The global insulin storage devices market size was valued at USD 702.8 million in 2019 and is expected to register revenue-based CAGR of 7.8% during the forecast period. Increasing incidence of diabetes and rising adoption of advanced insulin delivery devices are the key factors driving the market. Moreover, the rising demand for advanced storage options remains one of the major drivers of the market. The introduction of insulin pumps has given rise to the demand for long term insulin carrying solutions, which is anticipated to drive the market growth in the forecast period.
With the boost in urbanization, sedentary lifestyle, and nutrition transition, there has been an increase in the obese population. According to the International Diabetes Federation, around 463 million people are suffering from diabetes and this number is expected to reach 578 million by 2030. Other factors that are contributing to increasing cases of diabetes are the consumption of alcohol and tobacco and a high intake of refined carbohydrates.
Patients with type 1 diabetes produce little or no insulin and thus require treatment throughout their life. An appropriate storage solution is necessary for the effective preservation of insulin vials. The temperature outside the recommended range reduces the potency of insulin. Moreover, rising awareness about diabetes preventive care and effective use of insulin are also adding to the market growth.
Proper storage can help in significantly reducing the treatment costs by reducing drug loss. Patients need to maintain storage temperature to keep up insulin potency. Currently, the storage products are limited to insulated packages to portable refrigerators. The development of smart storage systems with specifications such as temperature alert, expiry alert, dose reminders, and auto messaging is expected to boost the insulin storage devices market growth during the forecast period.
Based on patient type, the market is segmented into type 1 and type 2 diabetic patients. The Type 1 patient segment dominated the market owing to the rising need for insulins and adoption of delivery and storage devices. In the U.S., around 0.6% of adults have type 1 diabetes, which makes up for around 5% of the total number of people suffering from diabetes. These patients require continuous monitoring of blood glucose levels and thus, need to carry insulin packs.
The type 2 patient segment is growing at a robust pace owing to rapid growth in the inpatient numbers. As type 2 diabetes is lifestyle associated condition, most of the patients belong to the adult and working population. Most of these patients prefer long term insulin carrying devices over frequent pharmacy visits. This is expected to boost the demand for insulin storage devices during the forecast period.
Based on the product type, the market has been segmented into insulated kits and battery-operated devices. Battery operated devices dominated the market in 2019 owing to the availability of a wide range of coolers and refrigerators based on patients' needs. Battery operated coolers are becoming popular among the diabetes population owing to its features such as portability, long battery life, and easy handling, which expand the usage of these devices during travels.
The insulated kits segment is expected to hold a considerable market share, expanding at revenue-based CAGR of 7.3% during the forecast period. Affordability and easy usage of insulated kits are the major factors driving the segment growth. The segment is further divided into cooling wallets, cooling pouches, and insulated cooling bags. The cooling wallets segment is expected to dominate the market owing to availability and popularity among geriatric patients.
North America dominated the market in 2019 owing to the presence of a large patient pool and favorable reimbursement policies. According to the American Diabetes Association, around 34.2 million Americans had diabetes in 2018 and the number of working population suffering from diabetes is growing rapidly in the region. People suffering from diabetes require proper storage of insulin in controlled temperature, thereby, increasing the demand for storage devices.
Asia Pacific is expected to see robust growth during the forecast period owing to rising disease prevalence and awareness drives for effective use and storage of insulin. Government initiatives and educational programs are also expected to propel the market growth during the forecast period. Asia accounts for almost 60% of the world’s diabetes population. In recent times, Asia has undergone rapid economic development and urbanization. An increasing number of working population suffering from diabetes is propelling the demand for insulin storage devices in the region. According to the International Diabetes Federation, Asia accounts for approximately 60% of the total diabetes cases and is the global epicenter of the diabetes epidemic.
The market is fragmented in nature owing to the presence of a large number of local players in the industry. The market is highly competitive as almost all the products are substitute to each other and thus, are facing tough competition in insulin storage devices space.
The leading players in the market are ReadyCare, LLC; DISIONCARE; Medicool; Tawa Outdoor; Cooluli; Arkray, Inc.; Zhengzhou Olive Electronic Technology Co., Ltd.; Zhengzhou Defrigus Electric Device Co., Ltd.; COOL Sarl-FR; and others.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Million, Volume in Units, and CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
U.S., Canada, U.K., Germany, France, Italy, Spain, Czech Republic, Russia, Poland, Turkey, Switzerland, China, Japan, India, Australia, South Korea, Vietnam, Philippines, Malaysia, Indonesia, Thailand, Mexico, Brazil, Colombia, Argentina, Chile, South Africa, Saudi Arabia, Oman, Egypt, and UAE
Revenue forecast, company share, competitive landscape, growth factors, and trends
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This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global insulin storage devices market report on the basis of product type, patient type, and region:
Product Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Insulin Cooling Wallets
Insulin Cooling Pouches
Insulated Cooler Bags
Battery Operated Insulin Storage Devices
Patient Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Type 1 Diabetes
Type 2 Diabetes
Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Middle East & Africa
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.