biochemical sensors and real-time monitoring technologies. On account of the aforementioned factors, the market is anticipated to expand at a CAGR of 8.30% during 2021-2026.
- On the basis of the product type, the market has been bifurcated into battery operated insulin storage devices and insulated kits (insulin cooling wallets, insulated cooler bags and insulin cooling pouches).
- Based on the patient type, the market has been divided into type 1 and type 2 diabetes patients.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Thailand, Malaysia, Vietnam and others), Latin America (Brazil, Mexico, Argentina and others), and Middle East and Africa (Turkey, South Africa, Saudi Arabia, the United Arab Emirates and others).
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Arkray, Inc., COOL sarl, Cooluli, DISONCARE, Medicool, Inc, ReadyCare, LLC, Xiamen Tawa Enterprise Co., Ltd., Zhengzhou Dison Electric Co. Ltd. and Zhengzhou Olive Electronic Technology Co., Ltd.
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